Board of Shipping Corp gives green light for purchase of two giant freighters from China
The Bangladesh Shipping Corporation (BSC) has embarked on a new chapter in its history with the approval of the acquisition of two new bulk carriers from China. This marks the state-owned company's first-ever vessel procurement through its own funding, reflecting a strategic push to expand its presence in the shipping industry and strengthen its fleet capacity.
The decision, approved by the Cabinet Committee on Government Purchase on 12 August, comes after the BSC posted a record profit of Tk249.69 crore in FY2023-24. This impressive profit growth, a 30% year-on-year increase, has been a driving force behind the corporation's renewed focus on fleet expansion.
The acquisition, which will cost $76.7 million (approximately Tk935 crore), is a significant step forward for the BSC. Each vessel will have a capacity of 55,000-66,000 deadweight tonnes (DWT). The ships will be purchased from the US-based firm Hellenic Dry Bulk Ventures LLC.
The BSC's fleet has seen a remarkable transformation over the years. Decades of mismanagement, operational inefficiency, and mounting financial losses led to the corporation's fleet shrinking to just two vessels by 2018. However, a revival effort began in 2018-19 when the corporation acquired six modern vessels with Chinese government financing worth around Tk1,500 crore. This brought the corporation's fleet to eight ships.
The acquisition of these new vessels will further expand the BSC's fleet, which has grown over the years to 44 vessels. At its peak, the corporation operated 25 vessels simultaneously. The corporation's highest recorded profit was posted in FY2023-24 since its establishment in 1972, when it began commercial operations with the MV Banglar Doot.
The BSC's recent successes are not without challenges. The MV Banglar Samriddhi was abandoned in March 2022 following a Russian missile strike at Ukraine's Olvia port during the war. Despite this setback, the corporation's resilience and determination are evident in its continued efforts to strengthen its fleet and secure its position in the shipping industry.
As the corporation delivers on its fleet growth plan, it is expected to receive one of the new bulk carriers in September this year. The source of the ship expected by Bangladesh Shipping Corporation in September this year is not explicitly mentioned in the available search results. The second ship is expected to arrive by November.
The acquisition of these new vessels is a testament to the BSC's commitment to its mission and a promising sign for the future of the corporation and the Bangladeshi shipping industry. As the BSC continues to grow and evolve, it is poised to make a significant impact on the global shipping landscape.
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