Seven Islands Shipping opens Dubai unit to boost global market access

27 Nov 2024 CW Team

Warren Pinto, Chief Financial Officer of Seven Islands Shipping, revealed that the subsidiary was set up to enhance access to international markets. He explained that having a presence in Dubai would help the company engage more effectively with global charterers, particularly in North America and Europe, who often require vessels of a specific age to operate in their ports.

Founded in 2002 by Captain Thomas Pinto, Seven Islands Shipping is backed by Fairfax India Holdings Corporation, led by Indian-born Canadian businessman Prem Watsa. Captain Pinto, who now serves as Chairman of the Dubai unit—Seven Islands Shipping International FZE—stepped down as Chairman and Managing Director of the company in April. He continues to serve as a non-executive director on the board.

Explaining the strategy further, Warren Pinto stated that the two transferred vessels were part of a plan to segregate business operations and meet the preferences of global charterers. He added that the company intends to expand its Dubai fleet by acquiring additional vessels to deepen its presence in international markets.

Pinto emphasized Dubai’s advantages, noting its strong ecosystem and proximity to major players such as Abu Dhabi National Oil Company (ADNOC) and Emirates National Oil Company Group (ENOC), which simplify dealings with foreign charterers.

With the transfer of the two Indian-flagged tankers to the Dubai unit, Seven Islands Shipping now operates a fleet of 24 ships.

The move to open the Dubai subsidiary coincides with India’s efforts to attract fleet owners to the International Financial Services Centres Authority (IFSCA) at GIFT City in Gujarat. By offering tax incentives and exemptions, the government aims to boost Indian tonnage and strengthen its maritime sector.

Seven Islands Shipping, India’s second-largest private oil tanker shipping company, has established a wholly owned subsidiary in Dubai, a prominent shipping hub. To facilitate this, the company transferred two of its relatively young medium-range (MR) oil tankers from the Indian flag and registered them under the Marshall Islands flag. This move marked the start of its overseas operations. Warren Pinto, Chief Financial Officer of Seven Islands Shipping, revealed that the subsidiary was set up to enhance access to international markets. He explained that having a presence in Dubai would help the company engage more effectively with global charterers, particularly in North America and Europe, who often require vessels of a specific age to operate in their ports. Founded in 2002 by Captain Thomas Pinto, Seven Islands Shipping is backed by Fairfax India Holdings Corporation, led by Indian-born Canadian businessman Prem Watsa. Captain Pinto, who now serves as Chairman of the Dubai unit—Seven Islands Shipping International FZE—stepped down as Chairman and Managing Director of the company in April. He continues to serve as a non-executive director on the board. Explaining the strategy further, Warren Pinto stated that the two transferred vessels were part of a plan to segregate business operations and meet the preferences of global charterers. He added that the company intends to expand its Dubai fleet by acquiring additional vessels to deepen its presence in international markets. Pinto emphasized Dubai’s advantages, noting its strong ecosystem and proximity to major players such as Abu Dhabi National Oil Company (ADNOC) and Emirates National Oil Company Group (ENOC), which simplify dealings with foreign charterers. With the transfer of the two Indian-flagged tankers to the Dubai unit, Seven Islands Shipping now operates a fleet of 24 ships. The move to open the Dubai subsidiary coincides with India’s efforts to attract fleet owners to the International Financial Services Centres Authority (IFSCA) at GIFT City in Gujarat. By offering tax incentives and exemptions, the government aims to boost Indian tonnage and strengthen its maritime sector.

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