Mumbai: Shipping Corporation of India today said it would be spending $1,100 million for acquiring 12 new vessels to ramp up its fleet.

The shipping major plans to buy four Panamax vessels, four capesize bulk carriers and four chemical tankers, SCI Director Umesh C Grover said.

"Four panamax vessels would cost $200 million, while four capesize bulk carriers would cost $600 million and four chemical tankers of 30,000 DWT $300 million," he said.

Reacting to reports that SCI would be joining hands with a few government-run ports to enter the business of manufacturing diesel engines for ships, Grover said, "we have no (such) plans as of now".

Manufacturing diesel engines for ships is a fabrication work, which is not the company's core competency, he added.

Source : PTI