Shipping

Indian Oil Corporation (IOC), the country’s largest state-owned refiner and fuel retailer, is set to acquire crude carriers from its joint venture with Shipping Corporation of India (SCI). The move is part of IOC’s strategy to strengthen its logistics and crude oil sourcing framework while reducing dependence on external chartering. By securing ownership of vessels, the company aims to improve operational efficiency, optimize transportation costs, and reinforce its supply chain resilience in the face of global energy market volatility.

In a landmark move to bolster its maritime capabilities, India is charting an ambitious course with a Rs. 10,000 crore investment aimed at strengthening the domestic shipping industry. This initiative is expected to modernize the country’s fleet, enhance logistical efficiency, and reduce dependency on foreign carriers, thereby improving trade competitiveness. As global shipping costs fluctuate and geopolitical tensions reshape supply chains, India’s renewed focus on indigenous maritime strength positions it strategically for long-term gains.

In a historic move that could reshape the global shipping industry, 63 countries—including India, China, and Brazil—have backed the world’s first global carbon tax targeting maritime emissions. Passed by the International Maritime Organization (IMO), this measure will take effect in 2028, requiring ships to adopt cleaner fuels or face escalating penalties based on emission intensity. Although projected to raise $40 billion by 2030 and seen as a milestone for international climate policy, the tax has sparked controversy for excluding climate finance allocations for vulnerable nations.