Dubai’s DP World is preparing to start ship-leasing operations in India by setting up a subsidiary in the International Financial Services Centre (IFSC) at Gujarat’s GIFT City, people familiar with the matter said.
The port and logistics giant may commence operations with four ships, the people said, adding that the company has secured approval from Indian authorities. “The ships could be Indian flag ships or international ships. They may buy vessels and then lease them further or rent an Indian flag ship and then sub-lease it,” one of the persons said.
DP World follows others such as Japan’s Mitsui OSK Lines and UAE-based Transworld Group who have started operations in IFSC. DP World’s new venture in India will encompass vessel ownership, operation, chartering, and other permitted activities, the people said. To be sure, the company offers feeder services globally but does not offer a ship leasing service in India currently.
DP World did not respond to ET’s query. The company’s plans for India track recent budgetary reforms easing regulations on ship ownership, leasing, and flagging. Union Budget 2025 extended ship leasing tax incentives at GIFT City IFSC to 2030 and exempted capital gains and dividends on leasing units.
As of December 2024, 15 ship-leasing companies have been set up, and at least 13 ships have been leased. According to data, ship leasing activities have doubled at IFSC Gift city in the past six months.
MOL, Transworld Group, and Shipping Corporation of India (SCI) have set up units. Private firms are also making major investments with Alphard Maritime launching a $500 million shipping fund. Reliance International Leasing IFSC, APSEZ, Great Eastern Shipping, and Ripley Group have also joined IFSC.
DP World owns, charters, and operates vessels globally, primarily through Unifeeder, and other subsidiaries which run feeder and short-sea services across Europe, the Middle East, Asia, and Africa.
It charters ships for operational flexibility but isn’t a major independent ship leasing firm.