Page 16 - Shipping Industry

India should look at making niche, medium-sized vessels: Cochin Shipyard MD

India can be in a "positive spot" when it comes to ship building prospects and the country should look at making niche, technologically-advanced vessels rather than large bulk carriers, according to a senior industry official. Cochin Shipyard Ltd's Chairman and Managing Director Madhu S Nair also said that India with an all-round positivity could emerge as an alternative hub in the space for niche and medium-sized, technologically advanced vessels amid the green transition. The general perception is that the focus should be building all those large bulk carriers or tankers for making India as a manufacturing base for ships, he pointed. "(However), I have a slightly different perception because our current structure is not ideally suited for that. So why shouldn't we look at our strengths, which would be (to focus) a little bit more on niche vessels that have advanced technologies, alternate fuel cells, hybrid electric vessels. Not very large but medium-size vessels," he told PTI ...

Backlog at Israeli ports grows, country steps up shipping supplies

Around 13 ships - comprising cargo, container and dry bulk vessels - were currently moored inside Ashdod port, according to MarineTraffic data

Israel-Hamas war: Higher shipping costs, premiums may lower export margins

Escalation of violence may impact trade volumes, say experts

Israel-Hamas war: Indian exporters may face higher premiums, shipping costs

Indian exporters shipping goods to Israel may face higher insurance premiums and shipping costs due to the Israel-Hamas conflict, according to experts. Israel witnessed a surprise and unprecedented multifront attack by air, land and sea by the Hamas militant group, which rules the Gaza Strip, in its southern parts on Saturday morning. The International trade experts said the conflict may reduce the profits of domestic exporters but will not impact trade volumes unless war escalates. "For merchandise exports of India, the war may lead to higher insurance premiums and shipping costs. India's ECGC may charge higher risk premiums from Indian firms exporting to Israel," think tank Global Trade Research Initiative (GTRI) said on Sunday. ECGC Ltd (formerly Export Credit Guarantee Corporation of India Ltd) is wholly owned by the government of India. It was set up in 1957 with the objective of promoting exports from the country by providing credit risk insurance and related services for ...

NAP for Green Shipping promotes eco-friendly practices, says Jagannathan

The National Action Plan for Green Shipping promotes eco-friendly practices and incentives for low-emission ships, positioning India's maritime sector for a prosperous and environmentally responsible future, Director General of Shipping Shyam Jagannathan said on Wednesday. Speaking at the 13th edition of the South Asia's largest maritime exhibition and conference -- INMEX SMM India 2023 -- here, Jagannathan also said that the sector's vision encompasses quadrupling port capacity, clean energy fuel hubs, and cruise tourism growth, among others. The three-day conference, which is being hosted in the city in collaboration with German exhibition organiser Hamburg Messe und Congress, will cover several issues concerning the industry, including green shipping and digitalisation, among others. "The National Action Plan for Green Shipping promotes eco-friendly practices and incentives for low emission ships, positioning India's maritime sector for a prosperous and environmentally responsibl

Credit Suisse, Mozambique secure out-of-court 'tuna bond' settlement

The settlement included most of the creditors involved in funding a 2013 loan to ProIndicus, a state-owned Mozambican company, UBS said

Panama Canal drought and how it is impacting global trade, supply chain

The Panama Canal Authority has warned that water restrictions may continue into 2024, making it important for shipowners to create a contingency plan that does not further disrupt global supply chain

India to become green fuel destination for shipping sector: R K Singh

Singh said that the Centre will come out with pilot projects for the storage of green hydrogen and green ammonia for round-the-clock renewable energy

DefMin inks Rs 19,000 cr contract with HSL for 5 fleet support ships

The ships of 44,000 tons category will be the first of its kind to be built in India by an Indian shipyard, officials said

ASL acquires Japanese-built vessel, to pursue further fleet growth

Apeejay Shipping Ltd (ASL) on Friday announced the acquisition of a Japanese-built vessel with a deadweight capacity of 76,812 MT. The vessel adds significant strength to the Kolkata-based company's fleet, now totalling 10 vessels and boasting of a combined deadweight tonnage (dwt) of 671,332 MT. The cost and financing details of the acquisition were not shared. "We will continue to look for and acquire more ships and focus on expansion and growth," said Karan Paul, Chairman of the Apeejay Surendra Group. Officials shared that ASL, the third-largest ship owner in India, aims to achieve a capacity of one million tonnes in the future. The announcement of this acquisition coincides with the celebration of ASL's 75th year of existence. In 2022, the Union government announced a range of measures to enhance the tonnage of Indian shipping companies, including subsidies. Meanwhile, an ICRA credit report of July 2022, highlighted ASL's track record, noting its previous acquisitions of th

Traffic in Suez Canal remains unaffected after collision of two tankers

The two tankers were separated after the collision

Dredging Corporation surges 14%, hits over 4-year high on solid Q1 results

The company said that they are aiming at a record highest turnover of Rs 1,200 crore for FY24

20 Indian rescued from burning vessel off the Dutch coast return home

A group of 20 injured Indian crew members rescued after a major fire broke out on board a cargo vessel carrying nearly 3,800 cars off the Netherlands coast have safely returned home while the mortal remains of one sailor who was killed in the incident are being repatriated, Indian authorities have said. An Indian crew member was killed and 20 others were injured in the fire that broke out on July 25 on board the Panama-registered ship Fremantle Highway, which was en route from Germany to Egypt. Several crew members were forced to jump overboard. The ship was manned entirely by Indians. "20 Indian crew rescued from ship Fremantle Highway have safely returned to India over the past week. Thank Dutch authorities for their support & assistance as well as our sailors for their fortitude & courage through this difficult time," the Indian Embassy in the Hague said on platform X, formerly known as Twitter. "Mortal remains of one crew member who unfortunately passed away are being ...

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