Global Shipping Giant Expands Indian Fleet with New Gas Carrier Acquisition

India is steadily carving out its niche as a key player in the global shipping and maritime scene, with an increasing number of international shipping firms opting to register their vessels under the Indian flag.

Take Japan’s Mitsui O.S.K. Lines (MOL), for instance. This major shipowner recently added another gas carrier to its Indian fleet, previously known as Yamabuki and sailing under Liberia’s flag. Now reflagged as Green Sachi, this vessel is manned by an Indian crew, adhering to local regulations.

This marks MOL’s eighth LPG (liquefied petroleum gas) carrier registered in india. Just last November, they welcomed another ship into the fold—Green Sanvi.

With 11 ships now flying the Indian flag,MOL (India) Pvt Ltd has climbed to become the fourth-largest shipowner in India. The company believes these moves will enhance their service capabilities throughout the subcontinent.

In addition to expanding its fleet, MOL has set up a new office in GIFT City, Gujarat—the nation’s first International Financial Services Center (IFSC). This new venture, named MOL Shipping IFSC Pvt Ltd, will concentrate on ship leasing and operational activities.

Not far behind is France’s CMA CGM—the third-largest container shipping firm globally—which also made waves by reflagging one of its container ships on April 28. Renamed CMA CGM Vitoria, it became a trailblazer as the first global container carrier to register a vessel under India’s flag. the company plans to bring three more ships into this registry soon through its GIFT City unit.

Simultaneously occurring, BW LPG Ltd., recognized as the leading owner of large gas carriers worldwide, is making strides in India too.They are set to sell two of their gas carriers—BW Pampero and BW Chinook—to their joint venture BW LPG India for $150 million. These additions will boost their fleet size to nine vessels by late 2025 while already managing about 20% of India’s gas imports.

The government is actively supporting this growth with various initiatives aimed at enhancing local capacity within India’s shipping sector. For example, there’s a subsidy program that offers additional charter rate incentives ranging from 5%–15% for Indian-flagged vessels based on age—a total budget allocation of ₹1,624 crore over five years backs this initiative.

Another significant advantage for these ships comes from the “Right of First Refusal” policy that allows them an opportunity to match any lowest bids from government tenders related to transporting essential goods like oil or fertilizers—a policy both MOL and BW LPG India have leveraged successfully.

The growing recognition of india’s role in global maritime operations was highlighted by comments from the Indian Register of Shipping (IRS), which celebrated CMA CGM’s reflagging move as a pivotal achievement for India’s shipping landscape.