FCC

DP World to Launch Ship Leasing Unit in GIFT City

2025-03-31

DP World is set to commence ship-leasing operations in India through a new subsidiary established in Gujarat's GIFT City, an International Financial Services Centre (IFSC). The firm plans to begin with four vessels and has received approval from Indian authorities.

The ships may be either Indian-flagged or international. DP World could acquire vessels for leasing or sub-lease an Indian-flagged ship.

The move follows the footsteps of companies like Japan's Mitsui OSK Lines and the UAE-based Transworld Group, which have already launched similar services at IFSC. DP World's India unit will handle vessel ownership, operation, chartering, and other permitted maritime activities.

The Union Budget 2025 has extended tax incentives for ship leasing at GIFT City until 2030, including exemptions on capital gains and dividends. As of December 2024, 15 ship-leasing firms have been set up, with at least 13 ships leased. Leasing activity at IFSC has doubled over the past six months.

Private players such as Alphard Maritime, Reliance International Leasing IFSC, APSEZ, and Ripley Group have joined the growing sector. DP World, primarily known for Unifeeder operations globally, does not yet offer independent ship leasing services in India.