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DISINVESTMENT-BOUND Shipping Corporation of India (SCI) reported a 71.26 per cent jump in its consolidated net profit to US$32 million for the second quarter which ended September 30, 2021, reports the Press Trust of India.
The shipping company reported a net profit of $19 million in the corresponding quarter of the previous fiscal year.
The company said the impact of the second wave of the Covid crisis continued in Q2 FY 2021-22.
"The pandemic effect on the crude oil demand and its associated market dynamics had an adverse impact on the tanker market earnings," said SCI.
SCI also declared that liner freight indices witnessed significant improvement in charter rates, adding that even with relaxed travel restrictions, crew change continues to be a challenging aspect.
SCI is the largest Indian shipping company and is the only Indian company engaged in the transportation of liquefied natural gas (LNG).
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