Table of CONTENTS
12 17 26
Disclaimer
Green Shipping Conclave 2025: India Charts Course for Sustainable Maritime Future
Fostering a
IMO Secretary-General Visits Maritime Training Institute
FM Sitharaman Announces Union Budget 2025 Budget 2025 Set to Establish Gift City as Financial Hub
Maritime Logistics Sector Rejoicing the Upbeat Budget 2025: Insights from Capt. Manish Kumar on Trade, Safety, and Sustainability
Maritime India Expo 2025 Concludes Successfully
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Aligning Logistics Reforms with Economic Planning
The union budget 2025 signifies decisive reforms, focusing on quantum correction of some long-standing issues, while revitalizing the core sectors like agriculture, manufacturing and logistics. We all know Supply Chain & Logistics is fundamental to help accelerate the engines of development; so one must appreciate that the present government is cognizant of the importance of effective supply chain and logistics for improved resilience in domestic production and trade.
Building upon transformational initiatives like the PM Gati Shakti, the National Logistics Policy (NLP), Logistics Efficiency Enhancement Programme (LEEP), development of Dedicated Freight Corridors (DFCs), Bharatmala Pariyojana, the Sagarmala programme, formulation of the National Rail Plan (NRP), MultiModal Logistics Parks, National Infrastructure Pipeline, and Jal Marg Vikas Project, along with reiterating measures this year such as Digital Public Infrastructure (DPI), Record Capital Expenditure, Green Initiatives, Industrial Parks, the Government is introducing cohesive policies that are aimed at reducing logistics costs and improving efficiencies.
In addition, a series of reforms have been taken to promote investments and manufacturing in the country, such as a liberalised FDI policy, introduction of PLI Schemes in key sectors, reduction in corporate tax, Foreign Trade Policy 2023, with focus on improving ease of doing business through measures for reduction in compliance burden, Make in India, One District One Product
initiative, District As Export Hub initiative along with other business reforms. Further, the existing Free Trade Agreements (FTAs) are ensuring supplies and market access to the manufacturing sector on preferential terms. Programmes like Trade Infrastructure for Exports Scheme (TIES), Setting up of Industrial Parks and development of Industrial Corridors etc., also have been taken up to facilitate holistic infrastructure planning and accelerated economic development of the country.
At the international front, amongst others, apart from taking initiatives such as the ‘G20 Generic Framework for Mapping GVCs’, which will help countries identify opportunities for sectors and products critical for building resilience within GVCs, the Government has also become a signatory to the Indo-Pacific Economic Framework for Prosperity Agreement, which relates to Supply Chains (an initiative of 14 Member countries) and also part of the Supply Chain Resilience Initiative (SCRI) with Japan and Australia, designed to build collective, long-term resilient supply chains based on international partnerships.
I am therefore of the view that aligning logistics reforms with economic planning makes Budget 2025 a crucial turning point in India’s effort to boost global competitiveness and drive sustainable growth in the near future.
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ClassNK is a major supporter of the Digital Era
India-Oman Reinforces Economic Ties, Free Trade Agreement on Track
India and Oman have strengthened their economic relations through the 11th Joint Commission Meeting (JCM), co-chaired by Commerce and Industry Minister
Piyush Goyal and Omani counterpart Qais bin Mohammed Al Yousef. The negotiations for the proposed Free Trade Agreement (FTA) between India and Oman are progressing
well, and both sides will hold another round of talks to resolve pending issues. According to officials, the trade ministers of India and Oman reviewed the progress of the proposed agreement and are focused on advancing negotiations. Oman is the third-largest export destination for India among the Gulf Cooperation Council (GCC) countries. Such agreements typically involve trading partners reducing or eliminating customs duties on most goods traded between them, while also easing regulations to promote trade in services and attract investments.
BPCL Signs MOU with SCI for Maritime Energy Collaboration
BPCL has signed a Memorandum of Understanding (MoU) with the Shipping Corporation of India (SCI), marking a strategic collaboration aimed at developing a dedicated, highly efficient, and futureready maritime infrastructure. The agreement was signed by Mr. Manoj Heda, Executive Director, International Trade and Risk Management at BPCL, and Mr. Atul Ubale, Director of the Bulk Carrier and Tankers Division, in the presence of Mr. Vetsa Ramakrishna Gupta, Director of Finance at BPCL, and Mr. Dinesh Kutty, DGM I/c Tanker Commercial at SCI. This collaboration represents a significant step toward strengthening India’s global maritime presence, a key focus of the Maritime
Amrit Kaal Vision 2047 set by the Government of India. Through this partnership, BPCL aims to create a dedicated, efficient, and future-ready
maritime infrastructure to strengthen its supply chain and contribute to India’s position as a global maritime leader.
Shipbuilding Financial Assistance Policy
2.0 to Have ₹18,000 Cr Outlay
India is in the advanced stages of setting up the second phase of the Shipbuilding Financial Assistance Policy (SBFAP), with a fund outlay of around ₹18,000 crore. Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal stated that the SBFAP 2.0 is “awaiting Cabinet
approval” and will be financed “entirely through budgetary support.” The new policy, mentioned by Finance Minister Nirmala Sitharaman in her Budget, will offer subsidies on the contracted price or fair value for vessels built in India over a 10-year period from 2024 to 2034. Sonowal further noted
that the policy will include subsidies for specialized, green, and other highly specialized vessels, as well as non-combat defense auxiliary vessels exported to friendly foreign nations. The existing SBFAP will be replaced by SBFAP 2.0 once Cabinet approval is obtained.
Kandla Sets Target to Build 50 Ships Per Year, Floats EoI
As part of its efforts to boost shipbuilding in Gujarat, the Deendayal Port Authority (DPA) plans to develop a massive shipbuilding cluster in Gujarat’s Kutch district, leasing 2,000 acres in Veera village near Tuna Tekra. The ₹27,000-crore greenfield project aims to construct 50 very large crude
carriers (VLCCs) or similar vessels annually, each with a capacity of 3.2 lakh deadweight tonnage (DWT). DPA, which operates India’s oldest major port at Kandla, has floated an expression of interest (EoI) to auction the land to a global industry partner capable of designing and constructing shipyards. “We are offering a strategic
land parcel with a 1.2-km waterfront on a 30-year lease and are open to joint ventures or equity partnerships with private players,” said SK Singh, Chairman of DPA. Once completed, the shipyard will be Gujarat’s 11th, adding to the state’s existing 5.4 lakh DWT shipbuilding capacity.
VOC Port Exploring Shipbuilding Facility in Thoothukudi
The VOC Port Authority is exploring the possibility of setting up a shipbuilding facility in Thoothukudi and is in discussions with a Korean conglomerate, according to reports. VOC port chairman Susanta Kumar Purohit, along with a team of senior port officers, held an interactive meeting with HD-Korea Shipbuilding and Offshore Engineering (Hyundai Group) in this regard. The meeting was facilitated by the Ministry of Ports, Shipping and Waterways and Invest India. “This was just the first round of talks, which is only at a preliminary level,” officials noted. VOC port is also aiming to become India’s green
hydrogen hub and is planning to set up a pilot plant with a daily capacity of 10 tonnes to gain experience in generating, storing, transporting, transmitting, and
bunkering green hydrogen. The pilot green hydrogen plant at VOC port is expected to become operational in the next three months.
India’s Coastline Expanded by Almost Half in Just Over Five Decades
India’s coastline has expanded by almost half in just over five decades—from 7,516 km in 1970 to 11,098 km in 2023-24. States like Bengal, Gujarat, and Goa have added significantly to their shorelines, while Puducherry’s coastline shrank by 10.4%, according to a report by the Ministry of Home Affairs based on
new terms of reference for measuring coastal accretion and erosion. Gujarat’s recalculated coastline contributed the most to this growth, almost doubling from 1,214 km in 1970 to 2,340 km in the past 53 years. Bengal saw the highest percentage increase in coastline, growing by 357%, from 157 km to 721 km. The national increase in
coastline compared to 1970 data stands at 47.6%. The upward revision of coastline length across nine states and union territories is attributed to using a new methodology for measuring India’s maritime boundaries, which includes complex coastal formations such as bays, estuaries, inlets, and other geomorphological features.
New IWT Terminal at Jogighopa to Be a Game Changer for the Logistics Sector
The Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal, inaugurated the Inland Waterways Terminal (IWT) at Jogighopa, dedicating it to the nation. The terminal holds strategic importance as it is located just 91 km from Gelephu in Bhutan, 108 km from the Bangladesh border, and 147 km from Guwahati, making it crucial for India’s bilateral trade ties with Bangladesh and Bhutan.
The Jogighopa terminal is also one of the declared Ports of Call under the Protocol on Inland Water Transit and Trade (PIWT&T) between India and Bangladesh. By 2027, the terminal is expected to handle 1.1 million tonnes of cargo annually. On the occasion, the MV Padma Navigation II ship, along with Barges Ajay and Dikshu, was flagged off with 110 metric tonnes of coal, while MV Trishul carried stone chips to Bangladesh. The
Allcargo Expands ODC Capabilities at Chennai CFS
Allcargo Terminals, a subsidiary of the Allcargo Group, has expanded its OverDimensional Cargo (ODC) handling capabilities at its Chennai Container Freight Station (CFS) in Tamil Nadu. This strategic enhancement aims to meet the growing demand from key industrial hubs across the state. Spread over 23 acres, the Chennai CFS features a dedicated yard for
storing a wide variety of overdimensional cargo, including flat racks, open-top containers, rolling bearings, machinery, and more. The facility is equipped with advanced handling equipment to ensure smooth, efficient, and hassle-free operations. Additionally, a fleet of standard flatbed and low-bed trailers ensures the safe and efficient transportation of oversized cargo. A dedicated gate for
ODC entry and exit further streamlines movement within the facility. With over 16 years of experience managing specialized cargo across sectors such as wind power, oil rigs, mining, cement, chemicals, aerospace, and manufacturing, Allcargo Terminals continues to provide reliable services to its customers.
foundation stone for the terminal was laid by Prime Minister Shri Narendra Modi in February 2021.
Green Shipping Conclave 2025: India Charts Course for Sustainable Maritime Future
IMO Secretary-General’s visit reinforced India’s position as a global leader in sustainable maritime practices marking a pivotal moment in India’s
‘green’ maritime transition
The Green Shipping Conclave 2025 was officially inaugurated in Mumbai on February 20, 2025, by His Excellency Mr. Arsenio Domínguez, Secretary-General of the International Maritime Organization (IMO). The event, chaired by Shri Shantanu Thakur, Hon’ble Minister of State for the Ministry of Ports, Shipping, and Waterways, brought together industry leaders, policymakers, and experts to discuss innovation, cleaner fuel technologies, and India’s sustainable maritime policy.
Shri Shyam Jagannathan, Director-General of Shipping, set the tone for the conclave, emphasizing the importance of sustainable shipping practices. Shri Shantanu Thakur, Hon’ble Minister of State for MOPSW, highlighted India’s commitment to a sustainable maritime sector and the ambitious Maritime Amrit Kaal Vision 2047.
Mr. Arsenio Domínguez, Secretary-General of IMO, stressed the need for international cooperation in achieving sustainable maritime goals and praised India’s efforts in building a resilient maritime industry. He also delivered the keynote address, focusing on the importance of innovation, cleaner fuels, and sustainable practices in the maritime sector.
CEO Forum: Navigating Toward Sustainability
The CEO Forum, themed “Green Navigators,” brought together esteemed leaders in the maritime industry to discuss the transition to green shipping practices.
Chaired by Shri Rajesh Kumar Sinha, IAS Additional Secretary, Ministry of Ports, Shipping, and Waterways, and co-chaired by Shri Shyam Jagannathan, IAS Director General of Shipping, the session aimed to explore challenges and opportunities in adopting sustainable maritime practices.
-Jagdamba Prasad Pandey
Shri Sarbananda Sonowal, Hon’ble Union Minister of Ports, Shipping and Waterways
Shri Shyam Jagannathan, IAS Director General of Shipping
Shantanu Thakur, Union Minister of State for Ports, Shipping and Waterways,Government of India
Malini V Shankar, I.A.S. (Retd.) Vice Chancellor, IMU
Shri Rajesh Kumar Sinha, IAS Additional Secretary, Ministry of Ports, Shipping, and Waterways
Shri Ajith Sukumaran, Chief Surveyor with the Govt of India
His Excellency Mr. Arsenio Domínguez, Secretary-General of the International Maritime Organization (IMO)
The forum featured a distinguished panel of experts, including Shri Anil Devli, CEO of the Indian National Shipowners’ Association (INSA); Dr. Malini Shankar, IAS, Vice-Chancellor of the Indian Maritime University; Capt. Binesh Kumar Tyagi, Chairman and Managing Director of The Shipping Corporation of India Ltd.; Shri Arun Sharma, Executive Chairman of the Indian Register of Shipping; Dr. Sujata Naik, Chairperson of Tolani Maritime Institute; Shri Bharat K. Seth, Deputy Chairman & Managing Director of GESCO; Mr. C.V. Subba Rao, Managing Director of Sanmar Shipping; and Capt. A.K. Azad, Nautical Adviser (I/c), Directorate General of Shipping.
The panel discussion highlighted the shipping industry’s crucial role in transitioning to green practices, despite contributing less than 3% to global pollution. The discussion emphasized the need for aligning policies with global best practices for green fuels, strengthening financial and regulatory support for green shipbuilding, and expanding shore-to-ship power infrastructure and renewable energy adoption.
Green Shipping Policy and International Collaboration
The Green Shipping Conclave 2025 convened senior government officials, maritime experts, and industry leaders to discuss India’s green shipping policy. Chaired by Shri Rajesh Kumar Sinha and Shri Shyam Jagannathan, the session focused on developing a comprehensive policy aligned with the International Maritime Organization’s (IMO) Revised GHG Strategy 2023. Discussions centered on green fuels, green shipbuilding, port sustainability, and global collaboration, highlighting the feasibility of these initiatives in Indian ports.
The session titled “Green Capital: The Role of Green Finance in Maritime Decarbonisation” brought together experts to discuss the challenges and opportunities in transitioning to zero-carbon fuels in the maritime industry.
The discussion, led by Shri Deepak Shetty, Former DG Shipping, as the Session Chair, and Shri P.K. Mishra, Managing Director of the Indian Register of Shipping, as the Convener, included experts such as Mrs. H.K. Joshi, Ex-Chairperson & Managing Director of The Shipping Corporation of India Ltd.; Shri Anil Devli, CEO of INSA; Ms. Surbhi Goyal, Senior Energy Specialist at the World Bank Group; Shri Ambrish Bansal, SVP Consultancy at Lloyd’s Register; and Shri Jaikumar, Senior Specialist.
Key focus areas included expanding green finance instruments, mitigating risks and providing incentives, supporting technology and innovation, and promoting global standards and longterm investment. The panel praised the Government of India’s initiatives, such as the Maritime Development Fund and the enhanced Shipbuilding Financial Assistance scheme, which have the potential to drive maritime decarbonisation.
The panel, chaired by Shri Arun Sharma and convened by Shri P.K. Mishra, included experts such as Shri Mrinal Dutt, Shri Tarun Kumar, Ms. Josefine Pallesen, Dr. Arun Sharma, and Cmde Debesh Lahiri (Retd.), who discussed the future of green fuels in the maritime industry.
Key takeaways included accelerating green hydrogen and ammonia adoption, prioritizing green fuels, and focusing on market readiness and policy considerations.
Transitioning to Green Ports and Ships
Experts discussed transitioning to green ports, green ships, and international cooperation for sustainable maritime practices. They concluded that “high initial investments, technological integration complexities, and regulatory gaps are significant challenges in transitioning to green ports.” However, green transitions offer substantial opportunities, including operational efficiency, environmental benefits, and global competitiveness. Key focus areas included renewable energy integration, shore-to-ship power, and green bunkering infrastructure.
The conclave also discussed the adoption of green technologies in the maritime sector, focusing on fostering global partnerships and collaboration among ship designers, clients, and shipyards. Key takeaways included accelerating green fuel adoption, addressing engineering and supply chain challenges, and focusing on system integration and energy efficiency.
The Honourable Union Minister of Ministry of Ports, Shipping & Waterways has released four significant consultative policy documents.
• Indian Ocean Centre for Excellence for Sustainable Maritime Transport (IOCE-SMarT): This initiative aims to establish a world-class hub for training, research, and innovation in sustainable maritime practices in India. It seeks to advance the maritime sector in the Indian Ocean region through technological innovation, sustainable practices, digital proficiency, and technical cooperation.¹
• The National Green Shipping Policy (NGSP): This strategic initiative is designed to transition India’s maritime sector towards environmental sustainability, technological innovation, and global competitiveness. The NGSP envisions a sustainable maritime future, aligning national priorities with international goals and positioning India as a leader in green shipping.
• Future Fuel Strategy (FFS): This comprehensive strategy aims to position India as a leader in the global green fuel market by adopting cleaner fuels, developing essential infrastructure, and fostering international collaboration. The strategy’s roadmap for implementation is structured around multiple scenarios to ensure a resilient and adaptable approach.
• Centre of Policy Studies: A report by the Indian
The experts highlighted the importance of global partnerships, collaborative innovation, green financing, and capacity building. Initiatives like the India-Norway Partnership for Maritime Sustainability and the International Solar Alliance are essential for accelerating decarbonisation.
Roundtable Discussions on Global Cooperation
Secretary-General Mr. Arsenio Domínguez met with Chairman Shri Arun Sharma and senior officials from the Indian Register of Shipping (IRClass) for a roundtable discussion. They were joined by Shri Shyam Jagannathan, Director-General of Shipping, and Shri Ajit Sukumaran, Chief Surveyor. The meeting focused on IRClass’s role in the International Association of Classification Societies (IACS) and the IMO. They discussed policy mechanisms to accelerate the adoption of alternative fuels, global best practices in green shipping, and how to apply these practices to India’s maritime sector.
Mr. Arsenio Domínguez also participated in a roundtable discussion with CEOs of Indian renewable energy producers, alongside Shri Shyam Jagannathan and Shri Ajith Sukumaran. The meeting highlighted India’s
Maritime University on this topic was also released, highlighting the importance of policy studies in the maritime sector.
These documents demonstrate the Ministry’s commitment to sustainable maritime practices, green shipping, and reducing carbon emissions. The Green Shipping Conclave 2025 provided a significant platform for global leaders, policymakers, and experts to discuss and collaborate on the transition to a greener, more sustainable maritime industry. The event emphasized India’s commitment to sustainability, its growing role in the global green energy market, and the importance of innovation, collaboration, and green finance in the decarbonisation of the maritime sector. The outcomes of the conclave are expected to play a pivotal role in shaping the future of shipping in India and globally.
remarkable achievement of reaching 200 GW in renewable capacity and its ambitious goal of achieving 500 GW by 2030.
India is poised to become a major player in the global green hydrogen market, particularly in the production of green ammonia. The country’s competitive advantages in low-cost solar power and robust electrolyser production were major topics of discussion. The leaders emphasized India’s readiness to meet the growing global demand for zero-net-zero (ZNZ) fuels.
To accelerate the energy transition, the importance of IMO’s mid-term measures and stable financial incentives were underscored. This meeting demonstrated India’s commitment to sustainable energy and its growing role in the global renewable energy landscape.
Technical Paper Presentation Forum
The Technical Paper Presentation Forum at the Green Shipping Conclave 2025 provided a vibrant platform for professionals, academics, researchers, and students to share groundbreaking research and innovative solutions in the maritime sector. The forum encouraged knowledge sharing and collaboration, focusing on green shipping,
emerging technologies, and sustainable maritime development.
Shri T.K. Sahu, JMD of the Indian Register of Shipping, delivered a keynote address to inaugurate the technical paper session. Presentations covered topics such as lifecycle analysis of maritime fuels, alternative fuels, fuel cells in marine applications, shipping energy transition, and the development of green shipping corridors.
The forum demonstrated the maritime sector’s commitment to sustainability, green shipping, and reducing greenhouse gas emissions. Experts emphasized the importance of fuel flexibility, energy efficiency, and innovative technologies in reducing the maritime industry’s carbon footprint.
Student Session: “Green Sparks”
A student session, titled “Green Sparks: Igniting Budding Mariners’ Innovations in Maritime Sustainability,” provided a platform for students to showcase their innovative ideas and research on maritime sustainability.
Release of Consultative Policy Documents by Shri Sarbananda Sonowal, Hon’ble Minister of Ports, Shipping and Waterways
IMO Secretary-General Visits Maritime Training Institute
The Maritime Training Institute (MTI) in Powai, Mumbai, recently hosted a historic visit by His Excellency Mr. Arsenio Dominguez, SecretaryGeneral of the International Maritime Organization (IMO). The event was attended by distinguished figures, including Shri Shyam Jagannathan, IAS, Director General of Shipping, and Dr. Malini V. Shankar, Vice Chancellor of the Indian Maritime University (IMU).
Capt. B. K. Tyagi, CMD, SCI & SCILAL, extended a warm welcome to the Chief Guest and emphasized the significance of the event for the maritime industry, particularly seafarers and young cadets. He highlighted the evolution of the Maritime Training Institute into a center of excellence, focusing on world-class education and sustainability, exemplified by its solar-powered plant.
Dr. Malini V. Shankar shared insights into Indian Maritime University’s growth in maritime education and research since its establishment in 2008. With six campuses and 17 affiliated institutions, IMU offers a diverse range of undergraduate, postgraduate, and research programs, serving over 7,700 students.
The Director General of Shipping (DGS) underscored India’s position as the thirdlargest and fastest-growing economy, highlighting the Maritime India Vision (MIV) 2030 and the Maritime Amrit Kaal Vision 2047. He spoke of the government’s strong support for the maritime sector through the Union Budget and outlined key initiatives, including IOCE SMART, IMO projects, and the Green Shipping Policy.
The IMO Secretary-General passionately addressed the IMO’s role in promoting maritime safety, environmental
protection, and technological advancements. He commended India’s efforts in building a resilient maritime industry and stressed the importance of international cooperation to achieve the IMO’s global goals.
Mr. Dominguez also reflected on the challenges posed by the COVID-19 pandemic, noting, “No shipping,
no shopping,” a poignant reminder of the crucial role seafarers play in global trade. He called for continued technical cooperation with developing economies and emphasized the need for transparency in industry practices.
A lively Q&A session followed, with young cadets engaging eagerly with the distinguished guests, expressing their
-Jagdamba Prasad Pandey
Presentation of Memento to the Chief Guest H. E. Mr. Arsenio Dominguez, SG, IMO
Lightning of Lamp by the Chief Guest and other Dignitaries (DG Shipping, Vice Chancellor, IMU, CMD, SCI & SCILAL, D(B&T), SCI) during the Event
Guard of Honor given to H.E. Mr. Arsenio Dominguez by cadets of MTI, Powai
enthusiasm and readiness to contribute to the maritime sector. The ceremony concluded with a heartfelt vote of thanks delivered by Mr. Deependra Singh Bisen, Deputy Director-General of Shipping (DDG, DGS).
The Secretary-General of the IMO also toured the state-of-the-art facilities at MTI, Powai, and planted a sapling as a symbolic gesture, signifying the IMO’s commitment to sustainability and environmental preservation.
MMT
Plantation of Sapling by Chief Guest IMO Secretary-General at MTI, Powai
Presentation on key advancements and opportunities in Indian Maritime Landscape by Shri Shyam Jagannathan, IAS, Director General of Shipping
Welcome Address by Capt. B. K. Tyagi, Chairman and Managing Director, SCI & SCILAL
Group Photo of Chief Guest IMO Secretary-General with young cadets
Group Photo of Chief Guest IMO Secretary-General along with other dignitaries and young female cadets
FM Sitharaman Announces Union Budget 2025
The forward-looking document aims to further enable India’s shipbuilding industry with spurring and innovative initiatives to drive investment, generate income for the economy, train and employ human capital, and create value for the future of the country.
Finance Minister Nirmala Sitharaman announced the Union Budget 2025 earlier this month on Saturday, February 1, 2025. The budget aims to boost consumption and ‘Make in India’ initiatives, leading to notable fluctuations across different industries.
The in-house MMT team has attempted to simplify it further for understanding it from the maritime sector’s perspective, making it easier for readers.
The Union Budget 2025-2026 promises to continue the Government’s efforts to accelerate growth, secure inclusive development, invigorate private sector investments, uplift household sentiments, and enhance the spending power of India’s rising middle class. While the Budget proposes development measures focusing on the poor (Garib), youth, farmers (Annadata), and women (Nari), it also aims to initiate transformative reforms in taxation, the power sector, urban
development, mining, the financial sector, and regulatory reforms to augment India’s growth potential and global competitiveness.
The Union Budget highlights that agriculture, MSMEs, investment, and exports are engines in the journey to a Viksit Bharat (Developed India), using reforms as fuel, guided by the spirit of inclusivity. While one can analyse various aspects of the budget, we will focus on the maritime industry.
Budget 2025
Strong Impetus
The Union Budget has placed a strong impetus on realizing the huge potential of India’s shipping sector with initiatives likely to drive investment and skill development. In a massive boost to India’s shipbuilding industry, the Modi government has accorded the coveted ‘infrastructure’ status for large ships.
Prime Minister Narendra Modi hailed the Union Budget 2025 as “Janata Janardan Ka Budget” and lauded the employment-driven initiatives proposed. Highlighting the significance of giving infrastructure status to shipbuilding, PM Modi said, “With this status, large-scale ship construction in India will be encouraged, providing a fresh impetus to the ‘Atmanirbhar Bharat’ campaign. Shipbuilding is a sector that generates extensive employment.”
The Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal, welcomed the budget and termed it a progressive policy statement towards realizing the vision of Prime Minister Shri Narendra Modi of a Viksit Bharat by 2047.
On the occasion, Shri Sonowal said, “I welcome the Union Budget presented in Parliament today. This budget serves as a catalyst for economic growth, aligning with Prime Minister Narendra Modi Ji’s vision of a ‘Viksit Bharat, Atmanirbhar Bharat.’ I congratulate Finance Minister Nirmala Sitharaman Ji for presenting a forward-looking budget that embodies the principles of good governance, progressive reforms, and innovative policymaking. This budget not only strengthens business and trade sentiment but also acts as a springboard for economic expansion, capacity building, and solution-driven holistic development of society and the growth of the economy. By unlocking value and enriching national assets, it lays the foundation for sustained progress and people-centric development. The budget aims to generate wealth, drive
welfare initiatives, and foster public participation in nation-building. It safeguards the interests of future generations while elevating the quality of life for the people of Bharat.”
A Shot-in-the-arm
The Union Budget provided a shotin-the-arm to India’s domestic shipbuilding industry after it announced new mega shipbuilding clusters in the country. This scheme will provide direct capital support in the form of creating the breakwater along with capital dredging. It also proposes a 10-year rent holiday for the land, if not provided at a nominal rate.
Sitharaman said that the exemption from Basic Customs Duty (BCD) on raw materials, components, consumables, or parts used in the manufacture of ships and for shipbreaking will be extended for a further ten years from April 1, 2025.
The finance minister stated that the Shipbuilding Financial Assistance Policy will be revamped to address cost disadvantages, which will also include Credit Notes for shipbreaking in Indian yards to promote the circular economy. Investment is also designed to support the creation of trunk infrastructure like roads, utilities, and sewage treatment, among others. The proposed allocation of ₹6,100 crore aims to support India’s existing shipyards in upgrading, modernizing, and automating their operations, enhancing efficiency, utilization, and overall output.
Maritime Development Fund (MDF)
The Union Budget proposes to set up the Maritime Development Fund (MDF) to support India’s maritime sector by providing financial assistance, via equity or debt securities. The initial corpus of the fund is pegged at ₹25,000 crores, with the Government contributing 49%. The remaining balance will be contributed by major port authorities, other government entities, central PSEs, financial institutions, as well as the private sector.
This fund will directly benefit financing for ship acquisition. It aims at boosting Indian-flagged ships’ share in global cargo volume up to 20% by 2047. Further, the indigenous fleet will reduce dependency on foreign ships, improve the Balance of Payments, and secure the strategic interests of the country. By 2030, MDF is aiming to generate up to ₹1.5 lakh crore in investment in the shipping sector.
New Shipbuilding Clusters
Speaking on the initiatives for spurring India’s maritime sector, the shipping minister, Shri Sarbananda Sonowal said, “It is reassuring to see that the budgetary initiatives for India’s marine sector are focused on unlocking its vast potential and enhancing existing assets through upgrades, modernization, and automation.
A key highlight is our ministry’s development of new shipbuilding clusters of 1.0 to 1.2 Million Gross Tonnage (GT) each. This strategic push is crucial in realizing India’s vision of becoming a $30 trillion economy by 2047. By leveraging the Public-Private Partnership (PPP) model, the scheme is designed to attract private investment, promote modernization, and advance green technologies. These efforts will enhance India’s global competitiveness, drive sustainable growth, and solidify its position as a leading global maritime hub.”
Adding further, Shri Sonowal said, “India’s maritime sector has witnessed significant progress since 2014, and with the latest announcements by the Finance Minister, we are confident that the shipbuilding industry will serve as a catalyst for economic growth.”
Shipbuilding Capability
Development Centres (SCDC)
Shipbuilding clusters will be facilitated to increase the range, categories, and capacity of ships. This will include additional infrastructure facilities, skilling, and technology to develop the entire ecosystem.
The budget provided for Shipbuilding Capability Development Centres (SCDC) is aimed at propping up a platform for the development of innovative ship design and engineering solutions, as well as testing & evaluation of shipping projects.
An outlay of ₹1,200 crores has been earmarked for this. An additional provision of ₹1,040 crores has been announced for providing capital and operational assistance to the existing and upcoming shipbuilding design and training centres from the private sector.
A budgetary allocation of ₹610 crores is proposed for a support scheme for Research & Development (R&D) and innovation in ship technology. This initiative will foster the development of new and improved shipbuilding technologies. New incentives are projected to generate 11 lakh direct or indirect employment opportunities.
Shipbuilding Financial Assistance Policy (SBFAP)
The Union Budget has also extended the Shipbuilding Financial Assistance Policy (SBFAP) 2.0, aimed at providing direct financial subsidies to Indian shipyards. This initiative seeks to help in securing orders by offsetting operational cost disadvantages, thereby strengthening the domestic shipbuilding industry. To be financed via budgetary support, the total outlay of the scheme is ₹18,090 crores.
Shipbreaking Credit Note
Another innovative scheme announced in the budget is the Shipbreaking Credit Note. This scheme incentivizes ship scrapping by issuing a Credit Note of 40% of the scrap value, which can be reimbursed to buy new Made-in-India ships.
While the Shipbuilding Financial Assistance Policy (SBFAP) is designed to provide financial incentives to Indian shipyards, the Shipbreaking Credit Note further strengthens the domestic industry by encouraging investment and expansion. These measures are expected to drive capital inflows, create employment opportunities, and enhance sectoral competitiveness.
Additionally, a renewed focus on training and human capital development will ensure a skilled workforce, equipping professionals with expertise in modern shipbuilding technologies, automation, and sustainable maritime practices. This holistic approach will not only support industry growth but also position India as a global leader in shipbuilding and maritime innovation.
Highlighting the need to develop trained professionals in the sector, the budget allocated specific funds for training and development of human resources in order to leverage India’s position as a global leader in maritime human capital.
Large Ships
In a massive boost to India’s shipbuilding industry, the government has accorded the coveted ‘infrastructure’ status for large ships. In a welcome move for the shipping industry, the Union Budget also proposes to include large ships of a certain size into the Infrastructure Harmonized Master List (HML). This will make them eligible for benefits such as easier access to long-term financing and tax incentives. This will also attract private investment and enhance fleet modernization.
Tonnage Tax Scheme
In a boost to inland waterways in the country, the Tonnage Tax Scheme is now extended to inland vessels. This will encourage more cargo movement, as the vessels will avail tax benefits from their capacity, instead of profit. This will further incentivize shipping companies to invest in inland waterways vessels, making it financially more viable.
The extension of the PM GATI SHAKTI Portal to private players will further bring efficiency in cargo movement via multimodal infrastructure planning at a more economical rate.
Fostering a Culture of Care and Responsibility
Maren Moxom, Chief Financial Officer of the Wallem Group, is delighted to share her story and experiences with the maritime community. Having joined the company in 2020, she has brought a wealth of expertise from her previous roles with global companies such as Schneider Electric and Raytheon, where she worked in engineering and environments.
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As a wife and mother of three, Maren is a dedicated individual who balances her personal and professional life with ease. She is passionate about her work and enjoys the fast-paced and dynamic nature of the maritime industry, which she believes is at the heartbeat of society, closely tied to global trade, politics, and geopolitical issues.
In her free time, Maren is an avid hiker, traveller, and reader, and she values her relationships with her family and friends. Despite her busy schedule, she prioritizes spending time with her children, aged six, eight, and twelve. Her personal motto, Carpe Diem - seize the day and make the most of every opportunity - reflects her approach to life and work. As a leader in the maritime industry, Maren is committed to duty of care, investing in human capital, and promoting seafarer wellbeing.
Her conversation with Miss Delphine Estibeiro from Marex Media offers a glimpse into her personality, values, and dedication to making a positive impact in the industry.
Wallem’s Commitment to Duty of Care…
Absolutely, Wallem is a service company that recognizes the vital importance of its people, both on shore and at sea. As a leading employer of seafarers, the company acknowledges that its seafarers are the backbone of the entire shipping industry and global trade. Therefore, ensuring the safety, well-being, and duty of care for its seafarers is of paramount importance. To achieve this, Wallem has implemented various initiatives that demonstrate its commitment to the welfare of its seafarers.
One notable example is the company’s renowned training initiative, which partners with industry institutions to provide world-class training platforms
for its seafarers. This initiative is complemented by a strong emphasis on mental well-being, physical fitness, and overall wellness. To support this, Wallem has launched various campaigns both on shore and on board its vessels. Each vessel is equipped with a “Wellness at Sea” programme, which includes two designated champions on board who are accessible to seafarers.
Additionally, seafarers can also reach out to male or female champions on shore for support, ensuring that they have a comprehensive network of resources to promote their mental and physical well-being. By prioritizing the welfare of its seafarers, Wallem demonstrates its dedication to being a responsible and caring employer in the shipping industry.
Creating a Seafarer-Centric Culture…
As a business leader, I firmly believe that seafarers are the backbone of our company and the shipping industry as a whole. At Wallem, we view seafarers as our internal customers, and it is our responsibility to prioritize their safety, well-being, and career development. This means being available to listen to their concerns, empathize with their challenges, and empower them to grow professionally. By taking a customercentric approach to our internal stakeholders, we can foster a positive and supportive work environment that drives success for our company and our clients.
Our company values are deeply rooted in this philosophy, and they serve as the foundation for our overall strategy and decision-making process. As a leader, it is my responsibility to ensure that all members of our leadership team understand and embody these values, and that they are reflected in every investment choice and decision we make. By putting our seafarers first and prioritizing their needs, we can
build a loyal and motivated workforce that is equipped to drive our company’s success and navigate the challenges of the shipping industry. By living our values and leading by example, we can create a positive and productive work culture that benefits everyone involved.
Measuring Success in Seafarer Retention and Well-being…
At Wallem, we take great pride in our high crew retention rate, which exceeds 90%. However, we recognize that retention is just one aspect of ensuring the well-being and satisfaction of our seafarers. To gain a more comprehensive understanding of their needs and concerns, we conduct quarterly welfare surveys that allow them to provide feedback anonymously or with their name included. This feedback loop is crucial in addressing any issues or concerns they may have, and we ensure that each response is followed up with a one-toone discussion to provide support and resolution.
In addition to our survey, we prioritize providing our seafarers with the tools and resources they need to maintain their physical and mental well-being while at sea. Every vessel is equipped with complimentary internet access, enabling them to stay connected with their loved ones back home. We also invest heavily in renowned training programs that focus on safety, work and rest hours, and overall wellbeing. Our vessels are stocked with high-quality food to support healthy diets, and many are equipped with modern gyms to promote physical fitness. Furthermore, we run regular campaigns and initiatives to raise awareness about the importance of mental health and well-being.
By tracking the career progression of our officers, from cadet level to senior ranks, we can identify areas for development and provide opportunities
for growth and advancement, both on board and on shore. This holistic approach to seafarer retention and well-being has contributed to our high retention rates and reinforces our commitment to being a responsible and caring employer in the shipping industry.
Success Stories and Industry Recognition…
The campaigns and initiatives implemented by Wallem have been extremely well-received by both the organization and its seafarers. The numbers clearly demonstrate the effectiveness of these efforts, with a significant increase in attracting cadets to the industry and a remarkably high retention rate. The industry as a
whole recognizes Wallem’s reputation for excellence in this area. It’s not uncommon for individuals in the industry to approach and share their personal experiences of having risen through the ranks while sailing with Wallem, which serves as a testament to the company’s success.
The success of Wallem’s initiatives can be measured in several ways. Firstly, the high retention rate is a clear indicator of the company’s ability to create a positive and supportive work environment. Secondly, the fact that many seafarers choose to continue their careers with Wallem after coming ashore is a testament to the company’s commitment to their development and well-being. Additionally, the
willingness of seafarers to take on safety duties, such as becoming champions on ships, demonstrates a sense of ownership and responsibility among the crew. This is a significant achievement, as it shows that the company’s initiatives are not only being implemented but also embraced by its employees. Overall, these successes demonstrate the effectiveness of Wallem’s approach to supporting its seafarers and contributing to the overall well-being of the industry.
Supporting Seafarer Well-being…
At Wallem, we recognize the importance of equipping our seafarers with the skills and resources needed to manage stress and maintain their well-being while at sea. To achieve
Front row, left to right: Dickson Chin: Managing Director, Ship Agency, Wallem Group, John Rowley, CEO, Wallem Group, Maren Moxom, CFO, Wallem Group, Ioannis Stefanou, Managing Director, Ship Management, Wallem Group
Back row, left to right, Luis Benito, Group Business Development and Marketing Director, Wallem Group, Anurag Mathur, Managing Director, Commercial Services, Wallem Group, Steve Whitby, Group IT & Technology Consultant, Martin Burgess, Group HR Consultant
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this, we have implemented a range of initiatives, including comprehensive training programs that focus on recognizing and coping with stress, as well as managing work and rest hours. Additionally, we conduct regular surveys to gather confidential feedback from our seafarers, providing them with a safe and anonymous platform to express their concerns. Our vessels are also staffed with mental health champions who are available to provide support and guidance, and we offer 24-7 access to medical support via radio, including access to a psychiatrist if needed.
Our training programs are designed to prepare our seafarers for the challenges of working on modern ships, including those with alternative fuel systems and digital technologies. We recognize that the introduction of new systems and technologies can be a source of stress for our crew, and so we place a strong emphasis on providing them with the training and support they need to feel confident and empowered. This includes training on dual fuel systems, LNG, and digital ships, as well as programs to help them adapt to the changing needs of the industry. By investing in our crew’s training and development, we are able to ensure that they are well-equipped to handle the demands of their role, and that they feel valued and supported. This, in turn, enables us to provide our clients with the high level of service and assurance they expect from us. By staying ahead of the curve and anticipating the needs of our crew, we are able to maintain a safe, confident, and competent team that is capable of delivering exceptional results.
Investing in Human Capital…
At the heart of our business lies a fundamental understanding that our people are our greatest assets. As a company, we recognize that our human capital is the driving force
behind our success, and it is essential that we prioritize the well-being and development of our crew. By taking a customer-centric approach to our internal stakeholders, we acknowledge that our crew members are not just employees, but rather our internal customers who deserve to be listened to, supported, and nurtured. This means providing them with access to confidential mental health support, healthy food options, opportunities for physical exercise, and reliable internet connections to stay in touch with their loved ones. As we strive to deliver exceptional service to our clients, we must remember that we are not just selling a product or a service, but rather the expertise, skills, and dedication of our people. By prioritizing the needs of our internal customers, we can build a loyal and motivated team that drives our business forward and sets us apart in the shipping industry.
Measuring Success and Ensuring Accountability in Seafarer Development…
To evaluate the effectiveness of our seafarer development programs, we track a range of key performance indicators (KPIs) and metrics. These include the success of our cadet program, crew retention rates, and the career progression of our seafarers. We monitor the number of cadets who are promotable to each rank, as well as those who transition to shorebased roles. Additionally, we track the progress of our established training programs to ensure that they are meeting their intended objectives. By monitoring these KPIs and metrics, we can identify areas for improvement and make data-driven decisions to optimize our seafarer development initiatives.
Accountability is a critical component of our seafarer development strategy. We have established clear roles and responsibilities within the
company, with each department and individual understanding their part in supporting the growth and wellbeing of our seafarers. The learning and development department is responsible for identifying promotable candidates and creating tailored training programs. Our training centres work closely with institutions to ensure that our training programs are relevant and effective. Meanwhile, our crew management team is accountable for overseeing the overall development of our seafarers. By building accountability into every role, we can ensure that everyone is working together to support the success of our seafarers and uphold our duty of care to them. This integrated approach enables us to provide a comprehensive and supportive environment that fosters the growth and development of our seafarers.
Navigating Risk and Opportunity…
The maritime industry is undergoing a significant transformation, with voyages becoming shorter and more frequent, leading to increased fatigue among seafarers. The management of work and rest hours is a critical aspect of mitigating this fatigue, and it remains a top priority for us. However, seafarers are facing a multitude of challenges that extend beyond the physical demands of their job. Climate change, geopolitical tensions, and risks associated with navigating high-risk zones are all taking a toll on their mental and emotional wellbeing. Furthermore, the introduction of new fuel vessels and technologies is requiring seafarers to adapt to new systems and procedures, adding to their stress and workload.
In response to these challenges, we are committed to prioritizing the safety and well-being of our seafarers. Whenever possible, we will explore alternative trade routes to avoid highrisk zones. However, if it is necessary
to navigate these zones, we will take a proactive and transparent approach. We will inform our crew members of the potential risks and give them the option to join or not join the voyage. In addition, we will work closely with ship owners to develop and implement customized protocols and measures to ensure the safety and security of our seafarers. This may involve providing additional training, support, and resources to help them navigate these complex and challenging situations.
Minimizing Risk…
I’d like to elaborate on our approach to navigating pirate-infested zones. Our primary stance is to avoid sending our vessels and crew into these high-risk areas whenever possible, opting for alternative routes instead. However, if such routes are unavoidable, we work closely with our clients on a case-by-case basis to ensure the safety of our crew. We maintain open communication with our crew, informing them of the potential risks and collaborating with them to implement enhanced safety protocols. These measures may include deploying armed guards on board, hardening our
vessels, notifying relevant authorities, and utilizing advanced vessel tracking systems. Our goal is to minimize the risks associated with pirate zones, and we explore every available option to protect our crew. Ultimately, our top priority is the safety of our crew, and we will only navigate pirate-prone waters if absolutely necessary, with robust safety measures in place.
Prioritizing Seafarer Welfare…
As we strive to establish ourselves as a preferred employer in the maritime sector, I firmly believe that prioritizing the wellbeing of our seafarers is a crucial aspect of our strategy. By adopting best-in-class practices and embracing a culture of care, we can differentiate ourselves from others and demonstrate our commitment to the welfare of our crew members. I strongly encourage the entire maritime community to follow suit, recognizing that the protection and support of seafarers is essential to the smooth operation of global trade and the shipping industry as a whole. Ultimately, the wellbeing of our seafarers is vital to our collective success, and it is our responsibility to make it a top priority.
Recognizing the Vital Role of Seafarers…
I would like to take a moment to express my deepest gratitude to seafarers around the world for their tireless efforts in keeping global trade afloat. Despite being the backbone of international commerce, they often go unappreciated and unrecognized for their sacrifices. I am in awe of their resilience and adaptability, as well as that of their families who support them from behind the scenes. My message to seafarers is one of heartfelt appreciation and admiration. Your service is invaluable to us, our clients, and the global economy as a whole. Your wellbeing and safety are of paramount importance, and we recognize the critical role you play in our collective success. Thank you for all that you do. MMT
Ms Moxom is joined by Mr Luis Benito (left), Group Business Development & Marketing Director, and Capt Xerxes Daji (right), Regional Director, both from the Wallem Group
Budget 2025 Set to Establish Gift City as Financial Hub
The Union Budget 2025-26 includes tax incentives for GIFT City’s IFSC, aiming to attract international investors and businesses, enhancing GIFT City’s potential as a global financial hub.
Finance Minister Nirmala Sitharaman on February 1 announced a host of measures, including benefits for shipleasing units, insurance offices, and treasury centres of global companies in the IFSC, as part of efforts to make India a preferred investment destination.
IFSC is a jurisdiction that provides financial services to non-residents and residents to the extent permissible under the current regulations, in any currency except the Indian rupee. Over the past few years, several tax concessions have been provided to units located in IFSC to promote the development of world-class financial infrastructure in India.
In a bid to strengthen India’s position in global financial markets, the government has proposed extending the current exemptions on income from offshore derivative instruments. Clause 4E of Section 10 provides that income from the transfer of non-deliverable forward contracts, offshore derivative instruments, and related distributions with IFSC “bank” units will not be subject to tax for non-residents. The budget proposal now covers all types of IFSC units (such as AIFs) with an
FPI license, further incentivizing nonresidents to transact through IFSC.
According to experts, the budget proposal now includes provisions for ship leasing units in IFSC. Similar to aircraft leasing, ship leasing involves the creation of special purpose vehicles (SPVs) for safeguarding investors. To attract more business, the government has proposed extending the capital gains tax exemption on the transfer of equity shares for non-residents and IFSC units engaged in ship leasing. This will act as a boost to ship leasing activities.
Moreover, dividends paid by companies engaged in ship leasing to IFSC shareholders will also be exempt from tax. These changes will take effect from 1st April 2025, aiming to bring more investment and leasing business to IFSC in this growing sector.
Amit Oza, Director at Astramar Shipping & Trading Services, says, “The amendments proposed by the FM for ship leasing from IFSC now make the tax structure at par with aircraft leasing entities. The removal of taxation on dividends paid to IFSC entities. The budget also removes capital gains tax
on the transfer of equity shares for nonresidents and IFSC entities operating under the ship leasing framework of IFSC.” Elaborating further on its effect, he says, “Both these changes will provide greater flexibility for the movement of capital within IFSC and non-resident entities involved in ship leasing. This will allow such entities to better plan their capital flows and achieve greater efficiencies, which in turn should make ship leasing from IFSC more attractive.”
To further incentivize operations from IFSC, Sitharaman proposed an extension of sunset dates for several tax concessions pertaining to IFSC until March 2030; and an exemption on life insurance policies from IFSC insurance offices. The government has proposed extending the deadline for commencing operations (aircraft/ship leasing, global funds, etc.) or relocating funds to the IFSC until 31st March 2030.
The industry seems to have different opinions on this. While a section of the industry players states that the extension is expected to provide a significant cushion for businesses
looking to set up or relocate operations to IFSC without losing out on tax incentives, others are of the view that the sunset clause for commencement of operations at IFSC is redundant and should be done away with completely, as it was incorporated ostensibly to speed up investment in IFSC.
Moreover, as ships are operated under SPVs, entities that operate from IFSC will need to continuously incorporate new entities as they buy new assets or renew the fleet. This is obviously not possible with a sunset clause and will discourage entities from setting up at IFSC. While five years is a good start,
the requirement of a sunset to avail the tax concessions should be done away with completely.
MMT
Maritime Logistics Sector
Rejoicing the Upbeat Budget 2025: Are We Ready to Seize the Tide?
FM demonstrates the government’s strong resolve to transform India’s Shipping & logistics sector into a globally competitive ecosystem addressing inefficiencies, leveraging technology, and championing sustainability.
The Budget 2025-26 has set a clear roadmap for strengthening India’s position as a global manufacturing hub, maritime powerhouse, and logistics leader. By fostering innovation, reducing trade barriers, and incentivizing capital investment, the government is paving the way for robust economic growth and a competitive global presence.
Let’s explore industry perspectives on the impact of the Union Budget 202526.
India’s maritime industry just got its biggest push as Finance Minister Nirmala Sitharaman, with the Union Budget 2025-26, has set the stage for transforming India into a global shipping powerhouse, with bold initiatives aimed at shipbuilding, fleet expansion, and infrastructure development, says Capt. Shantanu Saxenaa, Commercial Director, BainBridge Navigation, a leading operator and owner active in the dry bulk and tanker segment.
According to Saxenaa, the newly announced Maritime Development Fund (MDF) of ₹25,000 crore will
act as a financial backbone for shipbuilders, port operators, and shipping companies. With 49% government funding, this initiative will provide low-cost, long-term financing for shipbuilding and fleet expansion, investment support for port modernization, and stronger backing for India’s shipping sector to compete on a global scale.
Rahul Bhargava, CEO of Seros Shipping Ltd., agrees that MDF will be
used for ship financing—a major step if successful in acquiring ships, followed by the Shipbreaking Credit Note and Shipbuilding Finance Assistance that would help strengthen the Indian shipbuilding industry.
“Most financial demands of the maritime sector have been addressed in this budget. The issue of allowing foreign-flag vessels for companies registered in GIFT IFSC is a more generic ask, which can be addressed
separately under the Merchant Shipping Act and Coastal Act,” says Amit Oza, Director at Astramar Shipping & Trading Services. Elaborating further, Oza states, “For shipping, if correctly utilized and deployed, the MDF can ensure that India becomes a major player in providing capital to India and regional players. MDF will also ensure that Indian companies with the expertise or requirements for shipping have access to capital and can significantly increase vessels beneficially controlled from India.”
He adds, “And for shipbuilding, the MDF will provide the necessary corpus for Indian enterprises to acquire capital to either enter into joint ventures with overseas technical collaborators or provide the necessary capital (debt and quasi-equity) to foreign investors under the FDI route to access local funds for operations in India.”
While Rajan Narayan, MD of Nautilus Shipping India Pvt Ltd, categorically says, “I believe that the Union Budget is both good and favorable for the Indian maritime sector. The Maritime Development Fund (MDF) and the revamped Shipbuilding Financial Assistance Policy are particularly beneficial, as they provide crucial financial support and incentives for growth.”
Thanks to Finance Minister Sitharaman, in a first-of-its-kind policy, shipowners recycling vessels in India will receive 40% of the scrap value as a credit note—redeemable on new ship purchases built in India. More ship recycling means more demand for Indian shipyards, followed by lower costs for fleet renewal for Indian operators, thus boosting India’s green shipping agenda. This initiative is set to drive a circular economy in shipbuilding while reducing India’s reliance on imported vessels.
Right now, India’s inland waterways handle just 2% of total cargo, a number far below its potential. This budget aims to change that by: i) Granting
Some prominent announcements in the Budget 2025 includes:
Self Sufficiency: Bringing selfsufficiency in edible oil pulses, vegetables & fruits, formation of ‘Makhana board’, scheme for enhancing seafood processing & exports, etc. Untapped regions such as Bihar and sectors such as seafood processing would provide significant opportunities to build & nurture efficient food supply chain.
Cotton and Fertilizer supply chains: ‘Mission for Cotton productivity’ and Urea plant in Assam a quantum boost to the logistics & warehousing infrastructure & business.
MSME as a powerful engine: The Budget announcements are flooded with series of initiatives and schemes to boost the MSME sector.
Shipping & Maritime industry: The Budget 2025 provides much needed relief to the ship building industry through exemption of BCD on key raw materials, components, consumables & parts for 10 years . Maritime Development Fund would further enhance logistics support infrastructure for the maritime industry.
Indian post into a large logistics organization: India Post will be revamped into a major public logistics entity, enhancing its role in the rural economy with its vast network.
tonnage tax benefits to inland vessels, ii) Developing more river ports for cargo movement, iii) Encouraging private investment in inland water transport, and iv) Shifting cargo from congested roads to waterways. This move will lower logistics costs, improve efficiency, and promote sustainable transport.
Capt. Naresh Kumar, Vice President - Marine, Ace Insurance Brokers Pvt. Ltd., says, “Overall, I would rate the budget as favourable for the Indian maritime sector. The various initiatives and allocations will help boost the sector’s growth and development.”
Experts from the logistics sector state that Budget 2025 lays the groundwork for a significant transformation of India’s industrial and logistics landscape, balancing fiscal prudence
Warehousing and Air Cargo: The announcement for facilitation of infrastructure and warehousing for air cargo and stream lining of screening & customs protocols would provide strong traction to the air cargo traffic, reducing delays, additional costs and potential damages / wastages of perishable goods.
PM Gati Shakti
The Government plans to provide access of country wide storage logistics information to the private sector assisting in project planning and improving efficiency in the PPP projects.
Bharat Trade Net (‘BTN’) as a complement of Unified Logistics Interface Platform
BTN would serve as an important digital infrastructure for international trade. This would provide a unified platform for import – export trades, with a repository of trade documentation and financing solutions. BTN would be aligned with the international practices.
Support for Integration with Global Supply Chains
Facilitation by the Government for development of domestic manufacturing capacities for our economy’s integration with global supply chains. Specific sectors to will be identified based on objective criteria.
with strategic investments across key industries, offering extensive benefits for manufacturing, warehousing, and supply chains. The government’s initiatives are set to revolutionize industrial and logistics growth in India by introducing the digital public infrastructure platform Bharat Trade Net, which will streamline trade documentation and financing, reducing bottlenecks in cross-border transactions. The logistics, air cargo, and supply chain sectors are set to benefit from targeted reforms aimed at enhancing efficiency, reducing costs, and driving digital transformation.
Insights from Capt. Manish Kumar on Trade, Safety, and Sustainability
Capt. Manish Kumar; a Nautical Surveyor-cum-Deputy Director General, Directorate General of Shipping, is a well-known experienced Master Mariner. He is a domain expert skilled in Ship Inspection, International Shipping, Safety Management, Ports and ISM code with over two decades.
Starting his career in 2005 as Navigating officer he has climbed-up the ladder with his sheer grit and determination successfully completing 4 years at the DG Shipping. Capt. Manish Kumar Spoke candidly to our colleague Jagdamba Pandey, excerpts of the interview...
Capt. Kumar, with your illustrious shipping career and current roles as Nautical Surveyor and DDG, what are some of the most significant experiences that stand out to you, and what key lessons have you gleaned from them?
Throughout my career, I have had the privilege of working across various aspects of the maritime sector from sailing as a ‘LNG Master’ to my current role in maritime administration. Some of the most significant experiences include; Technical superintendent of LPG and LNG Carriers, LNG Terminal Operations, overseeing ship safety inspections, and contributing to regulatory reforms. One key lesson I have learned is the importance of proactive risk management, i. e. addressing safety concerns before they escalate. Additionally, I have seen firsthand, the critical role of
collaboration between stakeholders, whether it be seafarers, shipowners, or regulatory bodies. Thes maritime industry thrives on strong governance, transparency, and technological adaptation.
As DDG, what are your top priorities for promoting maritime trade and commerce in India, and how do you see the role of Nautical Surveyors in ensuring the safety and security of Indian-flagged vessels?
Well as you’d know, Nautical Surveyors play a crucial role in upholding safety standards by conducting flag state inspections, port state control checks, casualty investigations, and certification audits ensuring that Indian-flagged vessels remain compliant with national and international safety norms, reducing the risk of detentions and accidents. Top priorities for promoting trade would include:
i) Enhancing the competitiveness of the Indian fleet through regulatory efficiency and policy improvements, ii) Strengthening seafarer training and welfare to align with global standards,
ii) Promoting digitalization in maritime administration, including e-governance solutions for ship registration and certification,
iii) Ensuring environmental sustainability, in line with IMO regulations.
Can you walk us through your process while conducting a Survey/ Inspection, and what factors do
you consider when assessing the seaworthiness and safety of a vessel?
An Inspection/survey is a comprehensive assessment of a vessel’s compliance with maritime safety regulations. The process typically includes Pre-survey preparations that typically includes say, Reviewing ship records, Previous inspection reports, and Relevant certificates, followed by: -
i) Onboard inspection – Examining structural integrity, safety equipment, navigational instruments, and operational readiness.
ii) Crew competency evaluation –Ensuring officers and crew meet STCW training requirements.
iii) Operational checks – Testing essential systems such as firefighting equipment, lifeboats, and communication tools.
iv) Regulatory compliance – Verifying adherence to conventions like SOLAS, MARPOL, and ISM Code.
v) Final assessment and reporting – Highlighting deficiencies, recommending corrective actions, and issuing a surveyor’s report.
Moreover, the ultimate goal is to ensure the ship is fit for service, safe for crew and cargo, and compliant with regulations.
What are the recent initiatives by the Directorate General of Shipping that you’d like to discuss or highlight?
Yes, the DGS has launched several key initiatives that are paving the way for
a safer, more efficient, and sustainable maritime sector in India., to name some including:
i) e-Governance reforms –Digitalization of seafarer certification, ship registration, and regulatory clearances.
ii) Maritime Labour Reforms –Strengthening mechanisms to protect Indian seafarers from recruitment fraud and unfair practices. New RPSL and Grievance Modules.
iii) Green Shipping Initiatives –Encouraging LNG/alternative fuelled-vessels, shore power solutions, and energy-efficient ship designs.
iv) Strengthening India’s role at IMO – Active participation in IMO committees to shape global maritime policies.
Looking ahead, what do you think will be the most significant challenges and opportunities facing the Indian maritime sector in the next 5-10 years?
Of course, India’s growing role in global trade; with initiatives like ‘Maritime India Vision 2030’ ‘Maritime Amritkal Vision 2047’ and ‘Sagarmala’, the shipping industry is poised for expansion, followed by Emerging technologies – Adoption of AI, blockchain, and automation in ship operations and port management that has ease out process and not to forget the ‘Blue economy growth’ – Enhancing offshore renewable energy, coastal shipping, and sustainable fisheries. And as for Challenges are concerned, one needs to ensure deliberate efforts are initiated upon
• Decarbonization – Meeting IMO’s ambitious carbon reduction targets.
• Upskilling Seafarer shortages
• Reducing Infrastructure bottlenecks, i.e. Expanding port capacity and improving multimodal connectivity.
What advice would you give to young professionals looking to build a career in the maritime sector?
The maritime industry is evolving rapidly with new regulations and technologies, thus one needs to be committed to continuous learning and upskilling developing leadership, networking and decision-making skills, whether at sea or ashore for these skills are invaluable. Younger generation needs to embrace digitalization and sustainability; understanding green shipping, smart navigation, and
cybersecurity as these will be key differentiators.
Apart from professional life, what do you enjoy doing in your free time, and how do you maintain a healthy work-life balance?
Maritime administration is demanding but at leisure, I enjoy reading, listening to music, traveling, staying connected with family and taking time to unwind for its essential to maintain mental and physical well-being.
Maritime India Expo 2025 Concludes Successfully
The 3rd Edition of the ‘Maritime India Conference & Expo 2025’ concluded successfully in Mumbai, providing an excellent opportunity for collaboration and knowledge sharing across the maritime sector.
FICCI’s flagship initiative on the Maritime Sector, known as the ‘Maritime India Conference & Expo 2025,’ supported by the Indian Ports Association (IPA), was scheduled from January 22 to 24, 2025, at the Bombay Exhibition Centre, Mumbai. The threeday exhibition showcased some of the latest advancements in maritime technology and innovation, featuring cutting-edge products and solutions from leading industry players. Its conferences focused on speeches, panel discussions, B2B/B2G sessions, and roundtables that explored maritime
opportunities, developments, and insights.
Discussion Themes:-
Building Safer and Smarter Ports for Tomorrow
Trends in Shipping and Maritime Logistics
Advancing Shipbuilding and Repair Capabilities
Cruise Tourism
Developing India as a Global Cruise Destination
Inland Waterways and Coastal Shipping
Green Ports and Shipping
Major organizations such as J M Baxi, D P World, JSW Infrastructure, Essar
Ports, Marine Electricals, Deendayal Port Authority, New Mangalore Port Authority, Andhra Pradesh Maritime Board, Maharashtra Maritime Board, Jawaharlal Nehru Port Authority, Cochin Shipyard, Bharat Petroleum, and Indian Oil, among others, participated in the exhibition, making their presence felt and contributing to the success of the event.
Inaugurating the Maritime India Conference and Expo 2025, Union Minister for Ports, Shipping, and Waterways, Mr. Sarbananda Sonowal,
mentioned that major ports are already handling 820 MMT of cargo annually, representing a 47 percent increase since 2014. Overall port capacity has doubled to 1,630 MMT during the same period.
He emphasized, “India’s maritime sector has become a cornerstone of the country’s economic resurgence.”
Referring to the expansion program that includes the development of two strategic mega-ports — the Vadhavan Port in Maharashtra, which is set to become India’s largest container facility, and the International Container Transshipment Port at Galathea Bay in Great Nicobar, aimed at capturing transshipment trade along key global routes — Sonowal stated, “These achievements epitomize our vision of Ports for Prosperity, where infrastructure serves as a springboard for economic growth and job creation.”
On the occasion, Mr. T K Ramachandran, Secretary of the Ministry of Ports, Shipping & Waterways, highlighted that India’s maritime sector is targeting $1 trillion in investments by 2047. He also revealed immediate plans for establishing green hydrogen production hubs at major
ports like Kandla, Tuticorin, and Paradip, with production expected to commence within a year. He added, “Half a dozen companies have come forward to invest in these places, and we expect about 5 lakh crores in investments by 2030.”
The Dutch Consul General, Mr. Nabil Taouati, underscored the strengthening of bilateral ties between India and the Netherlands in the areas of sustainable ports, logistics, and maritime security. As India aims to achieve its ambitious target of 10,000 MTPA (Million Tonnes Per Annum) port capacity by 2047, the Netherlands, which is currently the fourth-largest source of FDI in India, is positioning itself as a key partner in port development. Taouati emphasized the shared interests in supply chain optimization, port decarbonization, and cyber resilience. He pointed out that the partnership extends beyond maritime infrastructure to encompass energy transition, sustainable food production, and healthcare initiatives.
Mr. Shyam Jagannathan, Director General of the Directorate of Shipping, highlighted that India’s maritime sector is undergoing a transformative expansion, with ambitious targets to reshape its global standing across
multiple segments. He shared that India is currently ranked second globally in ship recycling, 18th in shipbuilding, and third in seafarer contributions, with over 300,000 personnel. India’s goal is to lead the ship recycling sector, break into the top five shipbuilding nations, and provide more than 20% of the global seafaring workforce.
During the conference, the Union Minister also unveiled the FICCICRISIL Knowledge Report titled ‘Forging New Horizons: The Growth of India’s Shipbuilding and Repair Industry.’ The report provided insights into the evolution of global and Indian shipbuilding markets, highlighting the factors driving growth and demonstrating how India holds the potential to become a leading hub for shipbuilding and repair.
The conference proved to be an ideal platform to foster industry collaboration and partnerships.
Sailing Safe and Learning
IIM Mumbai-CMMI maps out Talent Development Plan for Maritime Logistics Sector announcing Second Batch for its EMBA.
IIM Mumbai, in collaboration with the Company of Master Mariners of India (CMMI), had launched the Executive Master of Business Administration (MBA) in Maritime Management, Logistics, and Supply Chain Management in August 2024. With the overwhelming support and success of its first batch, the institute is all set for its successive batch for the next academic year starting June 2025.
The admission process for IIM Mumbai- CMMI’s second batch for the Executive Master of Business Administration in Logistics, Supply Chain and Maritime Management has begun since February 2025 and shall close on April 20, 2025.
The two-year degree programme with an option to complete in three years, offers a powerful blend of IIM’s topranked management education with
in-depth maritime expertise from CMMI. The programme consists of 19 Management + 11 Maritime subjects, viz. a total of 30 courses, plus Internship, Global Online Course and a Capstone Project. The choice of electives, both in Management and Maritime sectoral subjects, allows students to customise
the outcome with unique learnings from IIM Mumbai’s pedagogy with total 105 credits, with a judicious mix of ‘online’ (70%) and ‘offline’ (30 %) inperson learning content for maximum flexibility without diluting outcome.
Important Dates for Aspirants
February 7, 2025: Application portal opens
April 20, 2025: Application portal Closes
April 26, 2025: First IMAT - IIM Mumbai Admission Test
May 17, 2025: Second IMAT - IIM Mumbai Admission Test
May 24, 2025: Personal Interview (PI)
May 31, 2025: Date of declaration of results
June 9 – 11, 2025: Last date of payment for confirmation of seat
June15 – 18 2025: Last date of payment for the first instalments
June 19, 2025: Declaration of ‘waiting list candidate’
June 22 – 25, 2025: Payment of waitlist candidate
June 27, 2025 commencement of program (Orientation)
June 27, 2025 commencement of classes
MMT
Insights from a Maritime Veteran:
Mr. Dasgupta’s Vision and
Experience
Mr. Jyotisman Dasgupta, aged 69, is an experienced maritime and oil & gas professional. He graduated with honors in Naval Architecture from the Indian Institute of Technology (IIT), Kharagpur (1978), and pursued postgraduate education in Structural Analysis from IIT Bombay. Additionally, he holds an Executive MBA from S.P. Jain School of Management & Research.
Mr. Dasgupta began his professional career as a Naval Architect at the design office of Mazagon Dock Limited. He then worked with the Indian Register of Shipping (Classification Society) for 26 years, where he ultimately held the position of Senior Vice President and Chief Surveyor. From 2008 to 2015, he served at Larsen & Toubro’s Oil & Gas Division, where he was CEO of the Offshore Engineering Company L&T VALDEL (formerly John Brown) and headed the Upstream Marine Group of L&T Hydrocarbon.
Following this, Mr. Dasgupta cofounded Arush Gas Technology Services LLP, where he currently serves as Vice President and Head of Technology.
He also served as the President of the Institution of Naval Architects from May 2018 to June 2024.
In an insightful interview with Dr. Radhika Vakharia, Mr. Dasgupta reflects on his early years, the challenges he overcame, significant milestones in his career, and his vision for the future of the maritime industry.
Can you share some of the most challenging projects you’ve worked on in your career, especially in your time with Mazagon Dock Limited and Indian Register of Shipping? What lessons did you learn from them?
- In the late 70s and early 80s, Mazagon Dock Limited (MDL) was bustling with activity. The company was involved in building cargo ships for export to the UK, naval auxiliary vessels for Iran, Godavari Class frigates for the Indian Navy, Offshore Patrol Vessels (OPVs) for the Indian Coast Guard, inter-island passenger ferries for the Andaman and Nicobar Islands, and repairing Indian commercial ships, both in-house and at the Bombay Port Trust. Additionally, MDL began constructing the first set of offshore platforms and also built offshore jacket launch barges and offshore supply vessels for ONGC.
I was fortunate to be inducted into the Forward Design Cell, which provided engineering support for all of these ventures, under the guidance of two brilliant naval architects, Capt. N. S. Mohan Ram and Mr. Prabir Mitra. They groomed us by guiding us through the nuances of diverse engineering and project needs. We worked almost 12-14 hours a day, six days a week, occasionally made mistakes, and learned the hard way.
During this period, I was directly involved in three major projects:
the inter-island passenger ferry, the offshore jacket launch barge, and tugs and launches for Aden Port. Additionally, I supported the OPV project. Each of these vessels was vastly different, and transitioning between projects required quickly switching mindsets.
Aside from the technical learnings, which are difficult to fully capture here, one of the biggest challenges and lessons I gained was the importance of on-time delivery of new constructions. This project-based approach and the focus on timely delivery have remained with me throughout my career.
Having held senior leadership roles, such as Senior VP & Chief Surveyor at Indian Register of Shipping and Head of the Upstream Marine Group at L&T, what key leadership principles have guided you in managing large teams?
-Mazagon Dock Limited (MDL) and Indian Register of Shipping (IRCLASS) were two vastly different organizations in terms of business focus, but my experiences with both have been invaluable in shaping my career. IRCLASS, as a Classification Society, was primarily focused on setting rules for various types of ships concerning safety, security, operability, and construction. It also created guidelines for applying these rules and auditing ships throughout their lifecycle— from design through to final survey before recycling. The IRCLASS team comprised maritime professionals including naval architects, marine engineers, master mariners, and onshore technical professionals such as electrical, mechanical, and structural engineers. We worked closely with clients who had diverse, and often contrasting, interests, which required balancing and ensuring compliance
Interview
with all their needs. Sometimes, this meant exercising sound judgment and using strong technical grounds to ensure the principles of compliance were never compromised. On-time project completion was also crucial, and we always ensured that robust solutions were provided when necessary.
My early years at IRCLASS were challenging. Until the 1990s, IRCLASS was often seen as an avoidable impediment, and ship owners’ on-field superintendents were sometimes less than cooperative. In fact, I personally faced life-threatening situations due to this attitude. However, there were influential individuals and organizations that believed in self-reliance at the national level and helped IRCLASS grow. Two significant developments changed the situation: first, IRCLASS began offering Emergency Response Services for ships in distress, providing fast and economic solutions, sometimes quicker than the corresponding class society of dual-class ships. In the preinternet days, providing 24/7 service became proof that IRCLASS had arrived. Second, persistent efforts by our top management led to IRCLASS being audited by IACS (International Association of Classification Societies) for admission as an Associate. The audit was intense, but the auditors were impressed with the process and technical knowledge of our team. Successfully joining IACS opened the door for IRCLASS to be recognized as an international Classification Society, and we began participating in IACS Committee meetings and attending IMO Committee meetings with the Directorate General of Shipping officials. This recognition also allowed IRCLASS to support India’s growing shipbuilding capacity, which delivered nearly 5% of the global newbuilding in numbers between 1998 and 2007.
I also had the privilege of working with L&T Hydrocarbon (LTH), which evolved into a major Oil & Gas EPC enterprise. The Offshore Division at LTH required skilled engineers and technologists at various levels, who
needed careful management. The commercial side of projects was vital, with investor sentiment playing a key role. On-time delivery with the correct quality was always crucial, and earlier experience in shipbuilding projects enabled me to mentor many of my colleagues, especially those who hadn’t been exposed to constructing floating units. LTH was striving to enter the Offshore Floating Systems market, which included jack-up rigs, deep-water exploration facilities, and production units like FPSOs. The Project Management training at LTH was comparable to the best in the world, and the processes and material management had established standard operating procedures, with flexibility to handle diverse projects.
One of my early roles at LTH was overseeing the establishment of a new Offshore Construction facility at Kattupalli near Ennore, alongside the construction of an adjacent shipbuilding facility and port. In just 14 months, the beachfront fishing village was transformed into a fullfledged Offshore Yard, including the construction of a pile-supported loadout quay, civil infrastructure, and obtaining all the necessary environmental clearances.
A key feature at LTH was the establishment of independent teams to manage each project. These teams took ownership of specific tasks such as customer communications, material management, and safety, allowing for autonomous decision-making. Projects at LTH covered the entire value chain—from concept development to engineering, procurement, construction, loadout, and subsea activities. Notable projects completed during my tenure included the MHN North Process Platform Complex, NasrUmm Lulu Field in UAE, and Yatagun Field in Myanmar, with project values ranging from $0.8 billion to $4 billion for clients such as ONGC, ADMAOPCO, Petronas Carrigali and PTTEP. Another significant project during my time at LTH was collaboration with McDermott USA on the S1-Vashitha East Coast Subsea Field at a depth of
800 meters. This involved pipe-laying using pipe spooling and continuous laying offshore. Additionally, I served as the CEO of an L&T Group engineering company, which had been previously acquired from John Brown, UK. Our team in Bengaluru, Chennai, and Faridabad engineered offshore projects, including topside modules for seven MODEC FPSOs to be deployed off Brazil for Petrobras. Managing this team of experienced engineers, with their unique standards and codes, was both challenging and rewarding.
Throughout these experiences, my primary takeaway has always been the importance of strong teamwork, technical expertise, and the ability to adapt to new challenges quickly.
As someone who transitioned from the maritime sector to the oil & gas sector, how did you apply your naval architecture and maritime experience to the challenges in the hydrocarbon industry?
-At L&T Hydrocarbon (LTH), a prominent Oil & Gas EPC company, I initially struggled with commercial knowledge as a lateral entrant, surrounded by experienced engineers and technologists. However, I quickly realized that the corporate culture would only accept outsiders who aligned with the existing organizational characteristics. Leveraging my technical training, I adapted and gradually made my mark. I found many similarities between Shipbuilding and Offshore Construction, with the key difference being that Fixed Offshore Structures are commissioned in deep sea environments, while ships are launched at the quay. The processes of design, procurement, construction, machinery installation, loadout, and launching are comparable to shipbuilding, albeit on a larger scale. For example, the MHN Process Platform weighed a massive 27,000 tonnes. In Offshore Platforms like Jack-up Rigs, Drillships, Semi-submersibles, and FPSOs, Naval Architecture principles play a crucial role, though the governing standards differ from Classification Society Rules and IMO instruments.
You’ve co-founded Arush Gas Technology Services. What inspired you to venture into entrepreneurship, and how has your experience shaped your approach to technology in the gas sector?
- In 2015, I received an invitation from Mr. Shreyas C. Sheth, a member of the Lalbhai Group, to establish an engineering company in Ahmedabad to cater to the growing needs of LNG and LPG import terminals and distribution in India through virtual pipelines. In 2016, Arush Gas Technology Services was founded, and since then, we have successfully delivered concept development, FEED, detailed engineering, and owners’ engineering services for many projects.
My previous experience at IRS and L&T Valdel was invaluable as we quickly adapted and grew.
We have worked on a wide range of projects, including FEED for marine facilities for FSRUs, FSUs, and onshore LNG & LPG terminals, as well as LNG satellite stations, dispensing facilities, and the conversion of trucks, buses, and mining equipment to run on LNG. Our projects also involved process safety analyses, analytical studies, and the design of cryogenic and noncryogenic storage tanks and pressure vessels. Collaborating with renowned firms like Technip India, Vedam Design, Mott-Macdonald, and Tata Projects, we have served clients like Reliance Energy, Petronet LNG, JSW Infrastructure, L&T Infra, KBR, and Nyara Energy.
One of our standout successes was converting diesel-powered mobile heavy units to run on LNG, leading to a spin-off company, Amol-Prala. As we now explore hydrogen fuel and carbon capture, we recognize the importance of a consistent flow of orders for sustaining business growth and talent retention.
As President of the Institution of Naval Architects, what are the key initiatives you are driving to address industry challenges, and how do you see the role of naval architects evolving in the next decade?
- I served as President of the Institution
of Naval Architects from May 2018 until June 2024, succeeding the late Shri Vijay Kumar of Bharati Shipyard Group and passing the leadership to Dr. Manu Karulla, Director of DRDO. During my tenure, I focused on uniting naval architects under a national forum, promoting knowledge sharing through regular lectures and hybrid meetings, and fostering collaborations with key maritime organizations and government ministries. With support from IME(I), CMMI, IRS, DG Shipping, MoPSW, MoES, and the Indian Navy, we aimed to strengthen the maritime sector. Future naval architects must embrace continuous learning to adapt to Decarbonization and Digitalization.
In your opinion, how can the maritime and oil & gas industries better address sustainability challenges, particularly in terms of reducing their environmental footprint?
-The global maritime industry, including the Indian maritime sector, is undergoing a critical transformation driven by environmental regulations, evolving industry standards, and rapid geopolitical shifts. Confronting these challenges requires the integration and collaboration of all stakeholders. While government support is essential, efforts must begin at the grassroots level and extend to the top to turn aspirations into reality across the entire maritime value chain. The term “Maritime,” derived from the Greek word ‘Maritus’ meaning ‘about the sea,’ encompasses various sectors such as commercial shipping, naval operations, offshore energy, the Deep Ocean Mission, ports, and inland waterways. Many components of these value chains are shared across sectors. For instance, commercial shipping involves freight operations, ship sales and purchases, shipbuilding, and recycling, with similar service and manufacturing agencies supporting other sectors. An integrated, collaborative approach across these sectors can strengthen the industry’s credibility and financial viability, as demonstrated by the success of Far-East nations and other sectors like pharmaceuticals, automobiles, IT, and electrical goods.
Can you discuss a time when you had to make a tough decision that significantly impacted your career or a project you were involved in? What was the outcome, and what did you learn?
-Transitioning from the shipping industry to the offshore sector was a tough but necessary decision to gain a broader understanding of the maritime field. Despite the challenges, I’m pleased with how I managed these assignments. Voluntarily handing over leadership to equally or more competent professionals after achieving significant milestones, and pursuing new initiatives, has been a fulfilling professional challenge. I’ve always focused on mentoring during transitions, which has yielded positive results, built goodwill, and helped me make valuable connections. “Letting go” after giving my best has been one of my most important learnings.
Given your extensive experience, what advice would you give to young professionals looking to pursue a career in naval architecture or the maritime and energy sectors today?
-Over my five decades in naval architecture, including ship design and shipbuilding, I’ve witnessed significant changes. Risk-taking, hard work, and accepting small setbacks for better long-term outcomes have been key to my success. My advice to young naval architects is to broaden their horizons and continuously learn new skills to stay relevant throughout their careers. They should aim to become well-rounded maritime professionals, embracing the evolving challenges and opportunities within the industry.
In conclusion, Mr. Dasgupta’s journey is a testament to resilience, adaptability, and continuous learning in the ever-evolving maritime industry. His experiences and insights offer valuable lessons for the next generation of professionals, inspiring them to embrace challenges and strive for excellence as they shape the future of the maritime sector.
MMT
A Spotlight on Mentorship and Gender Equality
- Ms. Ambika Singh, Chairperson of Advisory Board
Women in Maritime Conference and Awards, 2025
Women in Maritime: Leading Transformation & Sustainability
The maritime industry has long been seen as a male-dominated field, but a change is on the horizon. Women are making significant strides in this sector, and one event in particular stands as a beacon of this change: The Women in Maritime Conference and Awards (WIMCA) 2025, set to take place on 16th May 2025. As the Chairperson of the Advisory Board for WIMCA, I am incredibly proud to witness the growing recognition of women in maritime and the pivotal role that they play in shaping the future of this vital industry.
The maritime sector is the backbone of global trade, and it is essential that it evolves to reflect the diversity and dynamism of the world it serves. Historically, the contributions of women in maritime have been underrecognized. However, the rising tide of change is clear. Women are becoming more visible in leadership roles, operating vessels, managing ports, and excelling in maritime law, among many other areas. The Women in Maritime Conference and Awards (WIMCA) was established to provide a platform for these remarkable women to share their experiences, challenge existing barriers, and inspire future generations.
WIMCA 2025 ,in its 4th edition will be a celebration of the accomplishments of women in all facets of the maritime industry. It will bring together industry leaders, professionals, and innovators
to engage in thought-provoking discussions on the current state of gender inclusion, as well as the future of the sector. The event will also shine a spotlight on the incredible achievements of women across the maritime landscape through the prestigious WIMCA Awards. These awards recognize individuals and organizations who have gone above and beyond in promoting diversity, inclusion, and empowerment for women within the maritime field.
What sets WIMCA apart from other industry events is its unique blend of celebration, networking, and knowledge-sharing. As the chairperson of the advisory board, my role is to ensure that the event stays true to its mission of not just celebrating women’s achievements but also addressing the critical issues that still exist in terms of gender equity. It’s a platform where dialogue can flourish, where partnerships can be formed, and where we can reflect on the challenges and triumphs that have shaped the maritime sector today.
One key theme that will be explored at WIMCA 2025 is the critical importance of mentorship and support systems in empowering women in the industry. As we know, having a support network is key to overcoming the barriers that women face, whether it’s gender biases, work-life balance challenges, or the lack of female role models. Through conversations, panel discussions, and
workshops, we will foster meaningful conversations about the importance of mentorship programs and how they can pave the way for more women to pursue successful careers in maritime.
WIMCA 2025 is an exciting opportunity for women in maritime to come together, learn from each other, and collaborate towards a future where gender equality is the norm, not the exception. As we work towards a more inclusive maritime industry, this event is an important step in recognizing the ongoing contributions of women and reinforcing the critical need for continued progress.
On behalf of the WIMCA Advisory Board, I invite you to join us on 16th May 2025 for what promises to be an inspiring and empowering event. Let us unite in our efforts to create a maritime industry where all voices are heard, all talents are valued, and where women continue to thrive and lead with confidence.
Contact- events@marexmedia.com
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The Author Navodita Singh, LL.M. (Maritime Lawyer)
Casting a Stronger Net: Legal Pathways to Combat IUU Fishing
Illegal, unreported, and unregulated (IUU) fishing poses a significant threat to marine ecosystems, economies, and food security. The legal framework regulating fishing practices to ensure sustainable use of ocean resources is a complex mix of international treaties, national laws and regional agreements. But gaps in enforcement, jurisdictional challenges and monitoring - particularly on the high seas - undermine such efforts.
Established in 1982, the United Nations Convention on the Law of the Sea (UNCLOS) provides the foundation for international maritime law, including the conservation and management of living marine resources. It outlines the rights of Coastal States to establish Exclusive Economic Zones (EEZs) up to 200 nautical miles from the baseline, within which they have the authority to manage fisheries, issue licenses and enforce regulations. However, their enforcement capacity is often limited, especially in developing countries with fewer resources.
In areas beyond national jurisdiction, such as the high seas, enforcement becomes more complicated. The lack of a single governing authority in international waters means that no one State can unilaterally regulate fishing.
For address that challenge, Regional Fisheries Management Organisations (RFMOs) have been established. These international bodies are responsible for adopting binding measures to manage fisheries and prevent overfishing. However, they are often criticised for weak enforcement mechanisms and difficulty of monitoring compliance over vast areas.
The Food and Agriculture Organisation (FAO) Agreement on Port State Measures (PSMA) is a crucial international agreement in the fight against IUU fishing. Adopted in 2009, the agreement allows Port States to deny entry to vessels involved in IUU fishing, preventing illegally caught fish from entering global markets. Another important treaty, the UN Fish Stocks Agreement of 1995, promotes cooperation between nations to manage migratory fish stocks and reduce illegal fishing activities on the high seas.
In 2023, the Biodiversity Beyond National Jurisdiction Agreement (BBNJ) was adopted in a bid to enhance protection of biodiversity in areas beyond national jurisdiction, marking a key development in improving international governance of the high seas. The BBNJ includes measures including the creation of Marine Protected Areas (MPAs), Environmental Impact Assessments (EIAs) and promoting scientific research. Significantly, it strengthens the international legal framework that addresses IUU fishing by providing a more coordinated approach to conservation and the sustainable management of marine resources. By closing loopholes that have allowed IUU fishing to continue unchecked in international waters, the agreement is expected to improve enforcement.
While international agreements form the backbone of global efforts to combat IUU fishing, national laws are also critical.
Coastal States are responsible for regulating their fisheries, setting catch limits and enforcing fishing practices. Strong legal systems, such as the United States’ Magnuson-Stevens Fishery Conservation and Management Act, penalise IUU fishing by banning violators from U.S. ports and prosecuting offenders. Similarly, the European Union’s Common Fisheries Policy (CFP) and its IUU Regulation work to prevent the import of illegally caught fish, thereby reducing the market for IUU products.
The prevalence of “flags of convenience” with vessels registered in countries with weak regulations to avoid stricter oversight is a major issue. Further, the lack of international cooperation between nations complicates enforcement, particularly when vessels from different countries target the same fish stocks in international waters. The illegal trade in fish presents another challenge, as such catches can be smuggled and enter global markets undetected.
Despite substantial legal frameworks exist to combat IUU fishing, much work remains to be done to address enforcement gaps and enhance cooperation between countries.
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