Source: Xclusiv According to Xclusiv, “moving from Europe to Asia, India has announced its intention to compete in the growing global trade market, by establishing a new state owned shipping company. This venture aims to expand India’s fleet by over 1,000 vessels within a decade, reducing reliance on foreign shipping and capturing a larger share of trade revenue. The new company will collaborate with state-run oil, gas, and fertilizer industries to secure business and leverage expertise from existing entities like Shipping Corp of India.
If and when these plans start to come to fruition it will significantly affect the SnP and newbuilding market. The government hopes to cut freight costs by a third by 2047, with estimates suggesting a potential rise to $400 billion if they rely solely on foreign carriers. Headquartered at GIFT City, a financial hub designed to rival Singapore, the new company will benefit from a maritime development fund and potentially become stakeholders with state-run firms signing long-term charter deals.
This initiative reflects India’s ambition to become a world-class manufacturer and a developed nation by 2047”. Meanwhile, “at the wet market side, many market executive and energy traders have expressed their belief that crude tanker rates could rise this summer and beyond due to a combination of factors. While OPEC+ initially decided to extend production cuts, limiting global supply, this was counterbalanced by a drop in crude prices.
However.