Page 14 - Shipping Industry

Ship carrying nearly 3,000 Mercedes, BMW cars on fire near Netherlands

The unfortunate incident resulted in the loss of a crew member's life and raised worries on fuel leaks and harm to the delicate Wadden Sea UNESCO World Heritage Site

Identified investments worth Rs 10 trillion, says shipping minister

According to government estimates, there is a significant scope of investments in the maritime economy, as major ports currently face an infrastructure deficit

Global trade costs could rise by $800 bn, carbon tax on shipping lined up

The IMO has proposed that 5% of all fuel used by ships be clean fuel by 2030

IMO adopts interim guidance on biofuels' use in shipping to cut emissions

The International Maritime Organisation (IMO) has adopted interim guidance on the use of biofuels and biofuel blends, a resolution vehemently pushed by India at a maritime environment protection conference here. The London-based IMO is a specialised agency of the United Nations which is responsible for measures to improve the safety and security of international shipping and to prevent pollution from ships. The interim guidance adopted on Thursday at the 80th Session of the Maritime Environment Protection Committee (MEPC) of the IMO stressed that biofuels that have been certified by an international certification scheme, meeting its sustainability criteria and provide a well-to-wake GHG emissions reduction of at least 65 per cent compared to the fossil fuels can be used in the shipping industry. With this guidance coming into effect, India has great potential to be developed as a biofuel hub of the world. "We, with our highly sustainable second-generation biofuel, are the leaders i

Shipping industry's net zero target could be set to flexible deadline

The shipping industry's carbon neutral deadline could be reset to a flexible 'mid-century' deadline considering the national circumstances, a relaxation from the strict 2050 goal that was actively deliberated among the member states of the International Maritime Organisation (IMO). The crucial 80th session of the Maritime Environment Protection Committee (MEPC) of the IMO is likely to reach a consensus, mostly considering the demand from the developing nations, to reset the carbon neutral goal to mid-century, with interim goals of reduction of GHG emissions 20 per cent by 2030 and 70 per cent by 2040. "These targets seem to be achievable with a mid-century deadline, considering the national circumstances," Ajithkumar Sukumaran, Additional DG, Shipping, and an Indian delegate at the MEPC 80, told PTI. Most of the developing nations have been lobbying for the mid-century target -- could be 2051, 2052 or 2053, insisting on not strictly fixing 2050 as the year for achieving net zero. T

Govt launches online portal to monitor dredging projects real-time

ShipMin launches platform to save cost on Rs 1,000 crore dredging projects

Great Eastern Shipping net profit jumps nearly four-fold to Rs 721.94 cr

Great Eastern Shipping Company Ltd (GE Shipping), the country's largest private ship liner, on Friday reported a nearly four-fold jump in its consolidated net profit to Rs 721.94 crore in the March 2023 quarter. GE Shipping had posted a profit of Rs 188.97 crore in the year-ago period, the company said in a BSE filing. Its total consolidated income during the quarter under review rose to Rs 1,550.72 crore as against Rs 983 crore in the corresponding quarter a year ago. Total expenses during January-March increased to Rs 853.22 crore as compared with Rs 791.85 crore in the year-ago quarter. The company in its earnings presentation said crude and product tanker spot earnings remain elevated led by trade disruptions caused by the Russia-Ukraine war. EU's embargo on Russian imports has further boosted ton-miles growth, it added. The company's board has declared a fourth interim dividend of Rs 9 per equity share of Rs 10. "While we continue to enjoy the strong rates in the tanker mar

Gati Shakti helps India register Rs 2 trn in goods export in FY23: Sonowal

Union Minister Sarbananda Sonowal on Saturday said that the PM Gati Shakti programme has helped the country to register a year-on-year incremental growth of Rs 2 lakh crore in goods export in the previous fiscal. Delivering his speech at an event hosted by Indian Merchants Chamber here, Sonowal, who is the Minister for Ports, Shipping and Waterways, also said the central government has been working hard towards improving and modernising India's ports and connected infrastructure. As a result of transformational initiatives, in 2022-23 financial year India's Goods exports touched USD 447 billion, up from USD 422-billion a year earlier, which translates into a huge increase of more than Rs 2 lakh crore in a year, Sonowal was quoted as saying in a statement. According to the minister, India has become a USD 3.5 trillion economy in less than nine years. This blistering speed of the growth is historic and the result of Gati Shakti, he stated. The multi-modal connectivity provides ...

Shipping has largely relied on one fuel. It now needs many: Sparklines

While emissions in the global power sector may be close to peaking, international shipping emissions show no signs of doing the same

India's major ports handled highest ever cargo at 795 million tonne in FY23

India's major ports handled the highest ever cargo at 795 million tonne in 2022-23, Ministry of Ports, Shipping and Waterways Secretary Sudhansh Pant said on Friday. Pant further said that with transactions worth about Rs 5,000 crore, the shipping ministry has surpassed its FY23 asset monetisation target of about Rs 3,700 crore. He also said that next week, Ports, Shipping and Waterways Minister Sarbananda Sonowal will launch 'Green Port' guidelines to make India's ports green. "Our major ports have handled the highest ever cargo in the history of the ports at 795 million metric tonne. This is 10 per cent higher than the previous year's cargo handled," he told PTI. India has 12 major ports -- Deendayal (Kandla), Mumbai, Mormugao, New Mangalore, Cochin, Chennai, Ennore (Kamarajar), Tuticorin (V O Chidambaranar), Visakhapatnam, Paradip and Kolkata (including Haldia) and Jawaharlal Nehru Port. "Four or five of the major ports, including Syama Prasad Mookerjee Port (Kolkata), Deendaya

Shipping ministry issues draft Sagarmala Innovation and Start-up Policy

The Ministry of Ports, Shipping and Waterways (MoPSW) on Monday issued draft 'Sagarmala Innovation and Start-up Policy' with an aim to nurture startups and other entities to co-create the future of India's growing maritime sector. According to an official statement, the draft 'Sagarmala Innovation and Start-up Policy' pitches for digital portal-based selection of startups to ensure a transparent process. It also emphasised on developing centralised repository containing all pertinent information to assist emerging entrepreneurs. The draft policy called for creation of launch pads at ports for carrying out trials, facilitating pilot projects, establishing working space and adopting products and solutions, the statement said. It also noted that there is a need to provide legal and accountancy back up to startups for IP-patent filing, company registration, annual filings and closures. There is also a need to collaborate with national and international stakeholders for mentorship, ...

Increased draft depth needed to handle large vessels: Parliamentary panel

A parliamentary committee has stressed on the need for increasing the draft depth of almost all the ports of the country under the Sagarmala Programme according to their respective cargo profile. Increased draft depth helps ports handle larger vessels. In its latest report, the department-related parliamentary standing committee on transport, tourism and culture said that the draft depth at major ports, both in the channel and berths, has been historically low and ranges from 7 metres in older ports up to 20 metres in newer ports. The draft depth is not commensurate with the change of ship sizes and changes in cargo trends such as containerisation. "Though the government has taken a number of initiatives to modernise our ports under the Sagarmala Programme, a lot remains to be done to ensure deep-draft availability to handle mega ships," the committee said. It observed that increased competition and economy of scale has fuelled the development of bigger ships and to accommodate suc

101 projects worth Rs 60,872 cr identified under ports and shipping

Total 101 projects in respect of Ports and Shipping have so far been identified under PM Gati Shakti initiative worth Rs 60,872 crore for implementation. Out of these, 13 projects worth Rs 4,423 cr

How shipping industry is trying to clean up its biggest, dirtiest problem

A 2022 report concluded container ships can reduce fuel consumption and CO2 emissions by 14% per voyage if they optimize their speeds

Govt likely to lower rail freight rates for coastal shipping of coal

Proposal aimed to ease pressure on rail network, improve coal dispatch during peak demand summer months

Auto component replacement demand estimated to grow 6-8% in FY24: Report

Auto component replacement demand is estimated to grow 6-8 per cent in the next fiscal driven by factors such as the increase in mobility and healthy freight movement, among others, a report stated on Friday. The improvement in demand has resulted in a positive impact on cash flows for aftermarket dealers and garages while the liquidity remains comfortable, credit ratings agency Icra said in the report. Also, there have been relatively minimal issues in the collection of receivables, as per the report. Icra also said that while the medium-term demand prospects are favourable, EV adoption, implementation of scrappage policy, component lifetime elongation, and possible increased use of public transport vis--vis private vehicles could cap the growth. The aftermarket segment constitutes around a fifth of the overall demand and remains a vital cog in the Indian auto component industry, it said. The average age of medium and heavy commercial vehicles had increased to almost 10 years, wh

UM Sonowal pitches for reducing pollution intensity in shipping sector

Union minister Sarbananda Sonowal said on Thursday said it is critical to develop a road map to reduce pollution intensity and strategies to introduce renewable energy as well as green hydrogen in the shipping sector. He emphasised that the focus is firmly on meeting the decarbonisation targets for 2030 and the net-zero goals for 2070. This is applicable to the shipping sector as well. The Union Budget had also put forth the need to encourage coastal shipping as an energy efficient and lower cost mode of transport, both for passengers and freight, through PPP (Public Private Partnership) mode with viability gap funding, he added. "With India taking over the G20 Presidency this year and working groups deliberating on clean energy and green transitions, we are re-emphasising the significance of inclusive green growth as our development strategy," the Minister for Ports, Shipping and Waterways said. According to an official release, Sonowal emphasised that it was critical to develop

IFSCA lays foundation to strengthen ship financing, leasing in India

In a bid to boost maritime trade, International Financial Services Centres Authority is taking steps to strengthen ship acquisition, financing and leasing in India, a senior official said on Friday. IFSCA, a statutory authority with a mandate to develop and regulate financial products, services and institutions in the International Financial Services Centres, has constituted a committee on the development of avenues for ship acquisition, financing and leasing activities from IFSC in India, she said. "We have identified legal and regulatory provisions which are conflicting with each other in laws and have a bearing on different types of ship financing," IFSCA Committee on Ship Acquisition chairperson Vandana Aggarwal told PTI. With the changes, ship financing is expected to witness a similar boom as seen in aviation financing, she said. The committee has already submitted its report and the implementation of the recommendations is a work in progress, a senior official said. Around

This SME shipping company's stock is up more than 2,900% over issue price

Knowledge Marine & Engineering Works rallied 11% to hit a new high of Rs 1,129.85 after the company received an additional work order of Rs 16.50 crore from Dredging Corporation of India

Global shipping growth at risk from economic gloom, says UNCTAD

The world's largest investment banks expect global economic growth to slow further in 2023 following a year roiled by Russia's invasion of Ukraine and soaring inflation