In a move to strengthen India’s energy security, Shipping Corporation of India Ltd (SCI) has signed a Memorandum of Understanding (MoU) with three state-owned refiners to jointly operate a fleet of crude oil tankers.

Under the MoU, SCI, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Indian Oil Corporation Ltd (IOCL) plan to acquire, own, operate, and manage vessels collectively, according to SCI’s regulatory filing.

“These vessels will be used for international trade as well as coastal transport of petroleum, petroleum products, petrochemicals, and other hydrocarbon cargoes,” SCI stated.

The collaboration is intended to support the government’s vision of Atmanirbhar Bharat, enhance India’s shipping capacity, and improve the nation’s energy security. It is part of a broader initiative by the Ministry of Ports, Shipping and Waterways (MoPSW) and the Ministry of Petroleum and Natural Gas (MoPNG).

As of 1 July 2025, SCI owned a fleet of 57 vessels, including 18 crude oil tankers, 15 bulk carriers, 11 product tankers, 10 offshore vessels, two container vessels, and one gas carrier.

In the crude and product oil tanker segments, SCI serves public sector clients such as IOCL, BPCL, HPCL, MRPL, CPCL, and ONGC, as well as private companies including Reliance, Nayara, and Cairn Energy. Major international clients include Shell, BP, Chevron, Koch, Marubeni, Vitol, and Trafigura.