According to foreign media reports, the world's largest container shipping company, Mediterranean Shipping Company, has committed to re-registering its vessels under the Indian flag. Previously, CMA CGM and Maersk have also transferred some of their vessels to the Indian flag in response to new regulations the Indian government's desire to increase domestic shipping trade volume.

Mediterranean Shipping Company CEO Soren Toft said he made the commitment during the 202 India Maritime Week, when he met with Indian Prime Minister Narendra Modi. Toft attended a global shipping CEO roundtable meeting chaired by the Prime Minister.

For MSC, India is a key country with its continued strong development in the shipping, port, and logistics sectors, which is remarkable," Toft wrote on social media.During the discussions, we also confirmed our commitment to register 12 vessels under the Indian flag, which will strengthen our long-term relationship with India and support India in achieving its ambitions."

Indian Prime Minister Narendra Modi and Soren Toft

No specific details or timelines have been announced, but according to the Economic Times India (ETInfra), the company will start with two vessels and is expected to complete the transfer within days. The company is setting up an Indian subsidiary for these vessels, the rest are expected to follow suit. ETInfra reported that the vessels will have a capacity range of 3,000 to 5,000 TEU

Prime Minister Modi emphasized that the government is taking steps to comprehensively enhance all aspects of the shipping industry. In addition to introducing a new mechanism to provide funding support forbuilding in India, the government is also strengthening the coastal shipping restrictions for container transport between Indian ports. In addition, India has an age limit for ships, but shipping companies can apply an extension if the ships are registered under the Indian flag before reaching 20 years of age.

Previously, there were almost no container ships registered under the Indian flag but now it is rapidly growing. According to the Economic Times of India, Mediterranean Shipping Company will become India's third-largest private shipowner. CMA CGM was the company to transfer vessels to the Indian flag, and reportedly, its fourth vessel is expected to be re-registered in October, with a capacity of about 2,600U. Maersk confirmed last week that it has also transferred two vessels with a capacity of about 1,800 TEU to the Indian flag. It is also that the state-owned Shipping Corporation of India is also actively seeking container ships in the second-hand ship market