Economic worries won’t affect Indian fleet expansion

Economic worries won’t affect Indian fleet expansion Indian ocean carriers plan to carry on with fleet expansions despite the current dour economic conditions, the Economic Times reported this week.
   The state-owned Shipping Corp. of India has 32 vessels on order (worth nearly $2 billion) and plans to bid out for another 40 vessels (worth $3 billion), with officials from the carrier saying a quarter of the funding will come internally.
   “Though the liquidity crunch has affected the borrowing rate, we'll be able to sustain the orders,” said S. Hajara, SCI’s chairman and managing director.
   Meanwhile, two of the country’s biggest private carriers, Great Eastern and Essar, also said they would follow through with orders of 14 and 12 ships, respectively. The vessels, ordered from Korean and Chinese shipyards, are to be delivered over the next five years.