Ship Leasing sets sail from GIFT IFSC, First Ship leased

Ripley Shipping India leases first vessel from GIFT IFSC

GANDHINAGAR: Ripley

Shipping India IFSC Private Limited (‘RSIIPL’), which received acertificateofregistrationfromthe International Financial Services Centres Authority (IFSCA) in March 2023 to operate from the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City), has recently imported andleasedthefirstship/vesselfrom its IFSC unit. MV Ripley Pride is a Bulk Carrier (Panamax) that was built in 2003 in Japan with carrying capacity of approx. 76,858 DWT. Thelengthoverall(LOA)ofthevessel is 225 meters and the width is 32.26 meters. This is the first ship/vessel cleared through GIFTIFSC.

Mr. 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 leasinglandscapeinIndia.Thisevent highlights the immense potential for growth and investment in the maritime sector from Indian shores, positioningGIFTCityasadestination of choice for both domestic and international players seeking to capitalise on India’s ship leasing and financingopportunities.”

Shoumik Bose, Promoter and CEOofRipleyGroup, said, “We are pleased to embark on this journey from GIFT IFSC with the first ship leased.Weareveryexcitedaboutthe trade-friendly regulations and the red carpet welcome by IFSCA, which was well-supported by SAFAL committee recommendations. The fast-track approvals from the SEZ Department and GIFT City authorities have ensured the timely completionoftheentiretransaction. We are thankful to the authorities and everyone at GIFT SEZ and IFSCA for all the support accorded to us. We are looking for more vessels/ships to be leased/chartered fromourGIFTIFSCunit.”

Ripley Group has a presence in various parts of the world, including India,UAE,andSingapore.

Each year, India is estimated to payaboutUSD75billionforseaborne freighttoforeignshippingcompanies. With the promotion of ship leasing and financing business from GIFT IFSC, India is poised to set a new benchmark in this segment inthetimetocome.