BCSL is backed up by private-public investment, and to this end, an MoU was signed with the Shipping Corp of India (SCI), Container Corp of India (CONCOR), Jawaharlal Nehru Port Authority, VO Chidambaranar Port Authority (VOCPA), Chennai Port Authority, and Sagarmala Finance Corp Ltd (SMFCL), under the support of the Ministry of Ports, Shipping and Waterways.
SCI is expected to handle chartering and vessel operations, and CONCOR will deploy its land logistics network to move freight to and from ports. The aim of the shipping line is to reduce reliance on foreign cargo ships.
Initial routes for BCSL are expected to include Asia, West Asia, and the Red Sea, with routes at a later date expected to expand to include Europe, Africa, and the Americas.
Media reports have quoted Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal as saying, “The Bharat Container Shipping Line will anchor India’s container trade in Indian hands and play a multiplier role in strengthening our strategic and commercial presence in global maritime trade.”
Start dates and vessel delivery schedules have not yet been announced.
Alongside the BCSL agreement, another MoU has been signed between VOCPA, Indian Railway Finance Corp Ltd, and SMFCL to finance the Outer Harbour Project at VOCPA, Tuticorin, and boost India’s port infrastructure. VOCPA is the third-largest container facility in the country.
