India will float tenders this financial year to procure 62 vessels worth Rs 51,000 crore, as disruptions linked to the West Asia conflict push the government to reduce dependence on foreign shipping and strengthen domestic capacity, said Additional Secretary in the Ministry of Ports, Shipping and Waterways Mukesh Mangal, according to a report by Mint.

The Shipping Corporation of India (SCI), along with state-run oil and gas companies, will lead the procurement, targeting container vessels, LNG carriers, crude oil tankers and harbour tugs, according to a senior government official.

The move comes as geopolitical tensions continue to disrupt maritime trade routes and supply chains, prompting the Centre to expand domestic shipping capacity and improve energy security.

Government targets 437 vessels by 2042

The government has aggregated demand for 437 vessels to be built or procured by 2042. Of these, 216 vessels will be acquired by oil and gas public sector units, 58 by SCI, and 51 by Bharat Container Shipping Line under a proposed joint venture involving SCI, Container Corporation of India and port authorities.

Additional Secretary in the Ministry of Ports, Shipping and Waterways Mukesh Mangal said tenders for 62 vessels would be issued within the current year, adding that tenders for 34 vessels have already been floated.

The 62 vessels will add a combined 2.85 million gross tonnage, a measure used to determine port charges and crew requirements.

Hybrid build model under consideration

As per the Mint report, the government is considering a structured tendering model to support domestic shipbuilding while addressing capacity constraints. Under this approach, a portion of the order, up to 2 out of every 8 vessels, may be built overseas, with the remainder manufactured in India.

Officials said the plan is aimed at improving fleet availability, ensuring continuity in trade flows and reducing exposure to external supply disruptions.

Source: ET Infra. Com 

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