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IOC to Acquire 10 Crude Carriers from SCI JV
2025-09-22
Indian Oil Corporation (IOC) is set to order 10 Aframax crude oil carriers from a joint venture with Shipping Corporation of India (SCI) and an Indian shipyard, in a move that aligns with the government’s push to strengthen domestic shipbuilding.
Sources said the decision follows earlier deliberations on whether to build or buy ships amid competition from cheaper Chinese-built vessels. IOC’s plan now focuses on acquiring ships indigenously to ensure energy security while generating employment.
The Aframax vessels, with a capacity of 80,000–120,000 deadweight tons, are expected to be built at Cochin Shipyard. Other state-run oil firms may follow IOC’s lead.
The announcement is likely during Prime Minister Narendra Modi’s launch of India’s global shipbuilding initiative in Gujarat’s Bhavnagar. Alongside the deal, the government may unveil a revamped Ship Building Financial Assistance (SBFA) scheme and a Rs 25,000 crore Maritime Development Fund.
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