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Indian Shipping Surpasses 10m Gross Tons

by Mary Swire, Tax-News.com, Hong Kong

24 September 2010


The Indian Ship Registry has announced that it has reached a significant milestone in the country’s maritime development, with the registry now servicing ships with a cumulative tonnage surpassing 10m gross tonnes (GT), as of September 2010.

The statistics show that of the 1,029 vessels carrying the Indian flag, 693 ships, at about 1m GT, are engaged in coastal trade, with the remainder (336) active in international trade.

Since the introduction of the tonnage tax system in 2004/05, the liberalization of policy on ship acquisitions, and rules to allow full foreign ownership, there has been a rapid growth in tonnage, from just under 7m GT since April 2004.

TAGS: marine | India

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