Minister reviews SCI-Oil PSUs JV to acquire 59 vessels
India is pressing on with its shipping industry development strategy by advancing a roadmap to add 62 vessels in FY 2026–27, backed by Rs.51,383 crore investment for creating an additional 2.85 million GT capacity.
Minister of Ports, Shipping and Waterways Sarbananda Sonowal said on 29 April, “We are positioning shipping at the core of India’s economic resilience. Our journey towards Atmanirbhar shipping is a strategic necessity, and we are advancing a roadmap to add 62 vessels in FY 2026–27, backed by Rs.51,383 crore, creating an additional 2.85 million GT capacity.”
He led a high-level inter-ministerial review meeting on the Strait of Hormuz situation pivoted to accelerating India’s shipping capabilities, with a renewed focus on building a robust, future-ready maritime ecosystem. The meeting brought together senior officials from the Ministry of Petroleum and Natural Gas (MoPNG), oil PSUs, Ministry of Chemicals and Fertilisers, Directorate General of Shipping, National Shipping Board and the Directorate General of Foreign Trade (DGFT).
Reviewing the current global scenario and its implications on maritime trade routes, the Minister called for urgent expansion of India’s shipping capacity, including container vessels, LPG and crude carriers, and green tugs, to ensure resilience against external disruptions.
Sonowal also reviewed cargo flows, vessel movements and operational preparedness across key maritime segments. The need for expansion of container fleet, green tugs, LPG carriers, crude carriers, dredging vessels and tankers was underscored by Sonowal to combat any future global challenge and sustain supply chain of the country.
The Minister also reviewed the status of the Joint Venture between Shipping Corporation of India (SCI) and Oil PSUs to acquire 59 vessels.
“We must act with urgency to strengthen our fleet, shipbuilding capacity, port infrastructure, and the broader maritime ecosystem,” said Sonowal, underlining the need for a coordinated national effort.
Directing a structured policy response, Sonowal instructed all concerned departments to prepare a concise and actionable white paper outlining & addressing the current gaps, clear targets and a time-bound roadmap across key pillars of the maritime sector.
Sonowal emphasised that this exercise must be undertaken in close coordination with the Ministries of Petroleum and Natural Gas, Chemicals and Fertilisers, and Commerce and Industry, given their critical linkage to maritime supply chains.
“This document will form the basis of our next review on a larger inter-ministerial platform. I expect focused, practical and outcome-oriented inputs. Let us move forward with clarity, coordination and commitment,” Sonowal stressed.
The Minister also reiterated that the safety and security of Indian seafarers remains paramount, with agencies directed to maintain heightened vigilance in sensitive maritime zones. The inter-ministerial meeting concluded with a call for greater alignment, coordination and execution across ministries and stakeholders to position India as a globally competitive maritime nation. “The government continues to closely monitor developments in the region while advancing long-term strategies to strengthen India’s maritime capabilities and secure its position in global trade,” he said. fiinews.com
