The ship management sector in India is poised for a compounded annual growth rate of over six per cent in the next few years, an official of the Hong Kong-headquartered Anglo-Eastern Group said, reports Economic Times.
The growth of the sector would boost employment opportunities for Indian seafarers, its CEO Captain Bjorn Hojgaard said.
Promise for the growth of the maritime industry
The ship management sector in India with around 153 large and mid-sized companies operating in the country continues to hold “immense promise for the growth of the maritime industry” and the flourishing careers of Indian seafarers in the coming years, he said on Tuesday.
For decades, Kolkata has been a major hub for such companies in India, said the official of the global ship management conglomerate.
“Several members of the Maritime Association of Shipowners Shipmanagers and Agents operate from this city. Most of these companies are either subsidiaries or India operations of global ship management firms based in Europe and the US,” Hojgaard said.
Ship management companies handle crewing, technical, and regulatory activities on behalf of shipowners.
He exuded confidence in India’s ship management industry to surpass the global growth trends of cargo shipping, which is projected to expand at a CAGR of around five per cent.
Around 4,500 seafarers, who are residents of West Bengal, contribute significantly as a major supplier of the merchant navy workforce to the Anglo-Eastern Group, he said.
Did you subscribe to our daily Newsletter?
It’s Free! Click here to Subscribe!
Source: Economic Times