Japan’s second-largest shipping company, Mitsui O.S.K. Lines (MOL), is exploring partnerships with Indian companies to build tankers in India, aligning with New Delhi’s push to strengthen domestic shipbuilding and reduce reliance on foreign fleets.
MOL President & CEO Takeshi Hashimoto said at the APPEC conference in Singapore that the company is keen to cooperate with Indian shipyards as the government modernises maritime laws to allow foreign participation in shipbuilding, ports, and shipyard operations.
“The Indian government has a strong preference to see the new vessels constructed in India. If possible, we want to be involved in the project,” Hashimoto noted.
India’s shipping fleet has lagged behind the nation’s growing trade, including energy imports and refined product exports. To bridge the gap, the government announced a ₹250 billion ($2.84 billion) maritime development fund in its February budget to support shipbuilding and repair projects.
Hashimoto emphasized the need for “strong cooperation with Indian partners and shipyards” as MOL seeks to participate in the country’s long-term maritime expansion.