Announcing this to newsmen here on Thursday after the board meeting, SCI chairman and managing director P K Srivastava said that the company had achieved a six per cent increase in its operational earnings at Rs 2,412.32 crore as against Rs 2,269.72 crore last year.

He said the increase in the profits has been achieved in spite of a higher outlay towards tax provision (Rs 55 crore against Rs 40.32 crore) and a continual pressure on the liner and bulk freight rates.

Srivastava said the Baltic Freight Index (BFI),the market indicator for bulk freight rates, touched a record low of the decade at 832 points while the liner rates were facing reverse pressure on account of stiff competition.

The income through sale of ships stood at Rs 20.41 crore as against Rs 43.28 crore the previous year, he said adding that a contract hasbeen signed last year for acquisition of two bulk carriers and two product carriers.

He said theShipping Corporation was expected to receive the "mini ratna" status shortly paving the way for greater autonomy of operations and also empower the board to incur capital expenditure on new acquisitions upto Rs 300 crore, and make investments in joint ventures upto Rs 100 crore.