India’s Shipping Corp. to Buy Two Bulk Vessels as Prices Plunge
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Shipping Corp. of India Ltd., the nation’s largest sea-cargo carrier, will buy two second-hand supramax dry-bulk vessels by the end of the month as prices plunge amid a glut of new vessels.
“There are distress sales available in the market, and we want to take advantage,” Director Arun Kumar Gupta said yesterday by phone from Mumbai, where the company is based. He declined to comment on the price the shipping line will pay.