"Shipbuilding companies have no orders at present since the market is down and so it makes no sense to get into this business right now," Chairman B K Mandal said on the sidelines of the company's 63rd annual general meeting on Tuesday.
"Presently, we have no plans to go for shipyards," said Mandal, also managing director and director (finance). Regarding purchase of vessels as part of its old order, he said the company would be taking delivery of two vessels, mostly in the current financial year of the total 15 vessels it has ordered.
For the two vessels to be bought, Shipping Corp of India will be spending Rs 1900 crore.
So far since April, the company has not taken delivery of any vessel, said the chairman.
The chairman also said that the market value of the company's assets has gone down in the last couple of years mainly due to the recession and that he is hopeful that sentiment will improve.
The company was unable to pay any dividend to its shareholders for the year ended March due to its poor performance during the year.