Maritime sector in India has high potential for investment, given its 7,517 km long coastline and the strategic location along most major shipping highways. This coupled with fast growing Indian economy and exports from India offers immense opportunities for companies to invest in growing maritime sector. Further the global economies are looking at India to realign their supply chains realising the strategic advantage and favourable business environment.
Maritime financing involves financing of ships, shipyards, ports and associated logistics infrastructure. It is an extremely capital-intensive industry and financing forms a significant component of its business model.
Indian banks and financial institutions offer loans to shipping companies for purchase of ships or vessels. Lease financing is also preferred model for ship financing which involves a lessor (leasing company SPV) leasing a ship or a vessel to the lessee (the borrower/operator) in exchange for the payment of hire for the term of the lease. The project financing model is preferred mode of financing for port or terminal development.
Traditionally public sector banks are the main players in maritime financing in India. The Export Credit Agencies and EXIM Bank of India also plays a prominent role in ship financing.
Government of India is taking many initiatives to facilitate the financing to maritime industry as it is a capital-intensive sector.
Marine insurance in India is a specific kind of insurance policy that is designed to cover the damage or loss of ships, terminals or any cargo or transport by which the property is transferred, held or acquired between the points of derivation and the concluding destination.
Marine insurance in India also comprises of Offshore and Onshore exposed property, (ports, container terminals, pipelines, oil platforms), Marine Casualty, Hull, and Marine Liability etc. Marine insurance policy being an alternative of the general term ‘insurance’, the name denotes an insurance policy that is specifically provided to ships, boats and most importantly, the cargo that is carried in them.
Marine insurance is mandatory for all ship and yacht owners to obtain, especially where the vessel is to be used for commercial or transportation purposes and where it will be carrying passengers, workers, or cargo across international waters.
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