Page 6 - Shipping Industry

SCI shares sail up to 6% after Union govt lists three shipping bills

Shares of Shipping Corporation of India (SCI) stock price of the company came into focus after the central government listed three new shipping bills for the winter session of the parliament

Suspected attack by Houthi rebels targets commercial ship in Red Sea

A suspected attack by Yemen's Houthi rebels targeted a commercial ship late on Sunday night travelling through the southern reaches of the Red Sea, though it caused no damage nor injuries, authorities said. The attack comes as the rebels continue their monthslong assault targeting shipping through a waterway that typically sees USD 1 trillion in goods pass through it a year over the Israel-Hamas war in Gaza and Israel's ground offensive in Lebanon. A ship's captain saw that "a missile splashed in close proximity to the vessel" as it travelled near the Bab el-Mandeb Strait connecting the Red Sea to the Gulf of Aden, the British military's United Kingdom Maritime Trade Operations centre said in an alert. The attack happened some 48 kilometres west of Yemen port city of Mocha. "The vessel and crew are safe and proceeding to its next port of call," the UKMTO added. The Houthis did not immediately claim the attack. However, it can take the rebels hours or even days to acknowledge their

Shipping firms, US agree on cost payments after bridge collapse incident

Ship management firm Synergy Marine and Grace Ocean, owner of the Singapore-flagged cargo ship with 22 Indian crew members that collided with a US bridge in March, have reached an "agreement" with the US government on cost payment, while rejecting liability for the incident. Container ship 'DALI', with all-Indian 22 crew members onboard, had collided with one of the pillars of the Francis Scott Key Bridge in Baltimore in March this year. The crew had issued a mayday call before the collision that led to the collapse of bridge, prompting authorities to limit traffic movement. "We confirm that Grace Ocean and Synergy have reached an agreement with the United States regarding the payment of those costs, which are fully insured," Synergy Marine Group said in a statement on Friday. "The settlement strictly covers costs related to clearing the channel, which we would have been responsible for in any case, and is not indicative of any liability, which we expressly reject for the incident

Suspected attacks by Houthi rebels target ship in Red Sea: Officials

A series of suspected attacks by Yemen's Houthi rebels targeted a ship on Thursday in the Red Sea, authorities said. The attack comes as the rebels continue to threaten ships moving through the Red Sea, a waterway that once saw USD 1 trillion in goods move through it a year, over the ongoing conflicts in the Mideast stemming from the Israel-Hamas war in the Gaza Strip. A ship in the Red Sea skirting the coast of the East Africa found itself struck first by a projectile that damaged the vessel, but sparked no fire and caused no injuries, the British military's United Kingdom Maritime Trade Operations center said. The private security firm Ambrey identified the ship as a Liberian-flagged chemical tanker. At least two more projectiles later fell in the waters around the vessel, which was a distance away from Hodeida, the Houthi-controlled port from which many of the rebels' attacks have been launched. The rebels did not immediately claim the attack. However, it can take them hours or

Centre releases draft guidelines on deregulating PPP port tariffs

Competition in ports sector has seen major shift, regulation no longer necessary, says Shipmin

US dockworkers begin strike, halting half the nation's ocean shipping

The walkout could cost the American economy roughly $5 billion a day, JP Morgan analysts estimate, as shipments are disrupted from busy terminals

Cutting port charges, buying vessels to help boost export ambitions: CII

The government's measures such as cutting certain port charges and purchasing additional container vessels by Shipping Corp will help boost export competitiveness, Chairman of the CII national committee on EXIM Sanjay Budhia said on Friday. He said that these initiatives will significantly benefit the Indian industry by easing export operations. "This move will reduce logistical bottlenecks, enhance cost efficiency for exporters, and improve the competitiveness of Indian goods in global markets," Budhia, who is also Managing Director of Patton Group, said. Industries will experience smoother trade flows, shorter delivery times, and lower costs, fostering growth in exports and making Indian products more attractive to international buyers, he added. The measures will also significantly improve export competitiveness by decreasing the overall costs involved in shipping goods and will help make Indian exports more competitively priced in international markets, Budhia said. "It would

Container shortage, freight spike shake maritime economy in India

India's merchandise exports also contracted by nearly 10 per cent in August. Both officials and traders highlighted the challenges in transportation

Govt announces steps to resolve shipping related problems of traders

The government on Thursday announced steps, including reducing certain charges at ports and purchase of five additional second-hand container vessels by SCI, to resolve shipping sector-related problems of exporters and importers. These measures were announced after a meeting of all the concerned stakeholders of the international trade segment, including senior officials of ministries like commerce and industry, shipping, ports, finance, civil aviation and railways; apex exporters body FIEO (federation of Indian export organisations), customs officials, freight forwarders, transport operators and shipping companies. Exporting community and experts have flagged shipping sector issues which are hurting the country's exports, which has contracted by 9.3 per cent in August. The issues figured in the discussions include container shortage, surge in ocean freight rate and shipping cost, shipping delays at the Indian ports, and turnaround time at the ports. Briefing media after the ...

SCI divestment process may spill over to FY26 amid 'documentation issues'

Centre struggles to resolve 'documentation issues' with Maharashtra government

Shipbuilders from Japan, Korea keen to invest here: Sarbananda Sonowal

Sonowal says coastal states to soon have own shipbuilding policies

Increasing freight costs, container shortages threaten exports: GTRI

Increasing freight costs, shortage of containers and dependence on major shipping hubs and foreign carriers pose serious challenges to the country's exports, think tank GTRI said on Sunday. To address these challenges, the Global Trade Research Initiative (GTRI) recommended that India implement several strategies to boost domestic container production, enhance the role of local shipping companies, promote use of domestic containers, and strengthen local shipping firms. "India can lower its risk of global supply chain disruptions by boosting domestic container production, encouraging the use of locally made containers, and increasing the use of Indian shipping companies for transporting goods," GTRI Founder Ajay Srivastava said. Between 2022 and 2024, shipping rates for a 40-foot container have fluctuated significantly. It said that in 2022, the average cost was USD 4,942 due to the lingering effects of the covid pandemic, while by 2024, the rate had stabilized around USD 4,775, it

Centre in talks with coastal states on shipbuilding clusters in India

New maritime arbitration centre, policy think tank to be set up, says ministry

More than 80 critical issues resolved during 20th MSDC meet in Goa

More than 80 critical issues between the Centre, states and Union Territories were resolved during the 20th Maritime State Development Council (MSDC) that concluded in Goa on Friday. As per an official release, the two-day event saw the resolution of critical issues focused on port infrastructure modernisation, connectivity, statutory compliances, maritime tourism, navigation projects, sustainability, and port security. During the 20th MSDC, more than 100 issues from various states were deliberated and successfully resolved, it said. "Several new and emerging challenges were also addressed, including the establishment of places of refuge (PoR) for ships in distress, the development of radioactive detection equipment (RDE) infrastructure at ports to enhance security, and the facilitation of seafarers by recognising them as key essential workers, ensuring better working conditions and access to shore leave," the statement added. Union Minister of Port Shipping and Waterways Sarbanand

Loose electrical cable found on ship behind Baltimore bridge collapse

Investigators working to pinpoint the cause of Baltimore's Francis Scott Key Bridge collapse discovered a loose cable that could have caused electrical issues on the Dali, the massive cargo ship that lost power and disastrously veered off course before striking the bridge. When disconnected, the problematic cable triggered an electrical blackout on the ship similar to what happened as it approached the bridge on March 26, according to new documents released Wednesday by the National Transportation Safety Board. The documents don't include any analysis or conclusions, which will be released later in the board's final report. A spokesperson for the board declined to comment as the investigation is ongoing. The Dali was leaving Baltimore bound for Sri Lanka when its steering failed because of the power loss. It crashed into one of the bridge's supporting columns, destroying the 1.6-mile span and killing six members of a roadwork crew. Safety investigators released a preliminary report

Red Sea crisis produces winners & losers in Asia as freight rates spike

Chinese shippers including Cosco Shipping Holdings Co. saw earnings lifted by higher revenue from its container shipping business

India must rethink ships, infra for stronger maritime governance: Sanyal

As India looks to take a more significant role in maritime governance, it needs to rethink its approach to ships and shipping infrastructure and transform the way it invests, builds and utilises the maritime resources and capabilities, said Sanjeev Sanyal, member of Prime Minister's Economic Advisory Council. Sanyal was speaking at the curtain raiser of 'Sagarmanthan: The Great Oceans Dialogue' organised by the Observer Research Foundation, in collaboration with Ministry of Ports, Shipping and Waterways (MoPSW), according to a press statement issued by the organisers. "This event served as a precursor to the main Sagarmanthan: The Great Oceans Dialogue, scheduled for November 18-19, 2024. The upcoming dialogue will provide a critical platform for discussions on the blue economy, maritime logistics, ports, shipping, waterways, critical minerals, diversified supply chains, the global maritime economy, and training and labour standards," it said. With its growing prominence in ...

Shipbuilding stocks in focus: GRSE, MDL, Cochin Shipyard gain up to 7%

The Defence Acquisition Council (DAC) is likely to discuss proposals of mega projects worth around Rs 1.2 trillion for approval in a meeting scheduled for today.

Shipping ministry accepts revised wage structure for workers of major ports

The Ministry of Ports, Shipping and Waterways has approved wage structure revision for workers at major ports, an official statement said on Wednesday. According to the statement, a memorandum of understanding (MoU) was signed between the Bipartite Wage Negotiation Committee (BWNC) and the Indian Port Association (IPA), averting an indefinite strike that was set to disrupt operations across 12 major ports in India. The MoU facilitates the revision of the wage structure and addresses other service conditions, including pensionary benefits, it added. It was also agreed that the fitment benefit of 8.5 per cent on the aggregate amount of basic pay as of December 31, 2021, plus 30 per cent VDA (variable dearness allowance) as of January 1, 2022, will be granted. "The periodicity of the settlement is set for five years, from January 1, 2022, to December 31, 2026. "The new pay scales, effective from January 1, 2022, will be formulated according to existing practices," the statement ...

Ship not under command after attacks target it in Red Sea: British military

A commercial ship travelling through the Red Sea came under repeated attack Wednesday, leaving the vessel not under command in an assault suspected to have been carried out by Yemen's Houthi rebels, the British military said. Details remained few about the attack, though it comes during the Houthis' monthslong campaign targeting ships over the ongoing Israel-Hamas war in the Gaza Strip. The attack saw men on small boats first open fire with small arms, the British military's United Kingdom Maritime Trade Operations center said. The ship also was hit by three projectiles, it added. The vessel reports being not under command, the UKMTO said, likely meaning it lost all power. No casualties reported. The Houthis did not immediately claim the attack, though it can take them hours or even days before their acknowledge one of their assaults. The Houthis have targeted more than 70 vessels with missiles and drones since the war in Gaza started in October. They seized one vessel and sunk t