Shipping Corporation of India speeds up scrapping of older ships

Shipping Corporation of India has increased the pace of scrapping older ships from its fleet as India’s biggest maritime carrier looks at ways to prevent the company from slipping into red after running a net loss of Rs. 82.90 crore in the first half of FY18. In the first half of FY17, the firm had posted a net profit of Rs. 39.92 crore.

The first-half net loss was despite a rise in operating revenue to Rs. 1,673 crore from Rs. 1,584.71 crore in the year-ago period.