In a strategic move to overcome financing challenges in India, Sanmar Shipping, part of the Chennai-based Sanmar Group, has inaugurated ‘Sanmar Shipping SG’ in Singapore. The acquisition of two second-hand product tankers under the Singapore flag signals a growing trend among Indian shipowners exploring overseas financing avenues.
The move aligns with India’s efforts to attract fleet owners to the International Financial Services Centres Authority (IFSCA) in GIFT City, Gujarat, offering tax incentives. Sanmar Shipping remains committed to its Indian operations, running a fleet of ten ships flagged in India. The company explores various financing options and studies the IFSC regime for potential future expansion.
