Page 2 - Freight

Sunflower oil imports to falter as Red Sea attacks lift freight costs

The world's biggest sunflower oil buyer typically sources most of its imports from the Black Sea region via the Red Sea

Shipping firms brace for vigilance, price shocks over Red Sea situation

Ocean freight 10% costlier, shippers brace for further setback

Waltair Division breaks Nov loading records, crosses 1,700 loading barrier

The Waltair Division is one of three railway divisions in the East Coast Railway zone. In 2020-21, the division loaded 61.17 million tonnes

Railway ministry raises freight rates for transportation of automobiles

Short-distance rates see major rise in modern auto-carrier wagons

Why Indian Railways needs to evolve new business plan and revisit pricing

The Railways' profitable freight business is losing ground to the competition, while meeting pent-up passenger demand will mean more losses, notes T N Ninan

Agile policy helped increase freight earnings by Rs 2,706 cr: Railways

The Indian Railways achieved freight loading of 758.2 MT between April and September as against the 736.68 MT recorded in the corresponding period last year, which is an improvement of 21.52 MT. "Railways have earned Rs 81,697 crore against Rs 78,991 crore over the last year, which is an improvement of approximately Rs 2,706 crore as compared to the same period of the last year," the railway ministry said in a statement. "During the month of September 2023, originating freight loading of 123.53 MT has been achieved against loading of 115.8 MT in September 2022, which is an improvement of approximately 6.67 per cent over the last year," it added. The increase in freight loading has translated into an increase in the railways' revenue as it achieved freight revenue of Rs 12,956.95 crore in September 2023 as against the Rs 12,332.7 crore freight earnings in September 2022, thereby showing an improvement of about 5.06 per cent. "Indian Railways achieved loading of 59.7 MT in coal, 14.2

Govt exempts 5% integrated GST on ocean freight imports from October 1

The government has exempted payments made for goods imported through ocean freight from 5 per cent integrated GST with effect from October 1. The Finance Ministry has notified changes to the IGST Act with regard to payment of integrated GST on 'ocean freight' on imported goods with effect from October 1. Currently, importers are required to pay 5 per cent GST under the Reverse Charge Mechanism. KPMG Indirect Tax Head & Partner Abhishek Jain said the amendments proposed are aligned with the apex court's ruling in the case of Mohit Minerals and help explicitly mention the government's alignment to the position. "While this has been issued prospectively, the industry has been seeking and successfully claiming refund of taxes already paid for the past period, where credit has not been availed," Jain added. Giving its ruling in the Mohit Minerals case, the Supreme Court in May last year had held that since the Indian importer is liable to pay IGST on the 'composite supply', comprising

Railways achieve freight loading of 634.66 MT between Apr 1 and Aug 31

In the same period, Cement loading is 63.29 MT over 59.44 MT achieved in the corresponding period of last year, which shows growth of 6.48 per cent, Northern Railways said

Top headlines: Rail freight's 1st dip after Covid, Kharif sowing falls 9%

Business Standard brings you the top headlines at this hour

Air India mulls inducting freighters to scale up its cargo business

Air India does not currently have any freighters, unlike IndiGo and SpiceJet; all the cargo it transports is carried in the belly space of its passenger planes

Railways introduces HSN codes to stem losses from commodity transport

It's a bid to stem losses from misdeclaration of goods

Taking a look at some high-frequency indicators for January-February

CEA V Anantha Nageswaran had said that to get to 7 percent GDP growth in FY23, the January-March quarter will have to register a 5.1% real GDP growth

Railway freight rises 3.5% in Feb; thermal coal volumes increase 8%

According to sector watchers, the numbers suggest that the railways will comfortably meet its budgeted target of 1475 Mt in the current fiscal year

IBS Software acquires Accenture Freight & Logistics team for unknown sum

Deal will boost IBS leadership as a tech provider to airfreight industry, is a strategic step towards helping establish the acquirer as an end-to-end player in global freight supply chain

Statsguru: How Indian Railways is coming out of Covid-related disruption

The money earned from carrying passengers is expected to surpass the pre-Covid level this year

Union Budget 2023-24: A great year for Indian Railways, says expert

IR, which stimulates almost all sectors of industries and commerce by transporting raw materials and finished goods, is moving much more BTKMs (Billion Tonne Kms) during and post-pandemic times

Budget 2023-24: Soon, Rs 75K-crore transport connectivity projects

Sitharaman has announced that coastal shipping will be a preferred mode of transport for passengers and freight

Railways looks to get up to Rs 2 trillion from freight operations in FY24

National transporter confident of meeting FY23 revenue target

Indian Railways surpasses its FY22 revenue in nine months of FY23

Ministry expects to end FY23 with earnings of Rs 2.35 trillion

Railways ferries 124-mt freight in Nov, clocks 5% rise since last year

Officials peg FY23 freight between 1500-1550 mt