SCI completes 63 years; plays a key role in crude oil transportation

New Delhi| Shipping Corporation of India (SCI), the country’s largest ocean liner company, is completing 63 years on Wednesday. The company was founded by the Government of India on October 2, 1961, by merging Eastern Shipping Corporation and Western Shipping Corporation. The Jayanthi Shipping Company was later merged into it in 1973 and the Mughal Line Company in 1986.

SCI is considered to play a big role in the import of crude oil in the country. The company had ventured into crude oil transportation in 1964, two years after its founding. SCI was the first shipping company to bring the Barry Large Crude Carrier (VLCC) to India in 1975.

According to the company’s website, many times in situations like emergency and global tension, SCI worked as a lifeline by ensuring the supply of crude oil to the country and gave impetus to the economy.

Initially the company had a fleet of 19 ships, the number of which has now increased to 59. The company owns ships such as crude oil, products, gas, bulk carriers and liners. In 1992, SCI was listed on the stock market by the Government of India. During this divestment, 18.5 stake of the company was sold.

During 2000, the company was given the status of ‘Mini Ratna’. In 2005, the company had achieved a profit of Rs 1,000 crore for the first time in its history. SCI was granted ‘Navratna’ status in August 2008 by the government.

At present it has big customers like Indian Oil, BHEL, SAIL, ONGC, Bharat Forge, Hindustan Petroleum, Bharat Petroleum, BP, Koch, Petronet LNG and Jio Logistics. In FY 2023-24, the company’s sales were Rs 5,046 crore. During this period, the company had made a profit of Rs 612 crore.