Shipping Corp Inks a Contract with Mazagon Dock for PSV; Shares Gain 

The shares of Shipping Corporation of India Ltd (SCI) have inked a shipbuilding contract with Mazagon Dock Shipbuilders Ltd for a 3,000-tonne (DWT) platform supply vessel (PSV) powered by green methanol dual-fuel technology.

A PSV supports offshore oil and gas activities by carrying supplies, equipment, and personnel.

This will be the first vessel in SCI’s fleet intended to run on an alternative fuel, in line with the government’s larger push for cleaner shipping under the National Green Hydrogen Mission. The development marks an early transition in India’s maritime sector toward low-emission fuels like green methanol.

Following the announcement, SCI shares increased by almost 2% on the NSE, reaching an intraday high of Rs 244.80 and trading at Rs 242.55. Mazagon Dock Shipbuilders’ shares also increased, climbing about 4.5% intraday.

The move comes as SCI’s financial performance improves. In the December quarter, a sharp growth in tanker segment earnings helped more than quadruple net profit, with operational profit from the segment increasing significantly year on year, despite the fact that the liner industry continued to struggle.

At 3:30 pm, the shares of Shipping Corporation of India closed 0.99% higher at Rs 239 on NSE. 

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