Shipping Corporation shares rises up to 6% after Union Govt lists three shipping bills

MUMBAI : The Shipping Corporation of India (SCI) shares in the stock market rose up to 6 per cent to hit an intraday high of Rs 218.85 a piece on the BSE. The stock price of the company came into focus after the central government listed three new shipping bills for the winter session of the parliament which is scheduled to begin on Monday.  

The government has listed 18 Bills, including 13 pending ones, in its tentative agenda for the Lok Sabha and Rajya Sabha. Among the new Bills is the Coastal Shipping Bill, aimed at promoting coastal trade and encouraging Indian-flagged vessels owned and operated by Indian citizens, addressing both national security and commercial needs.  

The Indian Ports Bill seeks to enhance port conservation, security, and pollution control, aligning with international obligations and statutory requirements. Additionally, the proposed Merchant Shipping Bill focuses on ensuring compliance with maritime treaties, fostering Indian shipping development, and maintaining an efficient mercantile marine.

The Shipping Corporation of India is one of India’s largest shipping entities by Indian-flagged tonnage, specialising in the transportation of goods. Its owned fleet comprises bulk carriers, crude oil tankers, product tankers, container vessels, passenger-cum-cargo vessels, LPG carriers, and offshore supply vessels. Additionally, it manages a significant number of vessels on behalf of government departments and other organisations.  

The company operates across three segments: liner and passenger services, bulk carriers and tankers, and technical and offshore services.