In an attempt to grow internationally, Lancer Containers Lines has partnered with Ocean Voyage Shipping Line LLC (OVSL), a company based in Dubai. In an exchange filing on December 4, the shipping and container player said that it is joining the Dubai-based company in a “strategic collaboration” for “chartering of vessels and allied operations.” Lancer anticipates that the partnership will spur expansion in the upcoming years. “With this alliance, Lancer Container Lines Limited expects multi-fold growth for next 3 years with margin expansion as scale of operations continue to improve,” said the statement.
The shipping company has been positioning itself in Dubai in an effort to seek advantages for the shipping and logistics operations. “The strategic location allows us to tap into key global shipping routes and facilitates seamless connectivity with major markets across Asia, Europe, and Africa.
The shipping industry is seeing significant growth, with the government aiming to double the share of waterways in the overall transport mix from 6% to 12% by 2025. Initiatives to boost the shipping logistics in India have resulted in greater investment in port and waterways development, along with coastal shipping. Centre has also put in place to promote Indian shipping companies, including a 12% subsidy on Indian-built and flagged vessels, along with subsidy on shipbuilding and ship repair. Recently, there has been strong indications that important shipping-related bills could be tabled before the House and cleared. The Merchant Shipping Bill, a new draft law planned by the government, seeks to ensure compliance with India’s obligation under maritime treaties to which New Delhi is a party.
