India eyes global hub status in ship ownership, leasing and maritime finance: Sarbananda Sonowal

 

India is charting a course to emerge as a global hub for ship ownership, leasing and maritime finance, with GIFT City in Gujarat positioned as a key platform for building a comprehensive maritime financial ecosystem, Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal said on Thursday.

Addressing the India Ship Leasing and Financing Summit at GIFT City, organised by the International Financial Services Centres Authority (IFSCA) in collaboration with the Ministry of Ports, Shipping and Waterways, Sonowal said the country was moving towards an integrated maritime ecosystem covering ship leasing, ownership, financing, insurance, brokering and related services.

GIFT City emerging as maritime finance hub

Sonowal highlighted India’s long maritime history, tracing it to the Indus Valley Civilisation and the ancient port of Lothal in Gujarat.

He said GIFT City was now poised to become a global maritime hub and a launchpad for the next phase of India’s maritime growth.

India currently has 38 registered ship lessors, collectively leasing 43 vessels, with total leasing capacity exceeding 2.99 million DWT. Of these, 24 vessels fly the Indian flag.

The Minister also said 41 domestic and international banks have established operations in the IFSC and have extended nearly USD 60.1 million in funding to ship-leasing entities. The opening of the Directorate General of Merchant Shipping’s (DGMS) first regional office in GIFT City is expected to further strengthen the ecosystem for shipowners and operators.

Reforms to boost vessel ownership

Sonowal outlined key reforms aimed at making India’s shipping sector more competitive globally.

These include exemption from licensing requirements under the Coastal Shipping Act, 2025, for foreign vessels operating on charter, as well as permission for shipping companies based in GIFT IFSC to own foreign-flag vessels.

He said the latter represented a shift in measuring India’s fleet—from vessels flying the Indian flag to the overall tonnage that Indian entities own and control.

₹25,000 crore Maritime Development Fund

The Minister highlighted the government’s financial support for the maritime sector, including the ₹25,000 crore Maritime Development Fund, which is expected to catalyse investments of up to ₹1.5 lakh crore by 2030.

He also cited the Shipbuilding Financial Assistance Scheme (SBFAS) 2.0, with a revised outlay of ₹24,736 crore extended to 2036, aimed at strengthening Indian shipyards and supporting vessel ownership.

Sonowal said these measures are aligned with the Maritime India Vision (MIV) 2030 and Maritime Amrit Kaal Vision (MAKV) 2047, which seek to expand India’s fleet, strengthen port capacity and coastal shipping and position India among the world’s top five shipbuilding nations.

India’s growing maritime footprint

The Minister also highlighted India’s position as the world’s largest ship recycling nation. India’s share of global ship recycling tonnage increased from 30.1% in 2024 to 35.4% in 2025, he said.

The summit brought together policymakers, shipowners, lessors, charterers, financiers and other maritime stakeholders to discuss measures for developing a comprehensive ship ownership, leasing and financing ecosystem in India.

MoPSW Secretary Vijay Kumar, IFSCA Chairperson K. Rajaraman and Gujarat Ports and Transport Principal Secretary Hareet Shukla were among those present.

Australia’s First Offshore Wind Energy Auction is Now Live

 

After delays and uncertainty among the developers, Australia has finally opened its first offshore wind energy auction. It has been a slow process for the country to move its offshore energy aspirations forward to catch up with its overall leadership in renewable energy.

The first auction is coming from Australia’s Victoria state in the southeast of the country and home to the city of Melbourne. Officials point out that renewables account for 45 percent of the state's total electricity generation currently. 

Plans call for retiring Australia’s aging coal-fired generation capacity. However, demand is also growing, meaning the state must develop new sources.  

In late 2021, Australia set forth the framework for its offshore wind energy industry, and a year later, the first wind zones were declared for the Gippsland area in Victoria. Reports said it could support as much as 10 GW of generation capacity, and Australia followed with the awarding of feasibility licenses. By 2024, it had awarded a dozen feasibility licenses, with several of the major developers actively exploring projects. Three companies, including RWE and Equinor, later relinquished their licenses. Plans for the Victoria auction were further delayed from last year as the industry continued to address the issues and sought more assurances from the Australian government.

“This auction is a giant leap towards getting Australia’s first offshore wind projects built,” said Minister for Energy and Resources Jaclyn Symes. “Victoria has some of the best offshore wind resources in the world. This auction is about harnessing that advantage and building the next generation of energy right here in Victoria.”

The auction officially opened on August 26, but the window runs for a year to August 2027. Victoria reports that the contracts will be awarded in 2028. It expects the projects to be integrated into the National Electricity Services Entry Mechanism.

According to the minister, bids will be assessed based on value for money, deliverability, and benefits for local workers, businesses, and communities.

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IRGC Claims That Oman and Iran Have Reached Deal on Hormuz Transit Fees

 

One day after Omani and Iranian negotiators hinted at an approaching agreement for a "temporary" Hormuz transit corridor, the Islamic Revolutionary Guard Corps has announced that two important points have been settled - neither of which will be viewed favorably in Washington. 

According to IRGC spokesman Hossein Mohebbi, Omani and Iranian negotiators have quietly reached agreement on "each country's share of the starit's waters" and on "share of its revenues." The latter refers to the transit fee system that the IRGC wants to implement in perpetuity for traffic entering and exiting the Arabian Gulf; it could be worth billions per year, bringing in fresh revenue to support Iran's military and civil ventures. 

He told state news agency Sepah that the "U.S. is obstructing this process." Mohebbi has previously said that the launch of an open, uncontested shipping lane in and out of the Gulf would only happen when the U.S. "accepts Iran's conditions."

Oman has not confirmed Mohebbi's claims about a final revenue-sharing agreement for the strait's future operations, nor have members of Iran's civilian government establishment.  

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ndia Maps 5-Year Plan to Build Shipping Independence with 100 New Ships

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The Indian government continues to pursue its vision of expanding its national shipping capabilities as part of a plan to achieve greater independence and lower the amount of money spent on foreign shipping. The reconstituted National Shipping Board hosted a new dialogue to bring together members of the industry and government to map the strategy for shipping independence.

The National Shipping Board was first formed in 1958 with a goal of ensuring the industry was represented in India’s shipping policy. As part of Indian Prime Minister Narendra Modi’s vision to grow the shipping industry, the board was reenacted as part of the Merchant Shipping Act of 2025. It has a role to advise the Ministry of Ports, Shipping & Waterways.

During the day-long conference chaired by the Minister of Shipping, Sarbananda Sonowal, they brought together shipowners, financiers, government officials, and members of the community, including cadets from India’s maritime training institute.

They are looking to decrease dependence on foreign-flag shipping and shipping costs through the addition of up to 100 vessels over the next five years. The Prime Minister’s vision also calls for quadrupling India’s port capacity to 10,000 million tonnes by 2047. 

The Union Minister of State for Ports, Shipping and Waterways, Shantanu Thakur, presided over a panel discussion titled "Augmentation of Indian Tonnage: Opportunities and Challenges.” It explored the challenges to achieving the goals of the government.

"India pays close to $75 billion every year in freight to foreign shipping lines, to move cargo as critical as our crude oil, our gas, our coal and our urea," said Shantanu Thakur. "That is not a performance problem for Indian shipowners, it is a competitiveness and demand-partnership problem.”

Panelists told the minister that flying the Indian flag remains 16 to 20 percent costlier than operating under a foreign one. They attributed the higher costs to India's tax on ship imports and maintenance services, tax deducted at seafarers' wages, tax on freight, and higher domestic capital costs, expenses foreign competitors do not carry. They also highlighted that Indian owners are still expected to match foreign freight rates to win cargo.

Another key issue that was discussed was the status of India’s seafaring workforce. Issues including wage taxation, pension gaps, and welfare provisions for seafarers were discussed. The government reports it is expanding training for seafarers. It looks to create wider employment pathways, address gender disparity, and equip the workforce with skills for emerging segments such as cruise shipping and advanced shipbuilding.

The government has already taken key steps, announcing new financing and support efforts. It also overhauled the cabotage regulations. During the conference, it pointed to the Container Manufacturing Assistance Scheme, highlighting that Maersk, for example, has now ordered containers built in India.

I welcome the National Shipping Board's five-point roadmap, fiscal reform, assured cargo support, access to competitive financing, regulatory streamlining, and a genuine ease of doing business," Sarbananda Sonowal said. "Taken together, these are not five separate tasks; they are the architecture of a nation choosing, at last, to own its own trade.”

The panel proposed a five-pillar roadmap: fiscal reform, assured cargo support, access to competitive financing, regulatory streamlining, and improved ease of doing business (EODB). It said that if the measures are adopted, it could help India add 100 ships to its fleet within five years, and achieve its goal of ranking among the world's top five ship-owning nations.

 

CONCOR successfully handles multiple double-stack rake operations to JNPA via the DFC

 

The Container Corporation of India Ltd (CONCOR) has achieved a significant operational milestone with the successful handling of multiple Double-Stack Rake Operations (DSRO) to JNPA since the commencement of this service. This development marks the opening of a new high-efficiency logistics corridor connecting the National Capital Region (NCR) with India’s premier gateway port through the Dedicated Freight Corridor (DFC), highlighted a CONCOR communique.

The inaugural double-stack service from MMLP Dadri to JNPA demonstrated exceptional operational efficiency, handling up to 360 TEUs with loading and unloading completed in just seven hours. This sets a new benchmark in rail productivity at both MMLP Dadri and JNPA, highlighting CONCOR’s capability to manage higher cargo volumes with speed and precision.

The successful execution of these double-stack movements reinforces CONCOR’s commitment to delivering faster, more reliable and cost-effective logistics solutions. By enabling higher cargo capacity per train, DSRO services significantly enhance supply chain efficiency, reduce transit time and promote environmentally sustainable hinterland transportation.

The landmark movement of CONCOR’s first double-stack rake on June 29, 2026 is not merely an operational achievement but a strategic business enabler. It strengthens port-hinterland connectivity and offers customers improved transit timelines, enhanced reliability and optimised logistics costs.

At MMLP Dadri, CONCOR is now operating regular double-stack services not only to JNPA but also to Mundra Port (approximately 30 rakes per month) and Pipavav Port (18-20 rakes per month), demonstrating robust operational scale and growing customer confidence.

This milestone also signifies CONCOR’s deeper integration into the DFC ecosystem, unlocking seamless access to key consumption and manufacturing hubs across NCR and Northern India. Leveraging its extensive network and global connectivity, CONCOR enables shipping lines to efficiently route NCR-bound cargo via JNPA, ensuring smooth linkage with vessel schedules and enhancing overall supply chain flexibility.

As CONCOR continues to expand its multimodal logistics capabilities, its terminals are playing a pivotal role in bridging global trade routes with inland markets. This advancement not only enhances market reach but also strengthens CONCOR’s position as a strategic logistics partner, offering customers greater choice, improved efficiency and resilient supply chain solutions across India, the communique emphasised.

APM Terminals Pipavav handled 168,000 TEUs in Q1 FY27

 During FY26, the APM Terminals Pipavav port handled 668,000 TEUs of container cargo, 2.90 MMT of dry bulk, 1.59 MMT of liquid cargo and 229,000 Ro-Ro units.

handled 168,000 twenty-foot equivalent units (TEUs) during the April-June quarter of FY27, marginally higher than 164,000 TEUs in the corresponding quarter of the previous fiscal and 165,000 TEUs in the preceding January-March quarter.

The company also reported a robust growth in roll-on/roll-off (Ro-Ro) cargo during the first quarter of FY27, while liquid cargo and rail-linked container traffic declined compared to the year-ago period.

Dry bulk cargo stood at 0.52 million metric tonnes (MMT) in the reporting quarter, compared with 0.55 MMT in the year-ago period, while improving from 0.45 MMT handled in the previous quarter.

Liquid cargo volumes declined sharply to 0.22 MMT, against 0.41 MMT in the April-June quarter of FY26 and 0.38 MMT in the January-March quarter.

Ro-Ro cargo emerged as the best-performing segment, with the port handling 65,000 units, registering a 55 per cent year-on-year increase from 42,000 units handled in the corresponding quarter last year. However, volumes were marginally lower than 67,000 units recorded in the previous quarter.

Also read: JNPA signs pact with RSA Global to develop 62-acre empty container yard near Nhava Sheva

Rail-linked operations remained under pressure during the quarter. Gujarat Pipavav Port handled 346 container trains, down from 447 trains in the year-ago period and 401 trains in the preceding quarter.

Similarly, rail container volumes stood at 88,000 TEUs, compared with 99,000 TEUs in the April-June quarter of FY26 and 96,000 TEUs in the January-March quarter.

During FY26, APM Terminals Pipavav handled 668,000 TEUs of container cargo, 2.90 MMT of dry bulk, 1.59 MMT of liquid cargo and 229,000 Ro-Ro units. It also operated 1,747 container trains, carrying 414,000 TEUs during the fiscal.

 

One killed as empty containers topple onto tanker at JNPA’s NSFT terminal

 JNPA said that a detailed investigation, including a comprehensive root cause analysis, has been initiated.

In a fatal incident, empty containers toppled onto a waste oil removal tanker during operations on one of the terminals at the Jawaharlal Nehru Port in the early hours of July 6, killing one and injuring another.

The incident occurred at the Nhava Sheva Freeport Terminal known (NSFT), a joint venture between JM Baxi & CMA Terminals. 

“Empty containers toppled onto a waste oil removal tanker during operations at theSFT, one of the container terminals at JNPA, in the early hours of July 6, 2026, resulting in one person losing his life and another sustaining injuries,” JNPA said in a statement.

According the authority, the injured person was given treatment at JNPA hospital and is discharged. JNPA is extending all necessary support to those affected.

“A detailed investigation, including a comprehensive root cause analysis, has been initiated, and all terminals at JNPA are strictly following the prescribed operational procedures and established safety protocols. No deviation from these procedures is being observed, and all requisite safety measures are being implemented consistently across all terminals,” it added.

According to the website of NSFT, it is equipped with state of art container handling infrastructure and can handle vessels of 2,15,000 displacement tonnage.

The terminal capacity has been enhanced from 0.7 million TEUs to 1.8 million TEUs during September 2025 and is equipped with modern infrastructure including 9 STS cranes, 27 E RTG cranes, 3 RMG cranes, 3 reach stackers, 800 reefer plug points, 2 full length rail sidings and 10 gate lanes.