Industry experts and stakeholders made
the remarks during a workshop on ‘Challenges
and Prospective Solutions on Financing and Insurance in the Shipping Sector’
— organised by the Ministry
of Ports, Shipping, and Waterways (MoPSW).
The statement said the various issued
taken up during the workshop included the need to obtain long-term cargo
contracts and visibility to enhance domestic tonnage and domestic shipbuilding.
The stakeholders discussed the need to
bring in an Indian P&I (Protection and Indemnity) club to address some
critical needs of the shipping sector, it added.
The overall aim, the statement said, will be to
provide a competitive P&I cover for Indian ships and cargos.