India's Maritime Surge: Navigating a New Wave in Shipping Strategy

The Indian government is taking strategic steps to bolster its shipping industry by pooling cargo demands from public sector units (PSUs) and securing long-term charters for Indian carriers. This move is designed to cut the recurring costs associated with crude oil imports, as emphasized by Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, at the India Maritime Week 2025.

Puri highlighted the government's efforts to advance the ship-owning and leasing entity model to promote domestic ownership within the maritime sector. By aggregating demand for vessels used by oil marketing companies, India aims to transition toward owning the vessels needed for crude imports. A maritime development fund and shipbuilding financial assistance are among the initiatives supporting this shift.

With only a few countries like China, Japan, and South Korea currently equipped to build ships at the needed capacity, Puri underscored the importance of cultivating local shipbuilding capabilities. As he noted, the expansion of India's maritime strength can lead to mutual benefits globally, as India's burgeoning energy demand continues to grow in significance on the world stage.