September so far has seen some major updates in the maritime sector, as the Centre doubles down on Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047. Here are a few updates beyond ports and recent deals.
India now has 38 registered ship lessors, who collectively lease 43 vessels with a total leasing capacity of 2.99 million DWT. Out of these, 24 vessels fly the Indian flag. Union shipping minister Sarbananda Sonowal recently highlighted this growth in the country's maritime fleet at this week's India Ship Leasing and Financing Summit, organised by the International Financial Services Centres Authority (IFSCA) at the GIFT City Club, Gandhinagar.
So why is this significant? One, the 41 domestic and international banks that have set up in the IFSC have extended close to $60.1 million in funding to ship leasing entities. And two, how India counts its fleet has changed from tonnage that flies the Indian flag to tonnage that the nation owns and controls.
And it is not just ship leasing that is massively undergoing an upgrade. Earlier this month, Sonowal visited the Energy and Resources Institute’s (TERI) Gwal Pahari campus in Gurugram to review a series of green shipping initiatives. There, the National Centre of Excellence for Green Ports and Shipping (NCoEGPS) presented its mandate, ongoing projects and upcoming plans to support the Ministry of Ports, Shipping and Waterways (MoPSW) in advancing maritime decarbonisation.
"Green shipping is not a choice anymore; it is the direction the world is moving in," Sonowal had then remarked. At Gurugram, the Rocky Mountain Institute (RMI) also presented its work on developing low- and zero-emission shipping corridors to the minister.
Moreover, the three green ports—Deendayal Port Authority, Paradip Port Authority and V.O. Chidambaranar Port Authority—also detailed their progress on Green Fuel Bunkering Hubs.
On Friday, the union minister also chaired the Governing Council Meeting of the National Maritime Heritage Complex (NMHC) Society, where he reviewed the progress of the maritime heritage museum project coming up at Lothal, Gujarat.
September has been an active month for India's maritime journey. It also aligns with Sonowal's recent commitment to add 100 vessels to India's foreign-dependent merchant fleet over the next five years.
