The Shipping Corporation of India (SCI) is reviving its ship acquisition plans after the company returned to profits after three consecutive years of losses.

The government-owned company is likely to buy one or two liquefied petroleum gas (LPG) vessels, besides placing orders for some smaller offshore vessels this year. The LPG vessel will be SCI's first acquisition in over three years and is estimated to cost Rs 800 crore.

India's largest shipowner had to shelve its buying plans all these years due to financial losses, tepid freight market and high asset prices. Its losses for the last three fiscals were estimated at Rs 275 crore, Rs 114 crore, Rs 428 crore, respectively.

"We are looking for second-hand LPG vessels, which we would like to induct in our fleet by December 2015. Also, we will place orders for some new offshore vessels, each costing about $ 22 million, with Cochin Shipyard this year," Mr A. K. Gupta, Chairman and Managing Director of SCI, said.

Funds for the acquisition would be generated through an equity of Rs 300 crore and debt of Rs 500 crore. "We will be using our FPO proceeds of Rs 315 crore for the equity," he said.