The Shipping Corporation of India (SCI) has signed a Memorandum of Understanding with Indian Oil Corporation, Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) to jointly develop and operate a fleet of vessels.

Under the collaboration, the companies will acquire, own, operate, and manage ships for international trade as well as coastal transport of petroleum, petroleum products, petrochemicals and other hydrocarbon cargoes, SCI stated in a filing on Saturday.

This initiative, backed by the Government of India through the Ministry of Ports, Shipping and Waterways and the Ministry of Petroleum and Natural Gas, is designed to strengthen domestic shipping capacity, enhance energy security, and support the vision of Atmanirbhar Bharat by promoting self-reliance in maritime logistics.