Today’s major shipping news from India will significantly impact vessel valuations. The Economic Times, based in Mumbai, reports that the government will soon announce age restrictions for ships visiting the world’s second most populous nation.
Under the new regulations, no bulk carrier, tanker, or general cargo ship over 25 will be permitted to call at Indian ports. The maximum age limit for gas carriers, offshore vessels, and container ships will be 30 years. Locally flagged vessels will be deregistered when these new age limits are reached. Additionally, owners will not be able to flag any pre-owned vehicles at least 20 years old locally.
The Economic Times, the second most widely read business newspaper in the world after the Wall Street Journal, predicts that the new ship age limits – designed to improve safety and environmental performance – will be announced in the coming days.