India Debuts in Ship leasing With MV Ripley Pride

The Bulk Carrier is the first ship to be leased from GIFT

Padmesh Prabhune

MV Ripley Pride, a bulk carrier from Ripley Shipping India IFSC Private Ltd. has become the first ship to be leased from Gujarat International Finance Tec-City (GIFT City).

Ripley Shipping India IFSC Private Limited (RSIIPL), that received a certificate of registration from the International Financial Services Centres Authority (IFSCA) earlier in March 2023 to operate from the International Financial Services Centre (IFSC) in GIFT City has recently imported and leased the first ship from its IFSC unit.

MV Ripley Pride was built in 2003 in Japan with a carrying capacity of approximately 76,858 DWT. The length overall (LOA) of the vessel is 225 meters and the width is 32.26 meters.

Tapan Ray, MD and Group CEO of GIFT City, said, “The successful leasing of the first ship from GIFT IFSC exemplifies a pivotal breakthrough for the ship leasing landscape in India. This event highlights the immense potential for growth and investment in the maritime sector from Indian shores, positioning GIFT City as a destination of choice for both domestic and international players seeking to capitalize on India’s ship leasing and financing opportunities.”

Shoumik Bose, Promoter and CEO of Ripley Group, said, “We are pleased to embark on this journey from GIFT IFSC with the first ship leased.” Ripley Group has a presence in various parts of the world, including India, UAE, and Singapore.

The Maritime Transport Sector has a huge scope in terms of attracting investments, creating jobs, and most importantly, being a tool to save huge foreign exchange outflows. One needs to explore the untapped potential each year: India is estimated to pay about USD 75 billion for sea-borne freight to foreign shipping companies.

Experts are of the view that myopic policies have robbed Indian shipping companies of a level playing field to transport the country’s EXIM cargoes and caused losses to the economy and the public exchequer.

–Marex Media