SCI docks as top gainer

Shipping Corporation of India (SCI) is currently the top gainer on the BSE, up almost 7% at Rs.59.55, which is still close its intra day high at Rs.60.10.

The stock is in the limelight today on unconfirmed news that SCI is close to signing a deal with GAIL which could mean that SCI will operate GAIL’s nine new LNG carriers. There is also talk of SCI taking a 25% stake in this new JV.

GAIL has ordered these nine vessels at a cost of around $300 million to $350 million each. It had issued a tender in August, inviting offers on up to 11 LNG vessels between 150,000 cbm and 180,000 cbm, and of Moss or membrane-type. These vessels are to be delivered from the third quarter 2017, to be ordered against time-charter periods of 17 to 20 years