India to invest $10 billion in homegrown oil tanker fleet by 2040

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India to invest $10 billion in homegrown oil tanker fleet by 2040 - Business Standard

Quick Summary:

The purchase order for 10 tankers should come out as early as this month, the people said.

For a nation that relies on imports for the bulk of its crude oil needs, it’s imperative to have sufficient shipping capacity of its own to carry out its energy trade.

While the MT Maharshi Parashuram is the largest India-built oil tanker at 238-meters long and a deadweight tonnage of 93,332 metric tons, it dwarfs in comparison to China’s Minsheng Financial Leasing-owned Oceania — a supertanker measuring 380 meters long and boasting a deadweight tonnage of 441,584 metric tons.