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India: Funding woes of flagging ships
The Government has taken some key initiatives in a bid to promote a self-reliant India in shipping, but the financing of ships registered under the Indian flag remains a challenge.
Nothing exemplifies this challenge better than a recent time charter deal involving the Aditya Birla Group company UltraTech Cement and Global United Shipping India Pvt Ltd for transporting cement from Pipavav in Gujarat to Sri Lanka for 15 years using a newly built, India-flagged and Indian-owned ship.
The 22,000-dead weight tonnes (DWT) cement carrier built in an overseas yard for $27 million arrived in India last month.
Funding woes of flagging ships
February 07, 2021
Shipshape: The Finance Minister announced a scheme to promote the flagging of ships in India in the Budget - ISTOCK.COM
Shipshape: The Finance Minister announced a scheme to promote the flagging of ships in India in the Budget - ISTOCK.COM×
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Indian lenders loath to bankroll vessels
The Government has taken some key initiatives in a bid to promote a self-reliant India in shipping, but the financing of ships registered under the Indian flag remains a challenge.
Nothing exemplifies this challenge better than a recent time charter deal involving the Aditya Birla Group company UltraTech Cement and Global United Shipping India Pvt Ltd for transporting cement from Pipavav in Gujarat to Sri Lanka for 15 years using a newly built, India-flagged and Indian-owned ship.