India Expands Maritime Fleet for Energy Security
The Shipping Corporation of India (SCI) is set to enhance its MR tanker fleet through a strategic partnership with leading Indian refiners. In a significant move to bolster energy and maritime security, SCI is collaborating with Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum to launch a joint venture. This venture aims to issue tenders for the construction of up to 10 new tankers at domestic shipyards, marking a pivotal step in India’s maritime strategy.
Joint Venture to Strengthen Domestic Shipbuilding
In a bid to minimize dependence on foreign vessels, the SCI’s joint venture with prominent refiners signals a renewed focus on developing India’s shipbuilding capabilities. As reported by the Economic Times, this initiative is part of New Delhi’s broader strategy to enhance energy security while simultaneously revitalizing the local maritime industry.
The collaboration will allow SCI and its partners to issue tenders for the construction of new MR tankers, which are essential for transporting refined petroleum products. This move is not only aimed at increasing the number of domestic vessels but also at fostering growth within the Indian shipbuilding sector, which has faced challenges in recent years.
Details regarding the specific orders and timelines for the construction of the new tankers are anticipated to emerge once the joint venture framework is fully established. This initiative reflects a significant commitment from the Indian government and industry stakeholders to strengthen the nation’s maritime capabilities and ensure a more self-reliant energy sector.
