India’s Ship Management Sector To Experience Compunded Annual Growth Rate Of Over 6%

India’s ship management sector is seemingly poised for a compounded annual growth rate of more than six percent over the coming years, an official of the Hong Kong-headquartered firm Anglo-Eastern Group declared. The sector’s growth would boost employment opportunities for Indian seafarers, the CEO Captain, Bjorn Hojgaard, mentioned.

The ship management sector in India, with around 153 large and midsized firms operating in the country, continues to hold a big promise for the growth of the larger maritime industry and the flourishing careers of India’s seafarers in the coming years, he said on Tuesday. For decades, Kolkata has been a significant hub for such firms in India, stated the official of the global vessel management conglomerate.

Many Maritime Association of Shipowners, Shipmanagers, and Agents members reportedly operate from the city. Most of the firms are either subsidiaries of Indian operations or global vessel management majors based in Europe and the US, Hojgaard said. Ship management firms handle crewing, regulatory, and technical activities on behalf of the shipowners. He exuded significant confidence in the Indian ship management industry to surpass worldwide growth trends of cargo shipping, estimated to expand at a CAGR of about 5%.

Nearly 4,500 seafarers, mostly from West Bengal, are a significant supplier of the merchant navy workforce to the Anglo-Eastern Group.

Reference: Economic Times The Print

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Source: Maritime Shipping News