The Shipping Corporation of India (SCI) has announced it has signed an agreement with Liberian company Fidelity Shipping Corporation for the acquisition of a 158,710dwt Suezmax tanker at an undisclosed price.

State-run SCI has been rejuvenating its outdated fleet, and has cut its age by almost a half in 2017 so far.

"SCI has replaced most of its aged fleet and it has a modern and fuel efficient fleet with an average age of 9.5 years as on March 2017 compared to average Indian fleet age of 18.4 years," India's shipping minister Mansukh Lal Mandavya said in a press conference last month.