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Utilities
Dubai-based DP World, a leading global port and logistics company, is set to launch a ship-leasing unit in India's Gujarat International Fin-Tech City (GIFT City). This strategic move aims to capitalize on India's growing maritime sector and the favorable business environment offered by GIFT City's International Financial Services Centre (IFSC).
GIFT City, declared a multi-service Special Economic Zone (SEZ) in 2015, is evolving into a global maritime finance and ship leasing hub. The maritime industry is crucial for India, given its vast coastline and significant global and domestic trade via sea. However, many shipping operators previously chose bases like Singapore, Hong Kong, or Dubai. To align India with these centers, recent reforms have extended incentives to ship leasing, similar to those offered for aircraft leasing.
DP World's new venture will begin with four ships, potentially including both Indian flag and international vessels. The company plans to engage in vessel ownership, operation, chartering, and other permitted activities. This expansion is supported by recent Indian budgetary reforms that have eased regulations on ship ownership and leasing, offering tax incentives for ship leasing activities in GIFT City until 2030.
GIFT City is rapidly emerging as a preferred destination for maritime finance and ship leasing due to its strategic location and favorable regulatory environment. Other major players like Mitsui OSK Lines, Transworld Group, and Shipping Corporation of India have already set up operations there. Private firms are also investing heavily, with Alphard Maritime launching a $500 million shipping fund.
India is aggressively pursuing a strategy to become a global maritime powerhouse, focusing on enhancing port infrastructure and developing green shipping corridors. The Union Minister of Shipping, Ports and Waterways, Sarbananda Sonowal, has emphasized India's ambition to become one of the top five shipbuilding nations by 2047. The country aims to increase its global cargo handling share from 6% to 15% by 2047, backed by a $20 billion infrastructure development commitment.
DP World's entry into India's ship leasing market highlights the country's growing importance in the global maritime sector. With strategic investments in GIFT City and broader initiatives to enhance port infrastructure, India is poised to become a significant player in the international maritime industry.
