Page 6 - Shipping Industry

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

Ship in Red Sea targeted in third attack by suspected Yemen's Houthi rebels

A ship in the Red Sea was targeted in a third attack suspected to have been carried out by Yemen's Houthi rebels Tuesday in their campaign of assaults over the Israel-Hamas war, officials said. The attacks come as the rebels' main sponsor, Iran, weighs possible retaliation against Israel over the assassination of Hamas official Ismail Haniyeh in July, which has renewed fears of a wider regional war in the Middle East. Already, the Houthi assaults have disrupted the USD 1 trillion annual flow of goods through the maritime route crucial to trade among Asia, Europe and the Middle East, while also sparking the most intense combat for the US Navy since World War II. The ship was first attacked around 115 kilometers (70 miles) south of the Houthi-held port city of Hodeida, the British military's United Kingdom Maritime Trade Operations center said. An explosive was detonated near the ship, then a small vessel acting suspiciously flashed a light near the ship and came close, actions that .

Sarbananda Sonowal introduces two shipping-related bills in Lok Sabha

Shipping Minister Sarbananda Sonowal on Friday introduced two bills -- Carriage of Goods by Sea Bill, 2024, and the Bills of Lading Bill, 2024, in the Lok Sabha. The Carriage of Goods by Sea Bill, 2024, seeks to comply with the international convention and with the changing global scenario in the shipping industry. Saugata Roy (TMC) opposed the introduction of the bill saying that the Indian Carriage of Goods by Sea Act, 1925, has been serving its purpose for the past 100 years and The Carriage of Goods by Sea Bill, 2024, only has some minor amendments. "This superfluous legislation should be done away with, it does not help the country," Roy said. Responding to Roy, Sonowal said the Indian Carriage of Goods by Sea Act, 1925, is already 100 year-old and hence to comply with the international convention and changing global scenario it was necessary to bring in simplification for ease of understanding of the law. "I believe this bill is necessary and is imperative to bring certain ..

No proposal for PLI scheme for manufacturing of shipping containers: Govt

The government on Tuesday said that at present, there is no proposal for a Production Linked Incentive (PLI) scheme for the manufacturing of shipping containers in the country. Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha that the government has taken various measures to increase the availability of containers both, for exports as well as for domestic shipments. There is no reported acute shortage of containers for exports on account of conflict between Russia and Ukraine, Israel and Hamas and Red Sea pirates, he said. "At present, there is no proposal of a PLI scheme for manufacturing of shipping containers," Prasada added. The PLI scheme was announced in 2021 for 14 sectors, including telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell batteries, drones, and pharma, with an outlay of Rs 1.97 lakh ...

Cruise ship saves 77 migrants on sailing boat near southwest of Greece

A cruise ship rescued 77 migrants found overnight in a sailboat in distress far off the southwestern coast of Greece and was transporting them to the nearest major port, Greek authorities said Tuesday. A passing Maltese-flagged cargo ship found the boat 112 nautical miles (129 miles, 207 kilometres) southwest of the town of Pylos in the early hours of Tuesday, the coast guard said. In an operation coordinated by Greece's search and rescue authority, all those on board were picked up by a cruise ship sailing in the area and were being transported to the southern Greek port town of Kalamata, authorities said. There were no reports of any people missing. No information was immediately available on the nationalities of those on the sailboat or where they had set out from. Greece lies on one of the most popular migration routes for people fleeing conflict and poverty in the Middle East, Africa and Asia, and seeking to enter the European Union. Many attempt to make the short crossing fro

New shipbuilding scheme to incentivise Indian shipyards till 2035

Ministry of Ports, Shipping and Waterways (MoPSW) is working on a new shipbuilding scheme, which would incentivise Indian shipyards till 2035 by various measures, a senior government official has said. Ports, Shipping and Waterways Secretary T K Ramachandran further said with the new policy, India will endeavour to be among the top 10 shipbuilding nations by 2030 and the top five by 2047, from 22nd in the world at present. "Yes, this ministry is working on a new shipbuilding scheme, which would incentivise Indian shipyards till 2035 by various measures," he told PTI. Ramachandran also said global cruise major MSC Cruises, based out of Geneva, has expressed willingness to deploy their ships for domestic itinerary. He said MoPSW in coordination with Ministry of Petroleum and Natural Gas is planning to have a JV between Shipping Corporation of India (SCI) and oil marketing companies to own large tankers. "The model of ownership is still to be decided depending upon demand requirement

Early US back-to-school sales accelerate peak ocean shipping season

"It looks like this year, July is in fact the peak of peak (season), instead of the beginning," said Stephanie Loomis, Rhenus Logistics' head of ocean freight for the Americas

Ship built by GRSE to explore Indian Ocean for rare minerals, says official

A ship to be built by defence PSU Garden Reach Shipbuilders and Engineers (GRSE) as part of its pact with a Goa-based government institution will explore the deep Indian Ocean for rare minerals and metals, officials said on Thursday. With a length of 89.5 metres, it will be the largest research vessel to be built in an Indian shipyard for deep sea exploration, a spokesperson of the National Centre for Polar and Ocean Research (NCPOR) in Goa said in a release. The vessel will be deployed for undertaking deep sea scientific surveys and sampling towards the Deep Ocean Mission of the Ministry of Earth Sciences, he said. It will have an all-weather capability and capacity to carry 34 scientists at a time and is expected to serve India for the next 30 years, he said. The vessel, to be built by the Kolkata-headquartered GRSE in 36 months at a contract value of Rs 839.55 crore, will "explore the deep Indian Ocean for rare minerals and metals as part of India's Deep Ocean Mission," the rele

Global shipping-market strain revives fear of inflation comeback again

The historic disruption of $25 trillion in global goods trade that culminated two years ago left the deep economic scars of inflation and paranoia about shortages