BS reported that India's largest sea carrier Shipping Corporation of India has been able to place orders for only half of its planned order for ships estimated for the 11th 5 year plan as shipyards across the globe are overbooked and have a long waiting list.

As per report SCI has placed orders for less than INR 7,000 crore of vessels as against a planned investment of INR 14,000 crore earmarked for the plan ending in March 2012.

Mr S Hajara chairman & MD of SCI said that "So far, we have placed order for 28 ships costing around USD 1.6 billion. We are planning a Greenfield shipyard in the current financial year with a domestic or foreign partner."

He added that “Indian flag carriers have been losing out on shipping orders as they lack vessels. These carriers have the first right of refusal to carry domestic cargo. Still, they could cover only 14% of the domestic cargo business.

Mr Vikram Suryavanshi said that "Shipyards are full and the unavailability of second hand vessels would impose a big challenge for acquiring new vessels."

He said that out of the 28 ships of 2.4 million DWT capacity booked so far, the company is expecting the delivery of 2 container carriers and 1 very large crude carrier in October 2008. Most of the remaining orders will be delivered from 2009 onwards.