Global firms make a beeline to reflag vessels in India

Buoyed by a conducive operational and regulatory ecosystem for setting up operations, global shipping companies are planning to register more vessels under the Indian flag after the recently-concluded India Maritime Week, industry and government sources said.

- DHRUVAKSH SAHA

“French carrier CMA CGM was the first to make a move. Since then, we have seen an overwhelming interest from players to reflag their vessels in India. Beyond the announcements by global players that have already happened, there are more discussions taking place from leading carriers,” a senior government official said.

He said the move is part of a larger strategy discussed by global companies with Prime Minister Narendra Modi during the Maritime Leaders Forum to base their tonnage in India. They have placed their bets on domestic cargo growth, which would be driven by economic growth.