Shipping Bill

Oil mkt braces for a weeks-long disruption to shipping in southern Red Sea

Suezmax ships - so-called for their ability to sail full through the canal that links Asia and Europe - are up about 50% to almost $70,000 a day

Red Sea crisis may push shipping costs by 60%, insurance by 20%: GTRI

The increasing Red Sea crisis may impact trade as it is expected to push shipping costs by up to 60 per cent and insurance premium by 20 per cent, a report by economic think tank GTRI said on Saturday. This conflict could also result in increased shipping costs (40-60 per cent) and delays due to rerouting (up to 20 days more), higher insurance premiums (15-20 per cent), and potential cargo loss from piracy and attacks. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Due to these attacks, the shippers are taking consignments through the Cape of Good Hope, resulting in delays of about 20 days. The Houthi conflict's disruption of the Red Sea shipping lanes significantly impacts Indian trade, especially with the Middle East, Africa, and Europe, the Global Trade Research Initiative (GTRI) said. It said that India, heavily rel

Shipping companies revenue may decline by 5-7% in next fiscal: CRISIL

Domestic shipping companies are likely to see a further 5-7 per cent decline in revenue in the next financial year amid normalisation of the rates, a report said on Thursday. This follows a steep 23-25 per cent fall in their revenue in the current fiscal (2023-24) after a 35 per cent growth in the last financial year when charter rates had surged because of geopolitical conflicts (including the Russia-Ukraine war) and higher demand from China post-pandemic, credit rating agency CRISIL said on Thursday. While the margin profile may vary widely across players operating in different segments, CRISIL said the average operating margin may continue to moderate to 33-35 per cent in the next fiscal driven mainly by the correction in charter rates. However, it will remain higher than the pre-pandemic levels of 25-30 per cent, the rating agency forecast. This along with modest capital expenditure (capex) plans, should sustain the healthy credit risk profiles of shipping companies, CRISIL ...

Govt notifies processes for granting RoDTEP duty credits

An exporter must make a claim for RoDTEP in the shipping bill or bill of export by making the prescribed declaration

Out-of-control shipping costs fire up retail prices from coffee to toys

Soaring demand, shortage of containers, saturated ports and too few ships have contributed to the squeeze on transportation capacity on every freight path.

Payment must be made against accepted bill of exchange: Expert

It is the obligation of the original importer to remit the payment to the foreign supplier

'Drawback claims do not get time-barred'

Notifications are issued by the government in exercise of the powers conferred under a law

Traders must furnish all information called for by authorities: Expert

Free shipping bills as well as third party exports can be counted towards discharge of EO against EPCG authorisations

E-way bill has to be generated prior to commencement of transport of goods

In the case of shut out shipment, the RBI instructs that certain procedures given in Para B.10 of FED Master Direction no. 16/2015-16 should be followed.