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Indian Registry Continues Growth as MOL Transfers LPG Carrier

LPG carrier
MOL now has eight LPG carriers and a total of 11 ships under the Indian flag (MOL)

Published May 7, 2025 4:49 PM by The Maritime Executive

 

Shipping under the Indian flag is continuing to grow as international companies move ships to the registry. It comes as India seeks to become a powerhouse in international shipping, shipbuilding, and repairs.

Japan’s Mitsui O.S.K. Lines is continuing the trend by expanding its fleet under the Indian flag. According to India’s Economic Times, MOL (India) has emerged as the country’s fourth-largest ship owner. It has a fleet of 11 ships operating under the Indian flag and staffed with Indian crews as per the requirements of the flag.

In April, the company reflagged its LPG carrier Yamabuki (58,811 dwt) to India and renamed the ship Green Sachi. Built in 2010, the vessel became the eighth LPG carrier the company has flagged in India. The ship had previously been registered in Liberia. Its move followed its sister ship, which became Green Sanvi under the Indian flag in November 2024.

The company, in March, when the management was transferred to the Indian company, highlighted it as a “valuable addition significantly expands our fleet capabilities and strengthens our commitment to serving the Indian subcontinent.” They said the vessel would play a crucial role in enhancing our regional operations, providing reliable and efficient maritime transport solutions.”

India’s government the Economic Times highlights is taking steps to encourage the growth of its domestic fleet. The cabinet approved a subsidy scheme for vessels registered in India after February 2021 and budgeted a subsidy for moving crude oil, LPG, coal, and fertilizer for state-run firms on Indian ships.

 

CMA CGM recently transferred the first of four containerships to the Indian flag (IRS)

 

Major shipping companies are responding to India as they look to increase business with the subcontinent. At the end of March, BW LPG announced it was selling two VLGCs acquired in the Avance Gas transaction, BW Pampero and BW Chinook (each 53,500 dwt), to BW LPG India. The ships are currently registered in the Marshall Islands. The deal valued each vessel at $75 million, with delivery set for the third quarter of 2025. 

BW LPG India was established as a joint venture in 2017 and currently has seven ships. It reports transporting approximately 20 percent of India’s gas imports. BW cited the opportunities tied to India’s continued growth in LPG demand.

The newest arrival to the Indian ship registry is CMA CGM, which became the first major foreign carrier to reflag a containership to the Indian flag. CMA CGM Vitoria was officially transferred on April 28. The company said it will register three more vessels in the coming months in India. They highlighted that the efforts underscore CMA CGM’s commitment to India and its ambition to further develop its presence in the country.

The Indian Registry of Shipping commented that this milestone, with the transfer of the CMA CGM vessel, marks a significant achievement in IRS’s growing engagement with major global shipping companies. They said it reinforces its standing as a trusted and recognized classification society on the international stage.