Kochi: Indian shipping industry was going for a major makeover as more than 56% of its fleet would be scrapped in the next five years, a top official of the ministry said on 4 April 2007.
Over 37% of the fleet is 20 years old and there was need for greater investment in the shipbuilding sector, Ajoy Chatterjee, Chief Surveyor and Additional Director General, Shipping said.
The trend is likely to assure steady income for ship building and ship repair works, Chatterjee said in his inaugural address at the 14th national seminar on ‘Indian Maritime Transport Services- Global Opportunities and challenges´ here.
India should capture the growing ship building market as Korea and China, the two strong nations in the field, have secured optimum orders for the next two years, he said.
In the present liberalisation era, the Indian Maritime sector as a whole had vast opportunities and challenges. Around 90% of merchandise is transported through sea and high quality shipping was on front line of global cross trade, he said.