Tata NYK Shipping Pte. Ltd., based in Singapore, and the Shipping Corporation of India have formalized an agreement at the Global Maritime India Summit 2023 in Mumbai. This Memorandum of Understanding (MoU) outlines their collaboration in vessel chartering, the exploration of long-term shipping solutions for the Indian market, and the initiation of a bio-fuel trial on SCI’s kamsarmax bulk carrier vessel. Both SCI, a ‘Navratna’ public sector enterprise under the Government of India, and Tata NYK, a 50:50 joint venture between Tata Steel and NYK Line, view this MoU as a crucial step towards enhancing EXIM trade in India’s thriving market and reducing carbon emissions in shipping through alternative fuels.