New rules on Right of First Refusal announced by Ministry of Shipping

New rules on Right of First Refusal announced by Ministry of Shipping

The new rules on Right of First Refusal (RoFR) have been announced by the Director General of Shipping, which clearly stated that Indian built, Indian flagged and Indian owned ships will get top priority when State-owned firms and government departments float tenders to hire ships for hauling cargo or for dredging and offshore oil exploration support services. Foreign built, Indian flagged and Indian owned ships will get second preference; while Indian built, foreign flagged and foreign owned vessels will be third in order of priority. All existing Indian flag vessels (regardless of whether they are built overseas) up to the date of issue of the new circular on RoFR will be treated as Indian built, flagged and owned vessels and accorded first priority under the new RoFR norms. This is the key part of the new rules.
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