India’s merchant fleet is in urgent need of modernisation. A government survey has found that 42.42% of Indian vessels are more than 20-years-old, with another 12% being between 15- to 19-years-old.
“There is an urgent need to increase India’s shipping fleet. With asset prices currently being low, the time is right to acquire new generation ships to replace ageing ones,” the survey noted, adding that local owners needed access to longer-term loans.
As of the end of November, India had a fleet of 1,246 ships equating to 15.37m dwt.
