Mumbai: Hamburg-based shipping investment firm Konig and Cie has targeted the lucrative Indian market for its next shipping fund.
“We are looking to set up a shipping-focused fund, which could be as much as $500m, for India,” Tobias Konig, md of Konig and Cie told during a recent visit to Mumbai. The Indian fleet is due to undergo a major rehaul in the next two years as IMO regulation requiring all liquid carriers to be double hulled. The Indian National Shipowners’ Association estimates that the country requires $20bn in investment in order to boost its flagged tonnage to 20m gt and retain its 13% share of international cargo carried over the next two years. ‘As of August, the strength of our fleet comprises of 886 ships of 8.92m gt/14.60m dwt, up from 821 ships of 8.99m gt/14.98m dwt a year ago,’ INSA president Sabyasachi Hajara who is also chairman and md for the Shipping Corporation of India told. ‘We crossed the 9m gt mark in February this year and I expect that we will cross the 10m gt mark in the near future.’ This is a particularly likely scenario in light of the Rs 2,000 crores ($470m) set aside to buy ships in the tonnage tax reserve over the past three years.
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