Page 5 - Logistics Sector

All-Indian crew on container ship that collided with Baltimore bridge

The entire 22-member crew of the cargo ship that struck a major bridge in Baltimore early Tuesday, causing it to snap and plunge into the river below are Indians, the company said. The Singalpore-flagged container ship "Dali" collided with one of the pillars of the Francis Scott Key Bridge in Baltimore at approximately 1:30 am local time. According to the vessel information provided by the Synergy Marine Group, the crew was All Indian, 22 in total. The "Dali" has a capacity of 10,000 TEU and onboard Units: of 4,679 TEU. Grace Ocean Private Ltd owns the vessel and the ship's movement was outbound from Baltimore to Colombo. Owners and managers of the Singapore-flagged container ship DALI report that the vessel collided with one of the pillars of the Francis Scott Key Bridge, Baltimore, whilst under pilotage with two pilots onboard, at approximately 01:30 local time on March 26, ship management company Synergy Marine Group said in a statement. It said: All crew members, including th

'IAF's Gagan Shakti exercise from Apr 1, Army providing logistical support'

The Indian Air Force's 'Gagan Shakti' mega exercise is slated to be held over 10 days starting April 1, encompassing both western and northern fronts, sources said on Tuesday. Fighter planes and helicopters taking off from different parts of the country will "engage pseudo targets" at Pokhran Field Firing Ranges in Rajasthan during the massive exercise held every five years, the sources in the defence establishment said. Ahead of 'Gagan Shakti 2024', the Indian Army has been involved in providing logistical support to the IAF in the true spirit of "achieving synergy in various domains", they said. The exercise "encompassing both the western and northern fronts" is scheduled to be conducted from April 1-10, they said, The Army has facilitated a "comprehensive pan-India move of approximately 10,000 IAF personnel" and ammunition to validate the Operational Rail Mobilisation Plan (ORMP) aspects of the IAF, the sources said. "This involved formulation and facilitation of rail move plan

Cabinet approves inter-governmental agreement between India-UAE on IMEC

The Union Cabinet on Wednesday approved an inter-governmental framework agreement between India and the United Arab Emirates on cooperation for the India-Middle East Europe Economic Corridor. The aim of the inter-governmental framework agreement (IGFA) is to enhance the bilateral ties and further strengthen the relations between the two countries in ports, maritime and logistics sectors, an official statement said. IGFA includes areas of cooperation with the objective of exploring the further potential of future joint investment and collaboration with respect to the development of the India-Middle East Europe Economic Corridor (IMEC). The agreement contains a detailed framework for cooperation between the two countries. The cooperation will be based on a set of mutually agreed-upon principles, guidelines and agreements, consistent with the relevant rules and regulations of the countries' jurisdiction.

CBIC issues circular to encourage women participation in logistics, trade

The Central Board of Indirect Taxes and Customs (CBIC) has asked field offices to support in upskilling women logistics service providers and custom brokers as well as for custodians of freight stations to ensure safe and secure working environment. The CBIC has issued two circulars coinciding with International Women's Day on March 8. One relates to encouraging women participation in international trade, while the other is on inclusion of gender specific infrastructure facilities to be provided by the custodians of Inland Container Depot (ICD), container freight station (CFS) and Air Freight Stations (AFS). "It has been decided that in addition the existing infrastructural facilities as provided by the custodian CFS/AFS/ICD -- following gender specific infrastructure facilities may also be encouraged for inclusiveness of women participation," it said. The CBIC said gender responsive infrastructure at the logistics facilities, including sufficient lighting, panic buttons, should be

Indian logistics market to grow at 8.8% annually to $484 bn by 2029: Report

Indian freight and logistics market is estimated to grow at 8.8 per cent annually to USD 484.43 billion by 2029 from USD 317.26 billion in 2024 due to technological advancement, as per a report released at logistic fair LogiMAT India. LogiMAT India 2024, the satellite show of Europe's biggest intralogistics exhibition LogiMAT Stuttgart, is organised by Messe Stuttgart India Pvt Ltd on February 28-March 1 at India Expo Mart. According to a statement, the integration of cutting-edge technologies and advancements in intralogistics, automation, warehousing, and transportation management heralds a transformative era for the logistics sector in India. Indian freight and logistics market is poised for remarkable growth. LogiMAT India 2024 projections indicate a surge in market size to USD 317.26 billion by 2024, with a projected CAGR of 8.83 per cent, catapulting it to USD 484.43 billion by 2029. This surge not only signifies robust economic expansion but also holds the promise of ...

Messe Stuttgart expects deals worth $500 million at LogiMAT India

Business deals worth USD 500 million (around Rs 4,148 crore) are expected to be sealed at the three-day international logistics fair international logistics fair, LogiMAT India 2024, which started on Wednesday, organiser Messe Stuttgart India said. The LogiMAT India, a satellite show of the globally renowned LogiMAT Stuttgart, is aimed at transforming the landscape of the Indian logistics industry, a statement said. A staggering USD 500 million deals or transactions are expected at LogiMAT India, showcasing the robust business environment and potential for growth within the logistics sector, the statement said. India's logistics sector, employing nearly 22 million people and valued at USD 215 billion, plays a crucial role in the nation's economy. Positioned strategically, the LogiMAT India aligns with initiatives such as the National Logistics Policy and GatiShakti, aiming to enhance efficiency and reduce logistics costs. By bringing together the industry under one roof, LogiMAT

Logistics firm Shadowfax raises $100 million in TPG-led funding round

The company declined to disclose the valuation at which it raised the funds. It was last valued at $632 million, as of April 2022, per data from investment tracker Tracxn

Allcargo Supply Chain to add 3 mn sq ft of warehousing space in 2-3 yrs

Allcargo Group's logistics arm Allcargo Supply Chain Private Limited (ASPL) on Monday said it aims to add a 3 million square feet of warehousing space in the next two-three years as part of its expansion plan. Currently operating with 6 million sq ft of space, the company said in the initial phase of expansion, it plans to begin from the north and south regions. ASPL has warehouses spread across more than 80 locations in India. The company said its nationwide expansion plan includes the establishment of standardized warehouses equipped with cutting-edge facilities. These warehouses will cater to all sectors, with ASPL's client distribution comprising 25 per cent from the chemical sector, 30 per cent from e-commerce, 25 per cent from auto engineering, and 15 per cent from other verticals, it said. "Our expansion plan is not just about increasing square footage; it's about strengthening our capabilities to better serve our clients. "With modern infrastructure and advanced Warehouse

Allcargo Logistics Q3 results: PAT down 88% at Rs 17 cr, revenue falls 22%

Allcargo Logistics Ltd on Tuesday reported an 88 per cent decline in consolidated Profit After Tax (PAT) to Rs 17 crore in the December quarter. The company had posted a consolidated PAT of Rs 146 crore in the year-ago period, Allcargo Logistics said. Revenue from operations in the third quarter of the ongoing fiscal fell 22 per cent to Rs 3,212 crore from Rs 4,127 crore a year ago, the company said. The company's Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at Rs 111 crore during the quarter under review as against Rs 253 crore, registering a 56 per cent decline, it said. The company said it expects the global trade to revive in the second half of 2024. In the near term, Red Sea crisis has taken out some capacity from the market, leading to a balance against subdued demand, which should have marginal positive impact in the June quarter, Allcargo said. It also said the company has undertaken major cost reduction initiatives that will help signific

Logistics' cost structure biggest challenge for e-commerce: Flipkart CEO

E-commerce in India is at a nascent stage and cost structure of logistics is the biggest challenge for the segment, a top official of Flipkart said on Tuesday. Speaking at Walmart Growth Summit, Flipkart CEO Kalyan Krishnamurthy said the government has simplified taxation and adopted ease of doing business as a strategy, which is one of the factors driving growth of the e-commerce segment. "One of the biggest challenges for e-commerce alone to solve is the cost structure of logistics. India, in general is a low ticket price market. Whenever we are able to get to further (lower logistics) cost structure, is when we will be able to further increase the penetration in commerce," Krishnamurthy said. The e-commerce company has plans to transition its delivery fleet to electric vehicles by 2030. Krishnamurthy said the e-commerce penetration in India is around 7-8 per cent compared to retail but in some product categories like electronics, it is high. "Tax simplification used to be one o

Sumadhura Group leases warehousing space to Zomato in Bengaluru

Sumadhura Logistics Park marks the company's entry into the ever-expanding logistics sector, catering to the growing demand for top-notch warehousing solutions in Bengaluru and surrounding areas

Logistics firm V-Trans India Ltd targets Rs 3,000 cr turnover by 2026

Logistics firm V-Trans (India) on Thursday said it is targeting a turnover of Rs 3,000 crore by 2026. The company also said it had outlined a comprehensive strategy focusing on surface transport and leveraging technology for sustainable profitability. As part of the growth plan, the company said it will prioritize growth in its core competence area, surface transport, while also expanding its multimodal logistics operations, including air and road combinations. In the full truckload (FTL) segment V-Trans aims to capitalise on the USD 120 billion market and look to capture a more significant share by enhancing its presence in this lucrative segment, it said. Also, with 30 per cent of overall revenue coming from northern India, V-Trans will make substantial investments in expanding branches, warehouses, and infrastructure in this region, the company said, adding that it plans further expansions by opening new branches in tier 3 and 4 tier cities of eastern and western UP, Uttarakhand

VECV, ITC partner to promote sustainable mid-mile logistics solutions

VE Commercial Vehicles on Monday said it has tied up with GMCG major ITC to promote sustainable and environment-friendly mid-mile logistics solutions. As part of the collaboration, ITC, through its vendor partners, will progressively deploy over 100 units of the 5.5-tonne electric vehicle, the Eicher Pro 2055 EV, for mid-mile transportation from ITC warehouses to customer locations. "This is very much in line with VECV's idea of providing modern solutions for modern logistics, focused on higher productivity and efficiency," VE Commercial Vehicles (VECV) MD and CEO Vinod Aggarwal said in a statement. ITC Ltd Divisional Chief Executive (Trade Marketing and Distribution) Sandeep Sule said building agile, resilient and green supply chains is an integral part of the company's next strategy which is aimed at shaping the next horizon of growth and structural competitiveness. "Towards this, we are partnering with various stakeholders for the deployment of EVs in end-to-end logistics ...

Delhivery Q3 results: Logistics major turns profitable with Rs 11.7 cr PAT

Delhivery's revenue from operations stood at Rs 2,194 crore in Q3 FY24, up 20 per cent year-on-year (Y-o-Y) from Rs 1,822 crore in Q3 FY23

Delhivery Q3 results: Logistics firm turns profitable, revenue jumps 21%

Consolidated profit for the three months ended Dec. 31 was Rs 11.71 crore ($1.41 million) compared with a loss of Rs196 crore a year earlier, the company said in an exchange filing

Landmark Indo-Pacific supply chain pact to come into force on February 24

The US on Thursday announced that a landmark agreement on supply chain resilience under the Indo-Pacific economic framework involving 14 partner nations, including India, Japan and Australia, will come into force on February 24. US Commerce Secretary Gina Raimondo said the pact will facilitate a collaborative approach to strengthen supply chains and prevent potential disruptions. The US Department of Commerce said the Indo-Pacific Economic Framework for Prosperity (IPEF) agreement relating to supply chain resilience will enter into force on February 24. The agreement is aimed at coordination among the IPEF partners on building resilient, efficient, productive, sustainable, transparent, diversified, secure, fair, and inclusive supply chains. "This is a critical step in bringing the landmark, first-of-its kind agreement into action and promoting coordination among the IPEF partners on building resilient, efficient, productive, sustainable, transparent, diversified, secure, fair, and

As demand for fast deliveries surge, industry struggles on EV transition

All of this comes with a hefty climate footprint. FedEx Corp., United Parcel Service Inc. and DHL Group

Mahindra Logistics Q3 results: Loss at Rs 17.41 crore, expenses jump 6%

During the quarter, a 6% jump in total expenses to 14.13 billion rupees outweighed a 5% rise in revenue to 13.97 billion rupees

Customs 2.0 in offing, to provide fully automated stakeholder service: Govt

Revenue Secretary Sanjay Malhotra on Saturday said the customs department is developing a fully automated trade interface system, Customs 2.0, which would also help in improving its score in the World Bank's ranking. Speaking on the International Customs Day 2024 celebrations, organised by the Central Board of Indirect Taxes and Customs (CBIC), Malhotra said technology is going to be the main driver in improving customs processes. The World Bank's Logistics Performance Index 2023, which was released in April last year, had ranked Customs processes at 47th spot, down from 40th position in 2018. "India is on course to become the third largest economy surpassing GDP of USD 5 trillion. Yet we are ranked 47th out of 139 countries in the World Bank report'. There is a huge scope for improvement for us not only in terms of score but also in terms of ranking, Malhotra said. He said the systems division in Customs is preparing for a Customs 2.0 to ensure that all processes in customs and wi

Industrial and logistics space demand hit record in 2023: CBRE report

The consultant noted that diverse industries, including e-commerce, retail, and manufacturing, chose to outsource their supply chain operations to 3PL firms