Out of all the trades that take place in the world, 80% of those are traded by waterways. The clothes you’re wearing right now, the device you’re reading this on right now, the place you’re sitting on right now have all probably been shipped from one place or another. Also, the cheapest means to transport goods abroad is waterways and it connects the Indian subcontinent to many other economically important countries.
As of 2018, 48 percent of India’s trade takes place by waterways and the percentage in the World Market is 8 percent of the entire world trade. India’s economy banks on the shipping industry to make the economy flourish as about 90 percent of the nation’s trade by volume is done via sea. India has also been the largest merchant shipping fleet in the developing nations.
In order to stay ahead of the cut-throat competition from the foreign ships, India has changed the way the cargo traffic is handled. Earlier, Government subsidy vessels were only assured if the cargo was assured. However, for the aforementioned reason, the fleet and tonnage size has increased. Currently, there are 55 shipping companies in India out of which 19 deal in coastal trade exclusively and 29 deal in overseas trade exclusively. The remaining 7 companies deal in both coastal as well as foreign trade.
Historically Shipping Industry only traded locally, i.e., within the country’s national boundaries, while now it has begun to ship abroad as well. The shipping industry has come to be known more than just vessels and tonnage. Shipping capabilities are no longer exclusively measured in terms of the quantum of tonnage under control. The natural advantage of India’s vast coastline is the bulk cargo transport. Ever since the economic liberalization in India, the shipping industry, major ports, and roadways have been given to the private sector.
The shipping Industry of India has become the fourteenth largest fleet in the world according to the deadweight tonnage. Consisting of 515 vessels, the shipping industry boasts of a grt of 7.06 million and a dwt of 11.5 million. Out of the total 616 ships, which have a total capacity of 6.62 million tons, about 258 are engaged in overseas trade while the rest only involve themselves with inland trade.
ABS Logistics is your ideal partner offering you comprehensive logistics services, which meet your freight requirements with great ease and simplicity. Due to extensive experience and great expertise, we are regarded as one of the best ocean freight companies that handles both air and sea cargo with absolute ease. Let ABS carry your load.
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