Marine

$100 mn marine insurance pool on cards for vessels sailing via war zones

Indian insurers plan $100 million marine insurance pool to cover war risks for ships amid West Asia conflict, with possible government support and rising premiums

Strait of Hormuz opens to ships but marine covers to stay pricey

Insurance brokers say war-risk premiums will remain elevated as uncertainty persists in West Asia despite Iran allowing passage for non-hostile vessels through Hormuz

Govt to expedite maritime insurer plan amid rising West Asia conflict

ShipMin and DFS are in talks to set up a domestic P&I club as West Asia tensions push up marine insurance costs for shipping lines and exporters

GIC Re withdraws marine cargo war cover for facultative contracts

State-owned reinsurer GIC Re withdraws marine cargo war cover for facultative reinsurance contracts in several high-risk maritime zones amid rising tensions near the Strait of Hormuz

Global reinsurers scrap marine hull war cover amid West Asia tensions

Several global reinsurers, including GIC Re, have withdrawn marine hull war cover as West Asia tensions escalate, sharply increasing premiums and raising operational risks for exporters

ONGC, RIL join hands to share resources for deepwater ops on East Coast

The companies would share onshore and offshore processing facilities, drilling rigs, marine vessels, power, pipelines, logging and well services, among other resources

Centre announces new deep-sea fishing rules to empower small fishers

The revised norms seek to tap high-value tuna resources that remain largely underutilised, even as neighbouring countries harvest them extensively in the Indian Ocean region

Na-Ranong dynasty seeks $100 mn for rare deep-water marina in Phuket

A scion of the clan is leading the sale of a 138,000 square meter deep-water marina on the Thai island that was one of the key filming locations for season three of The White Lotus

India to launch e-observer system for remote monitoring of fishing: Govt

Union Fisheries Secretary Abhilaksh Likhi on Monday said the central government will soon come up with an onboard electronic observer system for remote monitoring and recording of marine fish catch. This is aimed at providing accurate scientific data for stock assessment and management by monitoring fishing operations across various vessel types, he said. Likhi highlighted India's efforts to strengthen its fisheries data management system while inaugurating a five-day global workshop on species identification organized by the Indian Ocean Tuna Commission (IOTC) and Fishery Survey of India (FSI) here. According to him, electronic monitoring and efficient data collection on tuna and tuna-like fish catches and fishing activities are critical to improve the management of these fisheries in accordance with the IOTC guidelines, which mandates observer coverage and electronic monitoring. The e-observer is being developed by the FSI, under the Fisheries Ministry. Apart from a conservation

Knowledge Marine surges 25% in 2 days; what's driving this microcap stock?

Shares of Knowledge Marine & Engineering Works rallied 17 per cent to Rs 2,189.95 on the BSE in Friday's intra-day trade.

European Union approves 102 more Indian marine product units for exports

The European Union (EU) has approved 102 additional marine product units from India for exports, making them eligible to supply to the bloc, which is the country's second-largest seafood export destination, an official said on Tuesday. With this, a total of 604 Indian units are listed by the EU. "The move would help boost India's seafood exports to the EU. It is expected to help increase our seafood exports by about 20 per cent," the official said. In 2023-24, India's seafood exports to the EU stood at USD 1.1 billion. The development is also important for diversifying India's shrimp exports, which are hit hard by a steep 50 per cent tariff imposed by the US. The official said that listing of these units by the EU was a long pending demand of India. The US, EU, China, Japan, Vietnam and Thailand are major seafood export destinations of India. "The listing is a key development to boost our exports. This also reflects that our units are maintaining high standards," the official ..

BEML, HSL sign MOU to advance next-gen marine engineering capabilities

BEML Limited, a Schedule 'A' public sector enterprise under the Ministry of Defence, on Friday said that it has entered into a strategic MoU with Hindustan Shipyard Limited (HSL) to collaborate on the co-creation of advanced marine systems-encompassing innovation, indigenous design, manufacturing, and end-to-end lifecycle support. The memorandum of understanding was formally exchanged at BEML's Delhi office today. "This strategic collaboration is set to unlock global-standard capabilities in marine infrastructure and shipyard logistics through the co-development of these advanced engineering systems. These technologies are critical for supporting both defence and commercial maritime operations," BEML Ltd said in a statement. Commenting on the partnership, Shantanu Roy, CMD of BEML Ltd, said: "This collaboration with HSL marks a defining moment in BEML's expansion into the marine sector. It is a strategic convergence of two national institutions committed to engineering excellence, .

High Seas Treaty: 18 new countries pledge support, take total to 49

Eighteen countries ratified the High Seas Treaty on Monday, bringing the total to 49 just 11 short of the 60 needed for the ocean agreement to enter into force. The surge in support, occurring during the UN Ocean Conference in Nice, France, adds momentum to what could become a historic shift in how the world governs the open ocean. Here's what the treaty is, why it matters and what happens next. What is the High Seas Treaty Formally known as the Agreement on Biodiversity Beyond National Jurisdiction, the High Seas Treaty is the first legally binding agreement focused on protecting marine biodiversity in international waters. These waters, which are beyond the jurisdiction of any single country, make up nearly two-thirds of the ocean and almost half the surface of the planet. Until now, there has been no comprehensive legal framework to create marine protected areas or enforce conservation on the high seas. Why is it needed Despite their remoteness, the high seas are under growin

India's marine exports jump 18% in April amid US tariff clouds

Price escalation due to the baseline tariff of 10 per cent imposed by the US on all exports from India will be adjusted by the market in the next few months, a senior official said

Synergy among countries needed for mariners' safety: Coast Guard official

A senior Coast Guard official has said synergy among friendly countries is necessary for the "common and global cause" of the safety of mariners at sea. V Anbarasan, Chief of Staff, Coast Guard Region (West), also emphasised the importance of Search and Rescue (SAR) coordination training, speaking after presiding over the valedictory ceremony of the 'MRCC OPS & SAR' course here on Saturday. MRCC stands for the Maritime Rescue Coordination Centre. "He highlighted the need for enhanced collaborative and continued synergy towards fostering the linkages amongst various friendly foreign countries and for the common and global humanitarian cause for the mariners' safety at sea," an official statement said. The week-long international course on 'MRCC OPS & SAR' was held for a total of 22 trainees from six foreign countries -- Bangladesh, Maldives, Myanmar, Oman, Seychelles and Sri Lanka. The course is conducted annually by the MRCC, Mumbai, of the Coast Guard Regional HQs (West) ...

Rolls-Royce, Triveni Engineering to explore marine gas turbine ventures

Triveni Engineering & Industries Ltd on Thursday said it has signed an initial pact with Rolls-Royce Marine North America Inc to explore opportunities in 4MW marine gas turbine generators. In a regulatory filing, Triveni Engineering & Industries said it has signed a Memorandum of Understanding (MoU) with Rolls-Royce Marine North America Inc to "explore opportunities to collaborate on programmes for 4 MW marine gas turbine generators (GTG) for customers in India." "Rolls-Royce has a proven track record of powering some of the world's most advanced naval platforms, including the US Navy's DDG-51 destroyer," said John Shade, EVP for US Business Development and Future Programmes, Rolls-Royce Defence. Shade further noted that "India is a key strategic growth market for Rolls Royce and we are confident that our industry-leading marine gas turbine generators are an ideal choice to power the Indian Navy's future fleet." This would include several key areas including design, ...

Climate solution: Sails make comeback in shipping, to dent carbon footprint

Had he continued working aboard fuel-powered cargo ships, Yann Jourdan reckons he'd be earning perhaps four times what he now gets as captain of a sailboat that instead uses the wind's clean energy to transport goods across the Atlantic. But the hit to Jourdan's pay is buying him peace of mind. When his 3-year-old son, Marcel, grows up, the burly French mariner wants to be able to explain what he did to make a dent in the the shipping industry's huge carbon footprint. The international merchant fleet of more than 100,000 ships transports more than 80% of global trade. But it's also responsible for about 3% of global greenhouse gas emissions. Without a quick switch from dirty fuels to cleaner energies, its pollution is forecast to soar. Mariners pushing for wind power say investors used to view them as something of a joke. But as they pioneer a comeback for sail-powered cargo ships, they're having the last laugh. It's our job to prove that it's possible, Jourdan said aboard the new

Marine heat causes record-high coral bleaching in Lakshadweep Sea

In Lakshadweep, the Degree Heating Week (DHW) indicator, which measures accumulated heat stress, has surged above 4 °C-weeks

A sense of collective achievement prevailed, says L&T's S V Desai

S V Desai, whole-time director & senior executive vice-president (civil infrastructure), L&T, talked about the challenges and learnings from executing India's longest sea bridge