India to Invest $10B in Tanker Fleet Expansion, Bloomberg Reports

India plans to spend $10 billion over the next 25 years to acquire up to 112 crude oil tankers, Bloomberg reported, citing unnamed officials. The move would effectively reduce reliance on foreign-chartered vessels and bolster energy security for India.

According to the Bloomberg report, orders for 10 ships could come as early as this month, with the stipulation that ships must be built in India, potentially with foreign collaboration. The government targets increasing the share of India-built tankers in its fleet from 5% to 7% by 2030, and to 69% by 2047.

This is part of a much broader maritime push, the plan aligns with Prime Minister Modi’s recently announced $2.9B initiative to boost domestic shipbuilding. India is also eyeing new tonnage for coal, fertilizer, and steel transport.

india's shipbuilding sector remains small and fragmented, though partnerships are starting to form, with South Korea’s HD Hyundai, Samsung Heavy Industries and Japan’s NYK Line all reportedly in discussions.