The Union Cabinet has approved the establishment of the ‘Bharat Maritime Insurance Pool’ (BMI pool) with a ₹12,980 crore sovereign guarantee. This initiative aims to provide affordable maritime insurance for Indian vessels, reducing reliance on foreign insurers and addressing risks from global volatility. It will cover various maritime risks, enhancing self-reliance.
Sagarmala Finance Corporation (SFC), India’s first maritime-focused non-banking financial company, aims to raise ₹10,000 crore ($1.08 billion) in FY27 to enhance funding for ports and shipbuilding. Established in June 2025, SFC will issue bonds and loans to further develop the maritime sector, addressing evolving trade and infrastructure needs.
During a UN General Assembly debate on April 17, 2026, India’s Ambassador Harish P expressed deep concerns about threats to commercial shipping in the Strait of Hormuz. He condemned attacks on civilian vessels, emphasizing the need for international cooperation and adherence to maritime law to ensure safe navigation amid escalating tensions in the Middle East.
India is increasingly concerned about shipping vulnerabilities in the Strait of Hormuz, a vital route for global oil. With over 60% of its crude imports passing through, the government is enhancing supply chain resilience. Measures include expanding Strategic Petroleum Reserves and improving logistical infrastructure, amid rising freight costs and geopolitical tensions.
India showcased its cruise tourism potential at Seatrade Cruise Global 2026, held in Miami. The delegation, led by the Ministry of Ports, engaged with Cruise Lines International Association (CLIA) and global operators like Norwegian Cruise Line. Discussions focused on aligning India’s cruise framework with global standards and enhancing port connectivity.
India’s major ports are operating smoothly, starkly contrasting global supply chain disruptions. The Jawaharlal Nehru Port Authority is handling over 1.2 million TEUs monthly, showcasing a 12% year-on-year growth. Digital upgrades and strategic investments like the ₹7.5 lakh crore Sagarmala initiative enhance efficiency and capacity amid ongoing global challenges.
Cruising is transforming economies and opportunities, as emphasized by Gloria Guevara of the WTTC. With India’s extensive waterways, the industry is poised for growth, supporting jobs and tourism. In 2024, global cruise passengers reached 34.6 million, with India launching 38 river cruise circuits to capitalize on this burgeoning sector.
India has welcomed its first shipment of Iranian crude oil in nearly seven years, marking a significant shift in its energy landscape. Secured by Indian Oil Corp aboard the VLCC Jaya, this development follows a US-induced pause on imports and reflects India’s urgent need for diverse energy sources amid regional tensions.
During a media briefing, Mukesh Mangal, Additional Secretary at the Ministry of Ports, Shipping and Waterways, assured the safety of Indian seafarers in West Asia amid rising tensions. He stated that operations continue uninterrupted, emphasizing government efforts to monitor vessels and crews in the Persian Gulf to ensure their safety.
On Wednesday, Bangladesh’s Foreign Minister Khalilur Rahman visited India, signaling a potential thaw in relations. His discussions with Indian officials focused on energy cooperation, including requests for increased fuel and fertilizer supplies. The talks also aimed to ease travel restrictions and enhance security cooperation, marking a diplomatic initiative from Prime Minister Tarique Rahman’s administration.
India is set to launch a USD 1.5 billion sovereign guarantee fund to bolster reinsurance for domestic marine insurers servicing vessels in high-risk areas like the Persian Gulf. This initiative addresses a severe marine war risk insurance market disruption, with European premiums surging up to 1000% since February, ensuring operational confidence for Indian shippers.
Swan Defence and Heavy Industries Limited (SDHI) has made a groundbreaking advancement in India’s green shipbuilding sector by securing a Category 4 order from Energy ONE Limited. This order includes constructing four 92,500 DWT dual-fuel ammonia bulk carriers, marking India’s first such endeavor and showcasing significant technological advancements in the industry.
SCILAL and Synergy Marine have partnered to enhance maritime training and capability development, focusing on digitalization and sustainability. This collaboration will launch a Diploma in Nautical Studies at SCILAL’s Maritime Training Institute, addressing emerging technologies and decarbonization while aiming to increase India’s global seafaring workforce share by 2030.
On April 5, 2026, Prime Minister Narendra Modi celebrated National Maritime Day, highlighting India’s maritime heritage and the vital contributions of individuals in the sector. He affirmed the government’s commitment to harnessing maritime potential for economic growth. Union Minister Sarbananda Sonowal echoed this, envisioning India as a top global maritime power.
National Maritime Day in India, celebrated on April 5, honors the nation’s maritime heritage and the shipping industry’s vital role in global trade. Established in 1964, it commemorates the historic 1919 voyage of SS Loyalty, breaking the British monopoly. The day promotes maritime safety, environmental conservation, and sustainable practices.
