Page 3 - Shipping Industry

Court takes cognisance against ABG Shipyard in ₹22,000 cr bank fraud case

It is alleged that ABG Shipyard Ltd transferred huge amounts of money to its related parties, and thereafter, adjustment entries were made

State-run Shipping Corp of India to buy 26 local vessels in $2 bn deal

The ships will have cumulative internal volume of 1.18 million gross tonnes, and delivery will be staggered over several years as they are completed

Shreeji Shipping, Patel Retail to launch maiden IPOs on August 19

Shipping and logistics solutions provider Shreeji Shipping Global Ltd and supermarket chain Patel Retail Ltd are set to launch their maiden public issues on August 19. According to their Red Herring Prospectus (RHP), the IPOs will close on August 21, and the one-day bidding for anchor investors is scheduled for August 18. The two companies will announce the price band for their public issues on Monday. So far this year, 44 mainboard companies have launched their IPOs. In addition, two IPOs of BlueStone Jewellery and Lifestyle will open on August 11, followed by the issue of agro-based firm Regaal Resources on August 12. Going by the RHP, Shreeji Shipping Global's IPO is an entirely fresh issue of 1.63 crore equity shares with no offer for sale (OFS) component. The company plans to utilise Rs 251.2 crore from the IPO proceeds for the acquisition of dry bulk carriers in the supramax category on the secondary market, and Rs 23 crore for debt repayment. The flagship company of ...

Scrapping of US-sanctioned tanker in India shows dark fleet pain

Contract II, a decades-old tanker linked to Iran sanctions, was sold at a discount and dismantled in Alang, India, amid tighter enforcement and rising risks for ageing dark fleet vessels

Soon, mega shipbuilding component unit may come up in Thoothukudi

CREW and a foreign major to build South India's largest ship component unit in Thoothukudi, boosting Tamil Nadu's maritime ambitions and job creation

Trump tariff impact: Logistics players to realign supply chain network

There can be a realignment to Europe, Southeast Asia, and the Gulf Cooperation Council, as trade routes adjust

Sonowal to move shipping bill in LS; ST quota bill for Goa up for debate

Meanwhile, in Rajya Sabha, Union Home Minister Amit Shah will move a resolution to extend President's Rule in Manipur for a further period of six months

Indian shipowners urge Nayara to end vessel charters after EU sanctions

Indian firms seek charter exits with Nayara amid EU sanctions; company files Delhi HC plea against Microsoft for suspending digital access citing compliance

Exim matters: No substantial changes in new law on bills of lading

The bill of lading, issued by the carriers to the shippers, will continue to be a receipt for goods, evidence of the contract of carriage and a document of title to the goods

Maritime incidents involving India and its seafarers rose 22% in 2024

According to India's shipping regulator Directorate General (DG) of Shipping, the incidents resulted in 83 deaths and 61 injuries

Cypriot shipping firms announce ₹10,000 cr investment in Indian shipping

Largest FDI in Indian shipping sector, say companies

Strengthen shipping ecosystem to cut crisis risks: Commerce dept secy

India needs to strengthen its shipping ecosystem to reduce vulnerability in times of global crises and promote the country's trade, Special Secretary in the Department of Commerce Rajesh Agrawal said on Thursday. He said Indian flag vessels are very limited in number, and this leads to around USD 50 billion of trade deficit that we do have in the services sector solely due to maritime logistics. Calling the situation "unsustainable" as it also makes India "vulnerable", he said countries which have strong control over logistics systems fare better during global disruptions. "We need to focus on how we have a minimum degree of control over the global logistics ecosystem, which is also necessary to support our international trade as we move towards the 2047 Viksit Bharat goal," he said here at CII's export logistics conclave. The country, he said, has limited control over shipping and air cargo spaces. Citing an example, Agrawal said during Covid times, shippings cost went up multipl

Modi govt plans to invest ₹5,000 cr to develop Northeast waterways: Sonowal

He said that, over the past 11 years, the Ministry of Ports, Shipping and Waterways (MoPSW) has transformed India's maritime sector with record growth in cargo handling, capacity and coastal shipping

Cochin Shipyard inks pact with Korea's KSOE to boost maritime cooperation

The MoU focuses on cooperation in several key areas, including joint exploration of new building opportunities in India and overseas, sharing of technical expertise, upskilling of the workforce, etc

ONGC to partner with Mitsui OSK Lines to build two ships to import ethane

The Very Large Ethane Carriers to be built under the deal will supply ethane feedstock exclusively to ONGC Petro Additions Ltd for its petrochemical factory at Dahej

Shipping ministry launches India's first maritime NBFC Sagarmala Finance

Sagarmala Finance Corporation to offer tailored funding to ports, MSMEs, and startups; standardised port tariffs and port readiness index also announced

Cargo ship carrying over 3,000 vehicles sinks in Pacific Ocean after fire

Salvage firm Resolve Marine confirmed the EV fire-damaged Morning Midas sank in deep international waters; all 22 crew were rescued, and pollution monitoring is ongoing

Kandla Port vows to ease vessel congestion for smooth edible oil imports

Gujarat's Kandla Port has pledged to address vessel congestion issues and ensure uninterrupted edible oil supplies, the Indian Vegetable Oil Producers' Association (IVPA) said on Monday. The assurance came during a meeting between industry representatives and Kandla Port Chairman Sushil Kumar Singh, aimed at resolving bottlenecks that have affected imports of palm oil and other edible oils. Singh outlined infrastructure improvements, including new 14-inch pipelines and preparations to handle edible oil at two additional berths with dedicated pipelines, the IVPA said in a statement. The port authority agreed to maintain its existing system of imposing penalty charges for delayed vessel discharges rather than moving ships to outer anchorage for re-berthing, which creates additional costs for importers, the association said. Singh emphasised the need for coordination between port officials and importers to minimise delays after vessels dock, and urged vessel agents to flag potential .

West Asia conflict: Exporters in dire straits as Hormuz trade route erupts

China-Gulf spot rates climb 55% in a month as tensions mount

Atmanirbharta in shipping a key goal of maritime policy: Sarbananda Sonowal

Minister Sonowal says India is working with global partners to boost shipbuilding tech, establish smart islands, and enhance seafarer employment under Make in India