India’s evolving shipping landscape: How Tanker and Dry Bulk markets have transformed over the last five years

Five years ago, India’s shipping sector was defined by pandemic-driven disruption. From volatile freight markets to severe operational constraints, both tanker and dry bulk segments were navigating historic uncertainty. Today, the landscape looks markedly different. Rising demand, shifting trade routes, and a more predictable operating environment have reshaped the market, creating new opportunities (as well as new pressures) for clients and brokers alike.

We sat down with brokers from Clarksons’ New Delhi office to get their perspectives on how the market has evolved, what clients are most concerned about, and how Clarksons is helping guide them through today’s complex global environment.

Market transformation

According to Amit Mehta (Managing Director, Deep Sea Tankers, Clarksons India) the tanker market has seen a significant upturn since 2022: 

He attributes this shift to rising crude imports, expanded refining capacity and major changes in global trade flows, noting that the influx of Russian crude has played a pivotal role in particular. Tighter tonnage supply, improved chartering activity, regulatory shifts, and constrained fleet growth have further strengthened the market. While geopolitical tensions and green regulations remain challenging, Mehta says overall sentiment is far more optimistic and resilient than it was three years ago.

In the Dry Bulk sector, Saurabh Malhotra (Divisional Director, Dry Cargo, Clarksons India) describes an equally significant shift – but in a different direction: “The dry bulk market in 2025 was far more stable compared to the boom-and-bust chaos of the COVID years. During the pandemic, extreme port congestion and disrupted supply chains stretched ton-miles and pushed rates to unprecedented levels. Today, the market has settled, with steady rates and modest demand, even as fleet growth continues at a gentler pace.”

Malhotra also highlights the structural shift in industry competition over the last few years. With more operators now in the market, he notes that Head Owners are increasingly favouring time charters, prioritising hire security and stability. 

Changing client focus

Mehta continues to explain how the team is seeing several new priorities emerge amongst today’s tanker clients: “Clients are closely tracking freight market swings, sanctions-related risks and the redirection of trade flows, especially toward Asia. Environmental compliance, particularly with CII and EEXI regulations, is top of mind.” He adds that many are exploring longer-term charter options for greater stability, while vessel reliability and availability remain key concerns in a tight tonnage environment.

Moving over to the Dry Bulk desk, Malhotra explains that today’s client conversations are mainly focusing on geopolitics — specifically Red Sea unrest, regional tensions across Asia, and instability in Eastern Europe: “These disruptions continue to affect trade routes, increase transit times, and raise freight costs, making risk management a central concern for charterers and operators alike.” He noted that macroeconomic uncertainty is also weighing heavily on clients: “Equally important is the ongoing uncertainty around U.S. tariffs and trade policy… these could impact cargo flows, commodity pricing, and global trade balances.”

The result of these developments? Charterers need strategic insight alongside freight guidance to make the most informed decisions:

Stronger through collaboration

Despite the differences between the tanker and dry bulk markets, both teams operate with a shared philosophy: speed, intelligence, and global coordination. Mehta highlights the importance of cross-office collaboration for the Tankers team: “We regularly collaborate with our colleagues in Singapore, Dubai, and London. This coordination helps us monitor vessel availability, leverage cross-regional arbitrage, and align on key client needs.” This global connectivity ensures Clarksons New Delhi can deliver a broader market coverage and more responsive service.

The Dry Bulk desk also relies on strong international ties, particularly with Clarksons teams in Dubai, Singapore and Shanghai. These relationships allow the New Delhi brokers to react quickly to shifting conditions and maintain a competitive edge. Within the office, both teams emphasise a culture built on trust, expertise and mutual support. As Mehta puts it: “Our team thrives on a blend of deep expertise and fresh perspective. We operate with speed, share intel constantly, and back each other fully.”

Navigating the next phase of growth

Positioned at the heart of global trade flows and India’s accelerating economy, Clarksons’ New Delhi office remains committed to delivering clarity, value, and market leadership. The team’s combined insight ensures clients are supported today and well-prepared for tomorrow.

If you have a project in India which requires regional insight, or if you are interested in pursuing new opportunities in India, contact the team today.

Tankers | Amit Mehta

Dry Cargo | Saurabh Malhotra