Overall tonnage of Indian-flagged vessels has fallen from a high of 9 million gross tons to 8.84 million gross tons as of June 1, reports the Economic Times of India.
In terms of ships, rather than tonnage, Indian-flagged ships have plummeted from 40 per cent to 11.8 per cent since 2000, according to MK Banger, a marine consultant for the Maharashtra Maritime Board.
The decline is being blamed on the scrapping of aging vessels and the preference of foreign flagging among Indian shipowners.
The report said that many Indian carriers, including Essar Shipping and the Shipping Corp of India, have scrapped older vessels ahead of the delivery of newer vessels, which will be arriving over the next couple of years.
It also noted that some shipping lines have started registering vessels under flags of convenience, such as with the Marshall Islands, to avoid the restrictive maritime policies suffered by Indian-flagged vessels.
In terms of ships, rather than tonnage, Indian-flagged ships have plummeted from 40 per cent to 11.8 per cent since 2000, according to MK Banger, a marine consultant for the Maharashtra Maritime Board.
The decline is being blamed on the scrapping of aging vessels and the preference of foreign flagging among Indian shipowners.
The report said that many Indian carriers, including Essar Shipping and the Shipping Corp of India, have scrapped older vessels ahead of the delivery of newer vessels, which will be arriving over the next couple of years.
It also noted that some shipping lines have started registering vessels under flags of convenience, such as with the Marshall Islands, to avoid the restrictive maritime policies suffered by Indian-flagged vessels.