In a major development, the Indian ship management industry is growing at a faster pace than the global cargo shipping industry. Going forward, it is set enjoy an edge over the global cargo shipping business, which is expected to grow at a CAGR of around five per cent over the next few years.
Promising Outlook
- Pipping it to the post will be the Indian ship management industry’s expected growth at over six per cent CAGR in the years to come.
- This optimism gains ground from a recent research by the Hong Kong-headquartered leading global ship management conglomerate Anglo-Eastern Group.
- The ship management sector in India with nearly 153 large and mid-sized companies operating in the country not only continues to hold immense promise of the maritime industry’s growth, but also promises flourishing careers for Indian seafarers in the years ahead.
Interestingly, ship management is the business activity of managing cargo or cruise ships. A ship-owning company that generally has several ships in its fleet entrusts the management of its fleet to a ship management company for crewing, and various other technical and regulatory activities.
Major Employment Hub
The Indian arm of the global giant employs around 23,000 Indian seafarers. It also employs thousands of merchant navy officers, who are either residents or natives of West Bengal.
- The cargo ships, managed by the company, call on a regular basis at the Port of Halida.
- The company floated an NGO by the name ANAVI in Kolkata in 2009 and since then, it has been spearheading social service projects of various types in India’s eastern state.
- Leveraging this potential, India can easily position itself as a key player in the global maritime industry’s sustainable future.
The reputed giants amongst these companies are members of the country’s leading shipping association, The Maritime Association of Ship owners Ship managers and Agents.
Most of these companies are either subsidiaries or Indian operations of global ship management companies headquartered in the Far East, Europe, or the United States.
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Source: Bizz Buzz
