India to introduce ship age limits
Major shipping news coming out of India today will have significant ramifications for vessel valuations. The Mumbai-headquartered Economic Times is reporting the government will shortly unveil age restrictions for ships calling at the world’s second most populous nation.
Under the new rules no bulk carrier, tanker or general cargo ship aged 25 or older will be allowed to call at Indian ports. For gas carriers, offshore vessels and boxships the age limit will be set at 30 years. Locally flagged ships will be deregistered when they hit these new age limits. Furthermore, owners will not be able to locally flag any secondhand acquisitions that are 20 years old or above.
| Read More: India passes bill to tackle maritime piracy |
The new ship age limits – designed to improve safety and environmental performance – are expected to be announced in the next few days, according to the Economic Times, the world’s second most read business newspaper after the Wall Street Journal.
Source: Splash 247
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