World’s Second-largest Shipowner Adds Another Gas Carrier To Indian Fleet

LPG Carrier — Image for representation purposes only

India is making steady progress in becoming a global hub for shipping and maritime operations, as more international shipping companies are choosing to register their vessels under the Indian flag.

Recently, the world’s second-largest shipowner by fleet size, Japan’s Mitsui O.S.K. Lines (MOL), has added another gas carrier to its Indian fleet.

The ship, earlier named Yamabuki and sailing under the Liberian flag, was reflagged to India in April and renamed Green Sachi. It now sails with an Indian crew, as required under Indian regulations.

This is the eighth LPG (liquefied petroleum gas) carrier MOL has reflagged in India. Another ship, Green Sanvi, was added to the Indian registry in November 2024.

MOL (India) Pvt Ltd now owns 11 ships under the Indian flag, making it the country’s fourth-largest shipowner. The company said these steps would help strengthen its services across the Indian subcontinent.

MOL has also opened a new company in GIFT City, Gujarat- the country’s first International Financial Services Centre (IFSC). This new unit, MOL Shipping IFSC Pvt Ltd, will focus on ship leasing and operations.

France’s CMA CGM, the third-largest container shipping company in the world, is also moving vessels under the Indian flag. On April 28, CMA CGM reflagged one of its container ships and renamed it CMA CGM Vitoria.

It became the first global container carrier to reflag a vessel to India. The company plans to reflag three more ships soon through its Indian unit based in GIFT City.

BW LPG Ltd, the world’s top owner of large gas carriers, is also expanding in India. The company will sell two of its gas carriers- BW Pampero and BW Chinook- to its Indian joint venture, BW LPG India, for $150 million.

These ships will join the Indian fleet in late 2025, increasing the joint venture’s total to nine gas carriers. BW LPG India already handles about 20% of India’s gas imports.

India’s shipping sector is being boosted by several government schemes aimed at increasing local capacity. A subsidy scheme offers Indian-flagged ships an extra 5–15% on charter rates, depending on the age of the ship.

The government has set aside ₹1,624 crore for this scheme, to be distributed over five years.

Another benefit for Indian-flagged ships is the “Right of First Refusal” policy, which gives Indian vessels a chance to match the lowest bid in tenders issued by government departments for transporting cargo like oil, coal, LPG, and fertilisers.

Both MOL and BW LPG India have benefited from this policy.

India’s growing presence in global shipping is also being recognised by the Indian Register of Shipping (IRS), which called CMA CGM’s reflagging a major milestone.

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