Page 15 - Shipping Industry

US sanctions Hong Kong, UAE firms over 'financial support' to Houthi rebels

The two companies sanctioned by the US Treasury Department on Friday were Hong Kong-based Cielo Maritime and UAE-based Global Tech Marine Services

Vibrant Gujarat Summit: Shipping min signs pacts for Rs 30k cr investments

The Ministry of Ports, Shipping, and Waterways (MoPSW) on Thursday said it has signed initial agreements for investments worth Rs 30,000 crore during the Vibrant Gujarat Global Summit 2024. In a statement, the ministry said during the event APM Terminals and Jawaharlal Nehru Port Authority (JNPA) signed Memorandum of Understanding (MoUs) worth Rs 20,000 crore, expressing their intent to invest in the Vadhavan Port Project. The proposed Vadhavan port in Maharashtra is a high-priority initiative for the government, the port is designed to handle an annual cargo capacity of 23 million TEUs (twenty-foot equivalent units) or 254 million tons, boasting a natural draft of 20 meters to accommodate larger container vessels of up to 20,000 TEUs. Once completed, the project will rank among the world's top 10 largest ports and serve as a significant green fuel hub, the statement said. According to a statement, a memorandum of understanding between Deendayal Port Authority (DPA), Kandla and ...

Land Ports in India facilitates trade worth Rs 76,000 cr in 2023: Report

A total of Rs 76,319.2 crore trade was registered in 2022-2023, with a movement of 24,79,180 passengers in the same period, the report mentions

Cochin Shipyard soars 8% on turning ex-split; up 148% in 6 months

The company had fixed January 10 as the Record Date for the proposed 2:1 stock split.

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

War, weather put global ocean shippers on notice for rough seas in 2024

Maersk on Friday joined other major ocean carriers in rerouting ships away from the Red Sea to avoid missile and drone attacks in an area that leads to the vital Asia-Europe Suez Canal shortcut

Oil prices rise as Blinken begins week-long sweep through the Middle East

Shipping giant Maersk said it will divert all vessels away from the Red Sea for the foreseeable future, warning customers of disruptions

Indian Navy intercepts vessel after attempted hijacking; rescues 21 members

The Navy deployed a warship, maritime patrol aircraft, helicopters and P-8I and long-range aircraft and Predator MQ9B drones following the incident involving MV Lila Norfolk

Houthis launch sea drone to attack ships hrs after US issues final warning

An armed unmanned surface vessel launched from Houthi-controlled Yemen got within a couple of miles of US Navy and commercial vessels before detonating on Thursday, just hours after the White House and a host of partner nations issued a final warning to the Iran-backed militia group to cease the attacks or face potential military action. Vice Admiral Brad Cooper, the head of US Navy operations in the Middle East, said it was the first time the Houthis had used an unmanned surface vessel, or USV, since their harassment of commercial ships in the Red Sea began after the outbreak of the Israel-Hamas war. They have, however, used them in years past. Fabian Hinz, a missile expert and research fellow at the International Institute for Strategic Studies, said the USV's are a key part of the Houthi maritime arsenal and were used during previous battles against the Saudi coalition forces that intervened in Yemen's war. They have regularly been used as suicide drone boats that explode upon ...

Will deploy naval vessel in Red Sea to fight Houthi attacks: Sri Lanka Prez

President Ranil Wickremesinghe has announced that Sri Lanka will provide a Navy vessel to fight attacks by Houthi rebels on merchant ships in the Red Sea, joining countries like India in protecting the key waterway for global trade. The Iran-backed Houthi rebels have launched more than 20 attacks on merchant ships in recent weeks, claiming to take revenge against Israel for its military campaign against Palestinian terror group Hamas in Gaza. These attacks have sharply raised goods costs between Asia and Europe. Addressing an award ceremony here on Wednesday, Wickremesinghe, who holds the defence ministry portfolio, noted that merchant shipping was hit by Houthi attacks at the Red Sea and said if the ships were to be diverted and re-routed around South Africa, the voyages would become much more expensive. This could create (an) escalation of the cost of goods. "So we have agreed to send a Naval vessel to combat Houthi attacks in the Red Sea, he said. The Houthis, who control most

Houthis show no sign of ending Red Sea attacks as trade traffic up: US Navy

Yemen's Houthi rebels show no signs of ending their reckless attacks on commercial ships in the Red Sea, the top commander of US naval forces in the Middle East said on Saturday, even as more nations join the international maritime mission to protect vessels in the vital waterway and trade traffic begins to pick up. Since Operation Prosperity Guardian was announced just over 10 days ago, 1,200 merchant ships have travelled through the Red Sea region, and none has been hit by drone or missile strikes, Vice Adm. Brad Cooper said in an Associated Press interview. He said additional countries are expected to sign on. Denmark was the latest, announcing on Friday it plans to send a frigate to the mission that Defence Secretary Lloyd Austin announced during a visit to Bahrain, where the Navy's 5th Fleet is based, saying that this is an international challenge that demands collective action. The narrow Bab el-Mandeb Strait connects the Gulf of Aden to the Red Sea and then the Suez Canal. Th

Carefully evaluating all aspects of unfolding situation in Red Sea: MEA

India values the free movement of commercial shipping and is closely evaluating all aspects of the unfolding situation in the Red Sea, the Ministry of External Affairs said on Friday.MEA spokesperson Arindam Bagchi, however, also added that New Delhi is not part of any multilateral initiative or operation in or around the Red Sea.Notably, tensions have brewed in the Red Sea after Houthi rebels stepped up attacks on shipping vessels in the Red Sea as a mark of 'protest' against Israel's military operations in the Gaza Strip.Addressing the weekly briefing, Bagchi said, "As we said earlier, we value the free movement of commercial shipping, which is one of the fundamental principles underpinning global commerce. We are carefully evaluating all aspects of the unfolding situation in that region. Our defence forces are taking necessary measures in this regard"."But I'm not aware that India is part of any multilateral initiative or operation presently in or around the Red Sea," he ...

China aims to build more than half of world's cleaner-fuel ships by 2025

It did not give any estimates of the number of ships involved but said China would build more vessels powered by lower-carbon fuels as part of Beijing's push to become carbon neutral by 2060

Preparing for resumption of Red Sea voyages post-attacks from Yemen: Maersk

Shipping firm Maersk says it is preparing to allow vessels to resume sailing through the Red Sea, thanks to the start of a US-led multinational naval operation to protect shipping from attacks by Houthi rebels in Yemen. Houthi attacks have led to a major disruption of shipping through the Suez Canal and the Red Sea, one of the most important arteries for trade in oil, natural gas, grain and consumer goods between Europe and Asia. Maersk said in a statement on Sunday that we have received confirmation that the previously announced multi-national security initiative Operation Prosperity Guardian (OPG) has now been set up and deployed to allow maritime commerce to pass through the Red Sea-Gulf of Aden and once again return to using the Suez Canal as a gateway between Asia and Europe. The company said it was working on plans for the first vessels to make the journey and for this to happen as soon as operationally possible. The Houthis are Iranian-backed rebels who seized Yemen's capita

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 ...

Red Sea chaos has shippers bracing for weeks without key trade route

So shippers are sending vessels the long way around Africa, adding $1 million in costs - and seven to 10 days - to each voyage. Oil prices are creeping higher

Shipping firms brace for vigilance, price shocks over Red Sea situation

Ocean freight 10% costlier, shippers brace for further setback

Smooth sailing for US-sanctioned vessel carrying Russian crude oil

According to reports, the vessel, NS Century, is one of the three that has regularly been shipping Russian crude oil to India. It is expected to reach India's Vadinar Port in Gujarat on Saturday

Sarbananda Sonowal flags off Costa Serena's maiden domestic operations

The government plans to increase the annual number of cruise passengers in India to 1.8 million passengers by 2030

Working on plan to encourage traders to use Indian-flag vessels: Goyal

On Tuesday, Prime Minister Narendra Modi said that India aims to be among the top five nations in shipbuilding over the next 25 years