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Amendment to SD Circular No. 1 of 2004 - Guidelines for Grant of Licence for Contract of Affreightment (COA). Indian tonnage in COA contracts.National Shipowners Association Contract of Affreightment (COA) charterers of foreign flag vessels
Applicable to:
Indian shipowners, charterers, and stakeholders
Effective Date:
26th July, 2010
Superseded Circulars:
SD Circular No. 1 of 2004
Key Changes and Requirements
1. Amendment to COA Guidelines
The previous requirement of Indian shipowners owning 1/3rd of the required tonnage has been amended to encourage greater participation in COA contracts.
- New Tonnage Requirement: Indian shipowners can now charter foreign flag vessels up to 5/6th of the total requirement, provided they own at least 1/6th of the tonnage. If they do not own 1/6th, they lose the "right of first refusal".
Note
This amendment aims to increase Indian shipowners' participation in COA contracts.
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