State-run Shipping Corp of India Ltd plans to order 40 ships by 2012, its chief said on Wednesday.
The firm has earmarked 140 billion rupees ($3.5 billion) for buying 68 vessels and has already ordered 28 ships for $1.6 billion, Chairman and Managing Director S. Hajara told reporters.
The company has been affected by rising oil prices, which have risen by over a half in the year to March 2008, and is currently trading at over $108 a barrel, Hajara said.
"Fuel costs have impacted all shipping companies... Our liner services have definitely been impacted, compared to last year," he said, without quantifying the impact.
There was no sign of a slowdown in the shipping industry despite a downturn in the United States, he said.
"I do not think there will be a very major impact," he said, adding regions outside the U.S. would make up for any possible decline in business.
Shipping Corp shares closed up 1.06 percent at 214.90 in a firm Mumbai market.
The firm has earmarked 140 billion rupees ($3.5 billion) for buying 68 vessels and has already ordered 28 ships for $1.6 billion, Chairman and Managing Director S. Hajara told reporters.
The company has been affected by rising oil prices, which have risen by over a half in the year to March 2008, and is currently trading at over $108 a barrel, Hajara said.
"Fuel costs have impacted all shipping companies... Our liner services have definitely been impacted, compared to last year," he said, without quantifying the impact.
There was no sign of a slowdown in the shipping industry despite a downturn in the United States, he said.
"I do not think there will be a very major impact," he said, adding regions outside the U.S. would make up for any possible decline in business.
Shipping Corp shares closed up 1.06 percent at 214.90 in a firm Mumbai market.