Experts stress on need for long-term funds for shipping sector

NEW DELHI : The Indian shipping sector experts and stakeholders on Wednesday stressed on the need for long tenure funds, infrastructure status and appropriate policy and regulatory changes to enable banks to enhance lending to the shipping sector, according to an official statement.

Industry experts and stakeholders made the remarks during a workshop on ‘Challenges and Prospective Solutions on Financing and Insurance in the Shipping Sector’ — organised by the Ministry of Ports, Shipping, and Waterways (MoPSW).

The statement said the various issued taken up during the workshop included the need to obtain long-term cargo contracts and visibility to enhance domestic tonnage and domestic shipbuilding.

The stakeholders discussed the need to bring in an Indian P&I (Protection and Indemnity) club to address some critical needs of the shipping sector, it added.

The overall aim, the statement said, will be to provide a competitive P&I cover for Indian ships and cargos.