The Ministry of Ports, Shipping & waterways has proposed a joint venture between Shipping Corporation of India and domestic oil refining companies, for manufacturing very large oil tankers. Indian Oil Corporation Ltd has been noticed as a potential candidate for the joint venture. India, which has never made an oil tanker, currently has less than 1% share of the global shipbuilding market, which is dominated by China, South Korea and Japan. Domestic manufacturing of very large crude carriers will lower Indian dependence on foreign ships and insurance entities during sanctions. Key aspects of global trade like leasing, operations and insurance should be managed by Indian companies.
