GIFT City anchors India’s ship-leasing push as fleet reaches 43 vessels

New Delhi/Gandhinagar: India is seeking to build a global ship ownership, leasing and maritime finance hub through GIFT City, where 38 registered ship lessors are collectively leasing 43 vessels, Union Shipping Minister Sarbananda Sonowal said on Thursday.

Addressing an event at the GIFT City Club, Sonowal said these vessels represented a combined capacity of more than 2.99 million deadweight tonnes (DWT), with 24 sailing under the Indian flag.

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He said 41 domestic and international banks had established operations in the International Financial Services Centre (IFSC), extending nearly USD 60.1 million in funding to ship-leasing entities.

The opening of the Directorate General of Maritime Administration’s (DGMA) first regional office at GIFT City would further support shipowners and operators, he added.

Focus shifts to ownership and control

Sonowal highlighted regulatory changes aimed at making Indian shipping more competitive, including an exemption from licensing requirements under the Coastal Shipping Act, 2025, for foreign vessels on charter.

GIFT IFSC-based shipping companies have also been permitted to own foreign-flagged vessels, a move the minister described as a broader change in India’s approach to measuring its fleet.

“More fundamentally, it marks a shift in how we count our fleet, from tonnage that flies our flag to tonnage that we own and control,” he said.

The measures form part of India’s efforts to develop an integrated ship ownership, leasing and financing ecosystem, with GIFT City serving as its principal platform.

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Ship recycling share rises

Sonowal also said India had emerged as the world’s largest ship-recycling nation, with its share of global ship-recycling tonnage increasing from 30.1 percent in 2024 to 35.4 percent in 2025.

The event brought together policymakers, shipowners, lessors, charterers, financiers and other maritime stakeholders to discuss the sector’s development.

The minister also unveiled the brochure for the National Maritime Games 2027, which will be held at Ganpat University in Gujarat under the aegis of the Ministry of Ports, Shipping and Waterways.

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