India’s shipping fleet has crossed a major milestone, with total capacity exceeding 14.2 million Gross Tonnage (GT) for the first time, following the addition of 92 vessels during FY26, according to official data.
The newly inducted vessels contributed a combined 1.584 million GT and 2.575 million Deadweight Tonnage (DWT), making FY26 one of the most significant years for fleet expansion in recent times.
“This is a landmark milestone for the national maritime sector,” a government official said, noting that the Indian-flagged fleet has recorded steady and accelerating growth between April 2025 and March 2026, driven by policy support and incentives aimed at boosting domestic tonnage.
The 1.584 million GT added during the year is nearly three times the tonnage added in the previous financial year, highlighting a sharp acceleration in capacity building. The additions also account for nearly 65 per cent of the total fleet growth recorded over the past four years.
Overseas Fleet Drives Tonnage Growth
Of the 92 vessels added, 42 were overseas-going ships, contributing the bulk of the tonnage. This segment saw the induction of oil tankers, gas carriers, bulk carriers, and container ships, strengthening India’s deep-sea shipping and global trade capabilities.
Oil tankers led the expansion, with 11 vessels adding a substantial 737,582 GT—the highest among all categories. Notable additions include Sanmar Herald (159,027 GT / 309,000 DWT) and Lila Jamnagar (156,914 GT / 298,997 DWT), reinforcing India’s Very Large Crude Carrier (VLCC) capacity and positioning it for greater participation in global crude trade.
Gas carriers also marked a significant addition, with six vessels contributing 281,920 GT, all in the 47,000+ GT class, indicating India’s growing footprint in the global LPG and LNG transport market.
Bulk carriers (five vessels, 220,208 GT) and container ships (six vessels, 167,296 GT) further underlined the expansion of India’s dry bulk and containerised trade segments. Global shipping majors CMA CGM and Maersk also strengthened their Indian-flag presence by registering vessels through units in GIFT City, Gujarat.
Coastal Fleet Expands in Numbers and Utility
The coastal fleet accounted for 50 of the newly added vessels, reflecting strong growth in domestic maritime infrastructure and operations. While contributing a smaller share of total tonnage, these vessels play a crucial role in port operations, offshore support, dredging, and regional cargo movement.
Tugs dominated coastal additions with 19 vessels, underscoring increasing port activity and towing requirements. General cargo vessels and offshore supply vessels followed, with six additions each, supporting coastal trade and offshore energy operations in regions such as the Gulf of Khambhat and the Krishna-Godavari basin.
Offshore support vessels (four units) and five coastal oil tankers were also added, enhancing capabilities in offshore exploration and refinery-linked coastal distribution.
A key addition was the dredger Vishwa Teja, the largest coastal vessel inducted during the year at 5,329 GT and 7,794 DWT, reflecting continued investment in port deepening and channel maintenance.
Policy Push and IFSC Growth
The growth in fleet size has been supported by regulatory and financial incentives, including the development of India’s International Financial Services Centre (IFSC) at GIFT City. During FY26, four new shipping entities—Emarat Maritime IFSC Pvt Ltd, RFK Shipping IFSC Pvt Ltd, Ripley Pinnacle India IFSC Pvt Ltd, and Shreeji Global IFSC Pvt Ltd—were registered, contributing to the expanding maritime ecosystem.
Long Road Ahead
Despite the strong growth, India still accounts for less than 1 per cent of global shipping tonnage. The country continues to rely heavily on foreign vessels, with nearly 95 per cent of its EXIM cargo transported by overseas fleets. This results in an annual freight outgo of around ₹6 lakh crore (approximately $75 billion), nearly equivalent to the nation’s defence expenditure.
To address this imbalance, India has set an ambitious target of entering the top five ship-owning nations by 2047, a goal that will require an estimated investment of $388 billion.
The latest surge in fleet capacity signals a more balanced and strategic approach to maritime development—strengthening both domestic coastal capabilities and India’s position in global shipping.
