Shipping Corporation plans to add 12 new vessels to its fleet
Following the announcement, BSC’s share price rose by 1.85%, closing at Tk87.90
Bangladesh Shipping Corporation (BSC), a state-owned listed company, has announced plans to purchase 12 new container vessels, each with a capacity of 2,500–3,000 TEUs.
Today (23 February), the company informed the Dhaka Stock Exchange (DSE) that the Planning Commission had already approved the purchase of six vessels from South Korea at a cost of $330.32 million (approximately Tk3,964 crore).
To facilitate the purchase, BSC signed a concept paper with South Korea's Economic Development Cooperation Fund (EDCF), which will conduct a feasibility study for the project. The company also stated that the project is subject to EDCF's approval.
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The company, however, has yet to submit its plan to acquire six additional vessels to the Planning Commission.
Following the announcement, BSC's share price rose by 1.85%, closing at Tk87.90.
Commodore Mahmudul Malek, managing director of BSC, told The Business Standard earlier, "To acquire the six vessels, South Korea's EXIM Bank will provide a Tk3,500 crore loan, while the remaining will be funded by the Bangladesh government."
"If everything goes as planned, these vessels are expected to join BSC's fleet by 2027 or 2028," he added.
According to the project proposal, the six vessels are estimated to generate an annual income of Tk2,261.15 crore, while the annual operating cost is projected at Tk1,215.11 crore.
Meanwhile, the shipping corporation has reported a 41.88% rise in its half-yearly profit, driven by rising freight rates in the international shipping sector.
According to the corporation's unaudited financial statements, its revenue grew by 31% to Tk297 crore as of December 2024. Its net profit for the first half of the 2024-25 fiscal year surged to Tk142.62 crore, up from Tk100.46 crore in the same period of the previous year.
Established in 1972, just months after the country's independence, the corporation recorded a profit of Tk249 crore in the 2023-24 fiscal year – the highest in its 52-year history.
That year, it paid a 25% cash dividend to its shareholders.
