Bangladesh Shipping Corporation

autonomous · verified (verified 2026-05-17)

Profile

Head: Commodore Mahmudul Malek
Role: Managing Director
Annual budget: —
Staff: —
Established: 1972
Legal basis: Bangladesh Shipping Corporation Act, 2017 (Act No. 10 of 2017), which repealed and replaced the Bangladesh Shipping Corporation Order, 1972 (President's Order No. 10 of 1972, effective 5 February 1972)

BSC posted its highest-ever net profit (Tk306.56 crore, FY2024-25) and is executing the most ambitious fleet expansion in its history: two bulk carriers already delivered from China (MV Banglar Pragati, October 2025; MV Banglar Navjatra, January 2026), a Tk2,486 crore G2G agreement signed with China in March 2026 for two crude oil mother tankers (114,000 DWT) and two bulk carriers (80,000 DWT), and a Tk1,466 crore ECNEC project pending for two MR product oil tankers (40,000-55,000 DWT); the Hormuz crisis has stranded MV Banglar Joyjatra and constrained crude deliveries, with diplomatic clearance still pending as of May 2026.

Recent activity

2026-02-12 procurement BSC's 48th Annual General Meeting (22 December 2025) confirmed FY2024-25 record net profit of Tk306.56 crore on total income of Tk798.28 crore -- the highest in 54 years -- and approved plans to acquire two crude oil mother tankers (114,000 DWT each) and two bulk carriers (81,500 DWT each) under a G2G framework with China. ↗↗↗
2026-03-11 procurement Bangladesh and China signed a Tk2,486 crore G2G loan agreement for BSC to procure two crude oil mother tankers (114,000 DWT each) and two bulk carriers (80,000 DWT each) from China National Machinery Import and Export Corporation (CMC); financing terms: 2% interest rate, 20-year repayment with a 5-year grace period. ↗↗↗
2026-04-02 procurement BSC held a project evaluation meeting for the proposed acquisition of two medium-range (MR) product oil tankers of 40,000-55,000 DWT each, at an estimated total cost of Tk1,466 crore, funded through government budget allocation; the project is being prepared for ECNEC approval and is scheduled for completion by June 2028. ↗↗
2026-04-08 other BSC bulk carrier MV Banglar Joyjatra (carrying crude oil for Bangladesh Petroleum Corporation) departed Ras Al Khair, Saudi Arabia after being stranded for over two months due to the 2026 Strait of Hormuz crisis; the vessel subsequently sought Iranian transit clearance but was denied passage through the Strait; Bangladesh's Foreign Ministry initiated diplomatic efforts to secure permission. ↗↗↗
2026-04-15 statement Shipping Adviser Brigadier General (Retd) Dr M Sakhawat Hossain (also Chairman, BSC Board of Directors) confirmed three more vessels would join the BSC fleet within six months: MV Banglar Navjatra (already delivered 29 January 2026) and two further acquisitions under the G2G framework; both MV Banglar Pragati (delivered 23 October 2025) and MV Banglar Navjatra are chartered at approximately $20,000 per day each. ↗↗
2026-04-30 statement BSC reported H1 FY2025-26 (July-December 2025) cumulative profit of Tk136.23 crore (EPS Tk8.93) on revenue of Tk330 crore; half-year profit declined 5.42% year-on-year despite revenue growing 11%, attributed to higher operational costs from newly added vessels. Q2 FY2025-26 (October-December 2025) profit was Tk57.81 crore (EPS Tk3.79) on revenue of Tk176.91 crore, up 7% and 21% year-on-year respectively. ↗↗↗

Provenance & notes

BSC was established 5 February 1972 under President's Order No. 10 of 1972; the operative legal framework is now the Bangladesh Shipping Corporation Act 2017 (Act No. 10 of 2017). The Board of Directors is chaired by the Shipping Adviser (currently Brigadier General (Retd) Dr M Sakhawat Hossain, who serves in both capacities under the interim government); the Managing Director is Commodore Mahmudul Malek, a naval officer commissioned in the Operations Branch, appointed 23 January 2024. Fleet as of May 2026: seven vessels operating under the Bangladesh flag. The two newest bulk carriers -- MV Banglar Pragati (delivered 23 October 2025) and MV Banglar Navjatra (delivered 29 January 2026) -- were advised by HFW law firm and built by Jingjiang Nanyang Shipbuilding Co., China. Charter rate for both new vessels is approximately $20,000/day each. The G2G deal signed 11 March 2026 covers two crude oil mother tankers at 114,000 DWT and two bulk carriers at 80,000 DWT (some sources cite 81,500 DWT for bulk carriers; Hellenic Shipping News and TBS both confirm 114,000 DWT for tankers); total contract value Tk2,486 crore. The product oil tanker project (Tk1,466 crore, two MR tankers at 40,000-55,000 DWT) is at ECNEC stage as of April 2026; it is separate from and in addition to the G2G deal. MV Banglar Joyjatra was stranded near the Strait of Hormuz from approximately February 2026 onward due to the 2026 Iran-related Hormuz crisis; Iranian transit clearance remained pending as of mid-May 2026. FY2024-25 profit of Tk306.56 crore confirmed by multiple sources (TBS, Daily Star, Hellenic Shipping News, Apparel Resources); FY2023-24 comparison profit was Tk249.69 crore (23% lower). H1 FY2025-26 profit decline of 5.42% is real and not contradictory -- it reflects higher costs from fleet expansion, while revenue grew 11%; verified by Financial Express and TBS.

Bangladesh Shipping Corporation

Profile

Recent activity

Sources