Shipping Corp of India (SCI) is to miss its target of adding 62 ships to its fleet in the five years to March 2012.
Arun Gupta, technical and offshore director, told local media the state-owned company is likely to buy 56 vessels during the period, blaming weak global demand for its falling behind with renewal.
"In addition to our purchases in the last four years, we have to buy 24 ships this year to complete the target, but may only end up buying 17 to 18 ships."
One Mumbai analyst said: "Shipping Corp didn't order too many ships in the previous four years, which has led to such a target in the last year of the plan.
"But even 17-18 ships in one year is a fair performance, considering that between 1995 and 2005 the company placed orders for only 14 ships."