Page 5 - Maritime Sector

India needs its own P&I entity for maritime, says FM Nirmala Sitharaman

Addressing the Global Maritime India Summit 2023, the finance minister said that such an entity would provide greater strategic flexibility to India's shipping operations

Capabilities, legal systems needed for arbitration on maritime sector

Finance Minister Nirmala Sitharaman on Thursday called for developing capabilities and legal systems, so that the country can have an international arbitration centre for the maritime sector. Addressing the final day of the three-day global maritime summit here, the minister said, while there are many Indians working in international arbitration centres in London or Singapore or Dubai, they are all just helping the senior lawyers there and not leading a case. This needs to change and can change, she said. But there is a need to improve and strengthen our arbitration processes and laws so that they meet global standards, the minister said, adding that "when we have developed a system for this we can also have an arbitration centre". On the need to improve financing to the maritime sector, she admitted that despite having a strong balance sheet, banks are not very enthused about funding this sector, largely due to higher risks this sector is associated with. Sitharaman said she is i

34 pacts worth Rs 3.24 trn signed on Day 1 of Global Maritime India Summit

As many 34 agreements worth Rs 3.24 lakh crore were signed on the first day of the three-day Global Maritime India Summit, which was addressed by Prime Minister Narendra Modi through video conferencing. The signing of these pacts underlined the commitment of various stakeholders to transform India into a maritime powerhouse, the shipping ministry said. Besides Modi and Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal, the summit was also attended by Maharashtra Governor Ramesh Bais, Maharashtra Chief Minister Eknath Shinde, the two ministers of state in the Ministry of Ports, Shipping and Waterways (MoPSW) -- Sripad Naik and Shantanu Thakur, officials from the MoPSW, and other stakeholders. "Our prime minister's vision for transformation for transportation has seen radical growth in the coastal and inland waterways," Sonowal said in his speech. "Embarking on a transformative journey towards a brighter maritime future. The rise of 'smart ports' will revolutionize

Rs 80 trillion by 2047: PM Modi's blueprint for improving maritime infra

Amrit Kaal vision for blue economy needed for new world order, says Prime Minister

Global Maritime Summit: VPA inks deals with NHAI, Trion worth Rs 1,400 cr

The Visakhapatnam Port Authority (VPA) on Tuesday entered into agreements with the National Highways Authority of India (NHAI) and Trion Properties to execute projects worth Rs 1,400 crore. The port authority inked these deals at the ongoing Global Maritime India Summit, 2023 in Mumbai. VPA exchanged a memorandum of understanding (MoU) with NHAI. As Part of this MoU, NHAI will develop the existing four-lane road into a six-lane one from convent junction to Sheela Nagar. For this, VPA is spending nearly Rs 500 crore, the port authority said in a press release. Similarly, VPA signed an agreement with Trion Properties to develop convention centres, IT office towers and hospitality facilities at an outlay of Rs 900 crore. Further, the port authority has signed a deal with the Indian Navy to develop more facilities in the outer harbour. VPA has set up a stall at the Global Maritime India Summit, 2023.

JNPA unveils projects worth Rs 8,363 cr at Global Maritime India Summit

The country's premier container port Jawaharlal Nehru Port on Tuesday unveils four key projects worth Rs 8,363 crore during the third edition of the Global Maritime India Summit, which was virtually addressed by Prime Minister Narendra Modi. The four projects are: construction of the fourth container terminal, Phase II at JNPA; upgradation, operation, maintenance, and transfer of Jawaharlal Nehru Port Container Terminal (JNPCT); newly constructed additional liquid berth terminal; and port-based multi-product special economic zone (SEZ). With these projects, the port's container capacity will go up significantly by 35 per cent from 7.7 million TEUs (twenty-foot equivalent units ) to 10.4 million TEUs while the liquid cargo handling capacity is expected to surge by 62.5 per cent, Jawaharlal Nehru Port Authority (JNPA) said. Of the four projects, foundation stone was laid for the construction of fourth container terminal-phase II on PPP (public-private partnership) basis by Bharat Mumb

Global Maritime India Summit 2023: Check date, venue, discussions and more

PM Modi inaugurated the Global Maritime India Summit 2023, which is scheduled to take place from October 17 to 19, 2023. The two-day event will be held at MMRDA Grounds in BKC, Mumbai

Rs 10 trn investment, over 300 MoUs on cards during Maritime Summit

Sonowal said that this is the 3rd edition of the Global Maritime India Summit 2023 before this it was also organized in 2016 and 2021

Adani's new mega port at Vizhinjam can lure world's biggest ships to India

Located near the southernmost tip of the country, the Vizhinjam transshipment container port will allow India to grab a bigger slice of the international maritime trade currently dominated by China

Will foster blue economy, attract capital to propel maritime industry: Govt

The Union Minister was addressing a press briefing ahead of the most awaited maritime event 'Global Maritime India Summit- 2023' of the nation

India's draft resolution on biofuels at MEPC referred to Working Group

India's draft resolution on biofuels at the 80th session of the MEPC of International Maritime Organisation was on Tuesday referred to the Working Group for its consideration and finalisation. The draft Maritime Environment Protection Committee (MEPC) resolution put forward a biofuel certified by the International Certification Scheme to confirm the sustainability aspects in the Life Cycle Assessment guidelines are being assigned a CO2 emission conversion factor as zero. The resolution is aimed at facilitating the uptake of biofuels and reducing GHG emissions and was taken up for discussion in the plenary on Tuesday. India welcomed the decision of the Chair to refer the draft resolution to the Working Group for its consideration and finalisation. "We believe India would be able to reason out our position on the need of this Resolution to encourage uptake of Biofuels," said Ajithkumar Sukumaran, Chief Surveyor-cum-Additional Directorate General, Ministry of Shipping, representing In

IMO to impose levy on shipping firms failing to cut down GHG emissions

The International Maritime Organisation will impose a levy on companies that fail to cut down greenhouse gas (GHG) emissions in the shipping industry, Secretary-General Kitack Lim said on Tuesday. During a media interaction on the sidelines of the Maritime Environment Protection Committee's (MEPC) 80th session here, Lim said that the committee had already adopted a decision regarding the financial levy last week. "We will work out the modalities and finalise them this week," Lim said, speaking at the IMO headquarters. He said the MEPC would also discuss and finalise modalities of the disbursement of the fund, adding that this economic measure is crucial to support the industry that might be adversely impacted while adopting a carbon-neutral goal. "We will have to use this fund in R&D to incentivise shipping companies and also to financially support the island nations and developing countries," the secretary-general said. Lim said that the IMO would do an impact assessment in its .

India, France, UAE begin maiden joint maritime exercise in the Gulf of Oman

The two-day maritime exercise will involve a wide range of naval operations, including surface warfare and helicopter cross-deck landing operations

India's ancient maritime journey to be recreated by 2025: Sanjeev Sanyal

The ship will be about 20-metre long, will have no GPS and would be similar to the ships made in ancient days when India had close connections with Southeast Asia via maritime trade, he said

Lothal complex represents resolve to celebrate India's maritime history: PM

Prime Minister Narendra Modi on Tuesday said the National Maritime Heritage Complex coming up at Lothal near here represents the country's resolve to celebrate its rich maritime history. The long period of slavery and indifference towards India's maritime strength made us forget about Lothal and Dholavira, and the complex will act as a centre for learning about and understanding India's diverse maritime history, he said. The prime minister was speaking after reviewing, through video conference, the construction of the complex. "Centuries ago, India's trade was spread over a large part of the globe. We had a relationship with all the civilisations of the world. India's maritime strength had a big role to play in this," Modi said. "The long period of slavery not only broke this capability of India, but with time, we Indians also became indifferent towards this. We forgot that we have great heritage like Lothal and Dholavira that were famous for maritime trade," he said. "We had gre

Govt to amend 114-year-old the Indian Ports Act, bring in reforms

Bill aims level-playing field for ports, new dispute resolution mechanism

Cochin Shipyard to invest Rs 50 cr in maritime startups: Sarbananda Sonowal

The Minister also unveiled the Start-up engagement framework of Cochin Shipyard Limited on the occasion of the inauguration of the Golden Jubilee celebrations of Cochin Shipyard Limited (CSL)

India, UK hold inaugural maritime dialogue, discuss Indo-Pacific

India and the UK held their inaugural maritime dialogue in a virtual format which involved exchanges on cooperation in the maritime domain and the Indo-Pacific, the Ministry of External Affairs said

India, Indonesia begin three-day naval exercise in Sunda Strait

India and Indonesia began a three-day mega naval wargame on Monday in the Sunda Strait, in reflection of their growing maritime cooperation

Govt may appoint National Maritime Security Coordinator to handle issues

The government is likely to appoint a National Maritime Security Coordinator to ensure cohesive and quicker decision making among multiple organisations that are handling maritime issues in India