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Shipping Corporation of India Plans JV with Steel PSUs to Build and Operate Indian-Made Bulk Vessels.                                                                                                              

The Shipping Corporation of India (SCI) is exploring a joint venture with state-owned steel majors like SAIL to jointly own and operate dry bulk carriers built in India. Announced by Union Minister Sarbananda Sonowal at Visakhapatnam Port, the initiative aims to strengthen the dry bulk shipping segment and reduce foreign exchange outflow on freight payments. The move complements SCI’s ongoing collaborations with oil PSUs, which plan to aggregate demand for 112 vessels worth ₹85,400 crore over the next decade. Steel PSUs are projected to need 52 ships valued at ₹39,000 crore. These efforts align with the government’s ₹1.69 lakh crore maritime and shipbuilding package, designed to enhance India’s shipbuilding capacity, create high-quality jobs, and advance the Aatmanirbhar Bharat vision. Sonowal emphasised that India aims to become a “design-build-own-repair-recycle” maritime powerhouse by 2047, ensuring more Indian cargo sails on Indian-built vessels.