SCI embarks on vessel acquisition spree

SCI embarks on vessel acquisition spree    The Indian government has approved the purchase of 12 vessels by the state-owned Shipping Corp. of India, the Economic Times reported Sunday.
   The vessels include four Aframax tankers, two large product tankers, four Panamax bulk carriers and two 5,000-TEU containerships, with SCI putting up $791 million for the purchases. All but about 20 percent of that amount will be financed.
   The SCI fleet expansion is part of a larger trend, the newspaper reports, of Indian shipping companies modernizing their stock of vessels. The private lines GE Shipping, Five Stars Shipping, Mercator Lines and ABG Shipping have made vessel purchases and sold off older vessels in recent months.