Alphard Maritime Group plans to establish a $500 million shipping fund within Gujarat International Finance Tec-City (GIFT City) to boost Indian shipping tonnage. The fund, led by Chairman Captain Alok Kumar, aims to support Indian fleet owners in acquiring assets valued between $10-20 million. Alphard Maritime intends to contribute Rs 5 billion to the fund, with associates expected to bring in an additional Rs 45 billion. The ultimate goal is to become a key player in enhancing the country’s shipping tonnage.
Captain Kumar expressed interest in supporting shipbuilding efforts in India and highlighted the need for dedicated funding for the shipping sector. He mentioned that European lenders were collaborating with Alphard Maritime to establish the fund, with talks progressing well. The company also aims to encourage banks to provide funding for ship construction, as no Indian banks currently have dedicated shipping desks.
Captain Kumar emphasized the importance of long-term contracts for domestic shipbuilding to compete with Vietnamese and Indonesian companies dominating India’s offshore vessel market. He suggested that state-owned enterprises like ONGC offer extended contracts to incentivize domestic ship construction. Additionally, he recommended improvements in GIFT City’s ship leasing processes, proposing the establishment of a ship registry infrastructure or hosting an office for the Directorate General of Shipping to streamline regulatory processes.
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