India Prohibits Cargo Vessels Older Than 25 Years
28 February 2023
As the third-largest emitter of greenhouse gases in the world aims to lower emissions and the average age of its fleet, India has suspended trading permits for bulk carriers and oil tankers older than 25 years. Also, the purchase of such vessels that are older than 20 years is prohibited by the regulation. According to the legislation, bulk carriers must undergo extra inspections to ensure conformity with strict global requirements, and oil tankers older than 15 years must upgrade their operating conditions.
The new regulations would also apply to overseas ships offloading in India, and preexisting ships impacted by the new lifespan cap on operating ships would be permitted to sail for three more years, regardless of their current age. India aims to support its shipping industry by providing financial subsidies, reduced taxes, and other incentives. Local tax laws prevent investment in India’s shipping sector despite cheaper manufacturing costs.
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