Bulk Carrier MV Ripley Pride Becomes First Ship To Be Leased From GIFT City

A bulk carrier, MV Ripley Pride, is the first vessel leased from the Gujarat International Finance Tec-City (abbreviated the GIFT City).

Ripley Shipping India IFSC Private Limited (better known as RSIIPL), which got a certificate of registration from the International Financial Services Centre’s Authority (abbreviated the IFSCA) in March this year to operate from the International Financial Services Centre (abbreviated the IFSC) in GIFT City, lately imported as well as leased the first vessel from the IFSC unit, per an official release.

MV Ripley Pride was constructed in 2003 in Japan. It boasts a carrying capacity of about 76,858 DWT. The length (abbreviated as the LOA) is about 225 meters, and the width is approximately 32.26 meters. Tapan Ray, the MD and the Group CEO of GIFT City, said that the successful leasing of the first vessel from GIFT IFSC exemplifies a breakthrough in the vessel leasing landscape of India.

The event also highlights the potential for investment and growth in the more significant maritime sector from the Indian shores, positioning the GIFT City as a destination of choice for international and domestic players willing to capitalize on India’s vessel financing and leasing opportunities.

Shoumik Bose, the Promoter and the CEO of Ripley Group explained that they are pleased to embark on such a journey from the GIFT IFSC with the first vessel leased. Ripley Group exists in several places worldwide, including India, Singapore, and the UAE. Every year, India has been estimated to pay approximately $75 billion for sea-borne freights to foreign shipping firms, the release mentioned.

Reference: Indian Express, The Hindu Business Line, Knowledia

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