September has brought significant advancements in India’s maritime sector as the government intensifies efforts towards achieving the Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047. Notably, India now boasts 38 registered ship lessors that collectively manage 43 vessels with a combined leasing capacity of 2.99 million deadweight tonnage (DWT), with 24 of these vessels flying the Indian flag. Union Shipping Minister Sarbananda Sonowal emphasized this growth during the India Ship Leasing and Financing Summit, hosted by the International Financial Services Centres Authority (IFSCA) in Gandhinagar.
This development is crucial for several reasons. Firstly, the 41 domestic and international banks operating in the International Financial Services Centre (IFSC) have provided nearly $60.1 million in funding to ship leasing companies. Secondly, the criteria for counting India’s fleet has evolved from merely considering tonnage flagged in India to including tonnage owned and controlled by the country.
In addition to ship leasing, significant upgrades are underway in other maritime areas. Minister Sonowal recently visited the Energy and Resources Institute’s Gwal Pahari campus to assess various green shipping initiatives. The National Centre of Excellence for Green Ports and Shipping (NCoEGPS) outlined its ongoing projects aimed at supporting the Ministry of Ports, Shipping and Waterways in promoting maritime decarbonization.
With a clear focus on sustainability, Sonowal remarked that green shipping is now an imperative rather than an option. The Rocky Mountain Institute also presented its initiatives for developing low- and zero-emission shipping corridors. Furthermore, three green ports—Deendayal, Paradip, and V.O. Chidambaranar—shared their progress on establishing Green Fuel Bunkering Hubs. Minister Sonowal also chaired a meeting regarding the National Maritime Heritage Complex project in Lothal, Gujarat, reinforcing his commitment to expanding India’s maritime capabilities, including plans to add 100 vessels to the merchant fleet in the next five years.
