Shares of Shipping Corporation of India (SCI) jumped more than 7% in early trading after the company announced a landmark Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Ltd. (BPCL), Hindustan Petroleum Corporation Ltd. (HPCL), and Indian Oil Corporation Ltd. (IOCL). As of 9:31 AM, the shares were trading 7.02% higher at Rs 235.00.
This collaboration, backed by the Government of India through the Ministry of Ports, Shipping and Waterways (MoPSW) and the Ministry of Petroleum and Natural Gas (MoPNG), aims to strengthen India’s shipping capabilities and support the nation’s Atmanirbhar Bharat vision.
Under the MoU, SCI and the oil PSUs will jointly acquire, own, operate, and manage a fleet of vessels. These ships will be used for international trade as well as coastal transport of petroleum, petroleum products, petrochemicals, and other hydrocarbon cargoes.
This strategic partnership is seen as a significant move toward building a robust domestic shipping sector, reducing reliance on foreign shipping services, and securing India’s energy supply chain. Additionally, it is expected to enhance operational efficiency in maritime logistics, supporting India’s broader energy security and trade objectives.
