Page 13 - Shipping Industry

Baltimore bridge collapse: 6 dead, port disruptions hit cars to coal

The toll could have been worse except for a mayday call from the Singaporean-flagged vessel as it lost power

'Cargo ship lost power, issued mayday before hitting Baltimore's bridge'

A container ship lost power and rammed into a major bridge in Baltimore early Tuesday, causing the span to buckle into the river below and plunging a construction crew and several vehicles into the dangerously cold waters. Rescuers pulled out two people, but six others were missing. The ship's crew - all Indian, 22 in total - issued a mayday call moments before the crash took down the Francis Scott Key Bridge, enabling authorities to limit vehicle traffic on the span, Maryland's governor said. The ship struck one of the bridge's supports, causing the structure to collapse like a toy. It tumbled into the water in a matter of seconds a shocking spectacle that was captured on video and posted on social media. The vessel caught fire, and thick, black smoke billowed out of it. With the ship barreling toward the bridge at a very, very rapid speed, authorities had just enough time to stop cars from coming over the bridge, Maryland Gov. Wes Moore said. "These people are heroes, Moore said

FedEx plans $5 bn buyback as CEO's cost-cutting measures yield results

The shares rose as much as 13% after regular trading in New York, while competitor United Parcel Service Inc. advanced 3.4%

Red Sea crisis impact on trade data will be visible in FY24: GTRI

With escalating everyday attacks and no end in sight, the Red Sea crisis will adversely impact trade volumes in substantial ways in 2024, according to the report of economic think tank GTRI. The Global Trade Research Initiative (GTRI) said that rising shipping, and insurance costs and delayed arrival of shipments will continue to disrupt global value chains, squeeze margins, and make exports of many low-margin products unviable from current locations. Countries in Asia, Africa, and Europe will face the most disruption across industries, it added. It said that the disruption is significantly impacting Indian trade, especially with the Middle East, Africa, and Europe. India, heavily reliant on the Bab-el-Mandeb Strait for crude oil and LNG imports and trade with key regions, faces substantial economic and security risks from any disruption in this area. About 65 per cent of India's crude oil imports in FY2023, valued at USD 105 billion, from countries like Iraq, Saudi Arabia, and ...

Next big reform in Indian insurance will be indemnity cover for shipping

Amendment to have such a facility could be part of new government's early legislative agenda

Red Sea violence: Ship earlier attacked by Houthi rebels of Yemen sinks

A ship attacked by Yemen's Houthi rebels has sunk in the Red Sea after days of taking on water, officials said Saturday. The Rubymar had been drifting after the attack in February. It marks the first ship sunk by the Houthis amid their monthslong attacks on shipping in the vital waterway. Yemen's internationally recognised government, as well as a regional military official, confirmed the ship sank. The official spoke on condition of anonymity as the information had not been cleared for publication. The Rubymar's Beirut-based manager could not be reached for comment.

Govt expects piracy attacks to rise in Red Sea, stretching navy resources

The attacks in the Arabian and Red Sea were the focus of discussions between US Secretary of State Antony Blinken and his Indian counterpart Jaishankar at the recent Munich Security Conference

Red Sea attacks add urgency to alternate Mideast trade route: Govt

India has taken the first steps with the UAE to begin work on the India-Middle East-Europe Economic Corridor, or IMEC, Sunjay Sudhir said in an interview in Abu Dhabi

Shipping rates volatile in February amid Red Sea crisis, shows data

Very large crude carrier (VLCC) rates up compared to January

Traffic handled by major Indian ports hits 5-year high in January

The total traffic for the major ports was 72.5 mn tonnes, the highest since Feb 2019, according to data from the Ministry of Ports, Shipping, and Waterways and the Centre for Monitoring Indian Economy

Govt mulls setting up maritime development fund to support shipping sector

The government is considering setting up a maritime development fund with a view to providing low cost, long-term financial support to the shipping sector, a senior government official said on Tuesday. Ministry of Ports, Shipping and Waterways Secretary T K Ramachandran at an event organised by industry body CII said, the government is also looking at granting infrastructure status to the shipping sector. "The government is working to set up Maritime Development Fund (MDF) for low-cost, long-term financing support," Ramachandran said. According to him, the two options for setting up MDF are -- setting up dedicated maritime vertical under the newly proposed development finance institution, or constituting standalone MDF as a company with majority ownership by multilateral/ bilateral agency. Ramachandran further said the government is also considering notifying guidelines for setting up NBFCs at International Financial Services Centre (IFSC) to undertake vessel financing/ leasing fro

Taiwan protests China's boarding of tourist boat near Kinmen Island

Taiwan on Tuesday protested China's boarding of a tourist boat, as tensions rise around the Kinmen archipelago, which lies a short distance off China's coast but is controlled by Taiwan. Taiwanese media reported the King Xia, carrying 11 crew and 23 passengers, was boarded by the Chinese coast guard for about 32 minutes on Monday. Taiwan's coast guard escorted the boat back to Kinmen, and it then continued its sight-seeing voyage. Ocean Affairs Council Minister Kuan Bi-ling told journalists at the legislature on Tuesday that the incident hurt the feelings of our people, created panic among the people, and was not in the interest of the people on both sides of the Taiwan Strait, referring to the 160 km- (100 mile)-wide waterway that separates mainland China from Taiwan, a self-governed island that Beijing claims as its own territory. Premier Chen Chien-jen said Taiwan was seeking to lower tensions in the area, which have escalated as China increased military activities following ...

Ship attacked in Gulf of Aden at risk of sinking, say Yemen's Houthis

The Iran-aligned Houthis have made repeated drone and missile strikes since November in the Red Sea and Bab al-Mandab Strait, drawing US and British bombing against them

Defence PSU GRSE records Rs 2,801 crore income in nine months of FY24

Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) Ltd recorded a total income of Rs 2,801 crore in nine months till December 31 in the financial year 2023-24, an increase of 34 per cent compared to the same period in previous fiscal, an official said on Tuesday. He said that revenue from operations between April and December in 2023-24 stood at Rs 2,577 crore as compared to Rs 1,960 crore in the same period in 2022-23, recording a growth of 31 per cent. GRSE's profit before tax (PBT) stood at Rs 328 crore for the first nine months of fiscal 2023-24 as compared to Rs 229 crore in the same period the previous financial year, the official said in a statement. The profit after tax (PAT) was Rs 246 crore from April to December of 2023-24 as against Rs 173 crore in the same period of the previous fiscal. The earnings per share (EPS) for the nine months in 2023-24 stood at Rs 21.45 as compared to Rs 15.09 in the same period of 2022-23, registering a growth of 42 per cent, the ...

Red Sea crisis may raise freight and forwarding cost by 25-30%: Report

Sustained disruptions in the Red Sea route is likely to raise the freight and forwarding (F&F) cost by 25-30 per cent for corporates largely dealing in international trade, a report said on Friday. Moreover, the working capital cycle is likely to aggravate by 15-20 days, and the impact could be higher for sectors such as agriculture and textiles, credit ratings agency Ind-Ra said in its report. Working capital cycle refers to the period between payments made to suppliers and revenue received from sales. The report also said that pressures on cash flow, although moderate for large entities, will further increase borrowings, especially for sectors such as iron and steel, auto and auto ancillaries, chemicals and textiles, which have seen a year-on-year rise in net leverage in the first half of the current fiscal. "The challenge is significant for the entities having low value addition therefore thin margins. Although large entities have adequate elbow room to accommodate such ...

Petronet plans to begin supplying LNG to Sri Lanka in 2025 for five years

Petronet will ship 850 metric tons of gas daily to the island nation in 50 containers of 17 tons each, CEO Akshay Kumar Singh said during the India Energy Week event in Goa

Availability of containers not affected due to Red Sea crisis: Patel

The Red Sea crisis at present has not affected the availability of containers for traders and the government is closely monitoring the situation, Parliament was informed on Friday. Minister of State for Commerce and Industry Anupriya Patel said that exports from India are continuing as the sailings of containers carrying ships from India have been diverted via the Cape of Good Hope route, encircling Africa. "The crisis in Red Sea, at present, has also not much affected the availability of containers in most of the ports," she said in a written reply to the Rajya Sabha. The crisis in the Red Sea shipping route began after Yemen-based Houthi rebels launched frequent attacks on commercial shipping vessels plying through the route in November as a fallout of the Israeli-Palestinian war, which started in early October 2023. Due to the crisis, the movement of goods from the Red Sea, the world's busiest shipping route, has disrupted the global supply chains as vessels have to take long ..

We are worried about the ongoing Red Sea crisis, says Piyush Goyal

Exporters are now able to stand up on their feet and we have been able to move away from the mindset of export incentives, said Union Minister Piyush Goyal

Red Sea disruption causing delays, higher costs: Adidas CEO Bjorn Gulden

Shipments are currently delayed by about three weeks, CEO Bjorn Gulden said, and that is causing some delivery issues, especially to Europe

DTDC enters Malaysian market, strengthens presence in Southeast Asia

Express logistics company DTDC on Wednesday said it has entered the Malaysian market through its subsidiary, DTDC Global Express PTE Ltd, with the inauguration of an office in Kuala Lumpur. This newly established office, which further strengthens the company's global footprint, including in Southeast Asia, will offer enhanced trans-shipment solutions to its clients in Southeast Asia and the Australian peninsula, DTDC said in a statement. DTDC is already present in Singapore and Australia. As part of its global expansion plans, the company collaborated with Aramex last year to enhance its capabilities in cross-border logistics. Malaysia shares a healthy import and export relationship with India and has a prevalent Indian diaspora, according to the company. The newly established office will provide export and import services to and from India, Singapore, and Australia, along with handling local deliveries in Malaysia, it said. "The expansion in Malaysia will add to our capabilitie