Shipping corp submits project proposal to buy two oil tankers at Tk1,466 crore

The Bangladesh Shipping Corporation (BSC) has submitted a project proposal to acquire two medium-range product oil tankers at an estimated cost of Tk1,466 crore, officials said.

The project involves the purchase of two tankers, each with a capacity of 40,000-55,000 deadweight tonnes (DWT). The total cost stands at Tk1,466.35 crore and will be fully financed by the government.

Confirming the development, BSC Managing Director Commodore Mahmudul Malek told The Business Standard, "The Development Project Proposal has been submitted to the Physical Infrastructure Division of the Planning Commission. 

Following the Finance Division's consent, the proposal was approved at a Project Evaluation Committee meeting on 2 April and is now being prepared for submission to the Executive Committee of the National Economic Council for final approval."

He said the project is scheduled for completion by June 2028. Once operational, the two vessels are expected to raise BSC's cargo carrying capacity by about 100,000 DWT, strengthening its ability to transport petroleum products.

The addition will also create employment for around 120 seafarers each year, he added.

"The vessels will be acquired from the resale market. Under construction vessels in any reputed shipyard, completed from 50-70% will be allowed in the tender", Malek said.

He also said another project proposal to acquire a bulk carrier with BSC's own fund is under development.

The move is part of BSC's broader effort to expand its fleet and reduce reliance on foreign-chartered vessels for fuel transportation.

Last year, the corporation added two bulk carriers — Banglar Progoti and Banglar Joyjatra — procured from US-based Hellenic Dry Bulk Ventures LLC through a Chinese shipyard at a combined cost of $76.7 million (Tk935 crore). Each vessel has a capacity of 55,000-66,000 DWT.

For the first time, BSC financed these acquisitions from its own funds rather than government support, marking a shift toward self-financing and operational independence. The vessels joined the fleet in October last year and January this year, raising the total fleet size to seven.

Officials say the expansion plan is designed to boost revenue, reduce foreign currency outflows, and increase earnings through international shipping operations.

The initiative is also aligned with efforts to strengthen maritime infrastructure, support national supply chains, and tap into opportunities under the blue economy. It is expected to generate additional income through port charges, registration, maintenance, insurance, and taxes linked to vessel operations.

Established on 5 February 1972, BSC began commercial operations within months with its first vessel, MV Banglar Doot. Over time, the fleet grew to 44 ships, with 25 in operation at its peak.

However, prolonged mismanagement and financial losses pushed the corporation close to collapse. By 2018, its fleet had shrunk to just two vessels after older ships were phased out.

A recovery phase began in 2018-19, when six vessels were added with Chinese government financing worth Tk1,843 crore, taking the fleet size to eight.

That progress faced setbacks in subsequent years. The vessel MV Banglar Samriddhi was lost following a missile strike at Ukraine's Olvia port in March 2022, reducing the fleet to seven. In October 2023, two ageing oil tankers — MT Banglar Sourav and MT Banglar Jyoti — were badly damaged in fires and later scrapped, bringing the number down to five.

With the addition of two bulk carriers last year, the fleet returned to seven vessels. The planned procurement of two new tankers is expected to take the total to nine by 2028.

Officials said the latest move reflects a strategic shift toward financial discipline, fleet modernisation, and a renewed push to strengthen Bangladesh's presence in global shipping.