Mumbai: India's demand for chartering ships is nearly four times its fleet size of 860 ships, the local Economic Times has reported. With more than 40% of existing fleet going for scraping in the next five years, there is also acute need to augment Indian tonnage.
According to available data, there were 3942 applications last year for chartering vessels. It included 1386 applications for tankers. On the other side, Indian fleet has about 860 ships of which 220 odd ships are engaged in overseas trade with the remaining in coastal and inland waters. [1/7/08]
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