New Delhi, Oct 7 : Union Shipping and Road Transport Minister T. R. Baalu today said 400 more ships will be introduced in the next five years to augment the existing fleet.

While addressing a global conference on shipbuilding industry in New Delhi today, he said, “Commissioning of new facilities will change the face of the Indian shipbuilding industry.”

“The unprecedented increase in global trade during the past few years has fuelled the demand for more and more ships,” said Baalu, adding that demand and supply gap has been widening and shortage of vessels in all the segments worldwide has resulted in sharp increase in freight rates.

The Shipping and Transport Minister also said that the government is planning to set up Indian Maritime University to promote higher learning in marine and shipbuilding sectors. (ANI)