Ship Leasing Sets Sail From GIFT IFSC, First  Ship Leased

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Ship Leasing Sets Sail From GIFT IFSC, First  Ship Leased.Ripley Shipping India IFSC Private Limited (‘RSIIPL’), which received a certificate of registration from the 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 and leased the first ship/vessel from 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. The length overall (LOA) of the vessel is 225 meters and the width is 32.26 meters. This is the first ship/vessel cleared through GIFT IFSC.

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 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 capitalise 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. We are very excited about the 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 completion of the entire transaction. 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 from our GIFT IFSC unit.” Ripley Group has a presence in various parts of the world, including India, UAE, and Singapore.

Each year, India is estimated to pay about USD 75 billion for seaborne freight to foreign shipping companies. With the promotion of ship leasing and financing business from GIFT IFSC, India is poised to set a new benchmark in this segment in the time to come.

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