Shipping Corp board approves acquisition of two new bulk carriers from China
The corporation will purchase the ships from the previously selected US-based firm Hellenic Dry Bulk Ventures LLC.
The board of Bangladesh Shipping Corporation (BSC) has approved the acquisition of two new bulk carriers from China at a cost of $76.7 million (Tk935 crore), marking the state-owned company's first-ever vessel procurement through its own funding.
The corporation will purchase the ships from the previously selected US-based firm Hellenic Dry Bulk Ventures LLC. Each vessel will have a capacity of 55,000-66,000 deadweight tonnes (DWT), according to a disclosure published on the stock exchanges' website today (18 September).
The Cabinet Committee on Government Purchase had already approved the procurement proposal on 12 August.
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The move to acquire vessels using its own resources reflects a strategic push to expand its presence in the shipping industry and strengthen its fleet capacity. Previously, the corporation acquired ships through government funding.
Company officials said the ships are expected to be delivered within this year, with the first arriving in September and the second by November.
The fleet growth plan comes on the back of unprecedented earnings. In FY2023-24, BSC posted a record profit of Tk249.69 crore, the highest since its establishment in 1972.
This performance was driven largely by favourable freight rates in the global shipping market and improved operational efficiency.
The strong run has continued in FY2024-25. In the first nine months of the fiscal year, its profits rose by 30% year-on-year to Tk219.33 crore, while revenues climbed 24% to Tk429 crore.
Established on 5 February 1972, the corporation began commercial operations just four months later with the MV Banglar Doot. Over the years, its fleet expanded to 44 vessels, with 25 operating simultaneously at its peak.
However, decades of mismanagement, operational inefficiency, and mounting financial losses gradually eroded its capacity. By 2018, after selling off ageing and unfit ships, the corporation's fleet had shrunk to just two vessels.
A revival effort began in 2018-19, when BSC acquired six modern vessels with Chinese government financing worth around Tk1,500 crore.
This brought the fleet to eight ships. But the comeback was short-lived. In March 2022, the MV Banglar Samriddhi was abandoned following a Russian missile strike at Ukraine's Olvia port during the war.
