Shipping Sector

Chennai to Arctic: India-Russia multiple pacts widen maritime corridors

India and Russia signed key maritime and transport MoUs to strengthen the INSTC, Chennai-Vladivostok corridor and Northern Sea Route, including training for Indian polar seafarers

Russia plans shipbuilding foray in India: First Deputy PM Manturov

Russia is exploring joint production of Arctic-class vessels in India, deepening maritime and logistics cooperation as cargo flows rise across the Chennai-Vladivostok and North-South corridors

India is betting big on shipbuilding to anchor its maritime power push

Once a neglected sector, India's maritime industry is now at the heart of a Rs 70,000 crore plan to build ships, create jobs, and position the country among the world's top shipbuilders by 2047

China hits back at US on shipping with Hanwha Ocean sanctions, probe

The Ministry of Commerce said Tuesday it was placing limits on five US entities of Hanwha Ocean Co., one of South Korea's biggest shipbuilders

27 MoUs worth over ₹66,000 crore signed to boost India's maritime sector

A MoU Exchange Ceremony took place on the eve of the "Samudra Se Samriddhi - Transforming India's Maritime Sector" programme on September 19 at Bhavnagar, Gujarat.According to the Ministry of Ports, Shipping and Waterways' release, this event was addressed by Prime Minister Narendra Modi, in which a number of projects pertaining to the maritime sector were launched.The MOUs were signed on September 18th in the presence of Union Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, Dr Mansukh Mandaviya, Union Minister of Labour & Employment, Youth Affairs & Sports, and Shantanu Thakur, Minister of State for Ports, Shipping, and Waterways.Additionally, twenty-seven Memorandum of Understanding (MoUs) were exchanged between public and private sector stakeholders in the maritime sector, state governments, and international partners. According to the government, these agreements carry an investment and development potential of over ₹66,000 crore and represent a ...

SCI, GE Shipping in focus as Baltic Dry Index up 47% in 1-mth; time to buy?

The Baltic Dry Index now quotes at a 8-month high. Technical charts hint at a potential 36 per cent upside for select shipping stocks like SCI, Dredging and Seamec. Details here

GE Shipping, SCI soar up to 12% on heavy volumes in weak market

Share price of Shipping Corporation of India has rallied 12% to ₹230.50, while Great Eastern Shipping surged 7.5% to ₹1,047.25 in intra-day trade, as compared to nearly 1% decline in BSE Sensex.

This Ashish Kacholia-owned stock has zoomed 100% in 3 months; hits new high

Shares of Knowledge Marine & Engineering Works (KMEW) hit a new high of Rs 2,343.05, as they rallied 10 per cent on the BSE in Monday's intra-day trade in an otherwise range-bound market.

Ship recycling industry likely to grow to 3.8-4.2 mn GT in 2025: Report

India's ship recycling industry is expected to grow to 3.8-4.2-million GT (gross tonnage) in 2025, as against an estimated 2.3-2.6-million GT in 2024, according to a report. According to CareEdge, India accounts for 33 per cent of the global gross tonnage dismantled in 2023, second only to Bangladesh, which handled 46 per cent. "India's ship recycling Industry is poised for major growth in CY25 and is expected to witness similar recycling level in CY24 with an estimate of 2.3 to 2.6 million GT, thereafter a jump to over 3.8 to 4.2 million GT in CY25," said Sajani Shah, Assistant Director at CareEdge. The ship recycling industry in India is expected to grow at compound annual growth rate of around 10 per cent in CY26-CY28, she said, adding cooling-off of Baltic Dry Index, stabilisation of heavy melting scrap prices, and increase in obsolete ships in operations, suggest that more ships will enter the recycling market from CY25 onwards. According to Shah, countries having better ...

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 ...

Shipping stocks zoom up to 19%; SCI, GE Shipping hit record high. Check why

Shipping stocks rally today: hipping Corporation of India (SCI) share price soared 19.3 per cent to hit an all-time high of Rs 328.50 per share

Garden Reach Shipbuilders hits record high; stock zooms 146% in 3 months

In the past two days, the stock has surged 17% after the company secured an international order worth $54 million for the construction and delivery of four multi-purpose vessels of 7,500 DWT each.

High shipping costs impact Vietnam's rice rates; Indian variant steady

Demand continues to come in from regular customers in Indonesia and the Philippines, said a Bangkok-based trader, adding that new demand and additional crops would come in July

India-Iran Chabahar port deal: Time to bet on Indian shipping stocks?

Among shipping stocks - SCI, GE Shipping and Dredging have logged multi-fold returns over the last few years; here's what the chart suggests for the likely trend going ahead.

Steel cutting of third cadet training ship held at L&T Shipyard, Kattupalli

The steel-cutting ceremony of a third cadet-training ship was held at a shipyard in Tamil Nadu's Kattupalli on Saturday, officials said. The ceremony was presided by Defence Secretary Giridhar Aramane, according to a statement shared by a spokesperson of the Indian Navy. The steel-cutting ceremony of the third cadet training ship (yard-18005) was held at the M/s L&T Shipyard, Kattupalli, the statement said. Senior officials from the Navy and Larsen and Toubro (L&T) were present on the occasion. The contract for indigenous design and the construction of three cadet-training ships was concluded between the defence ministry and L&T in March 2023, the statement said. These cadet-training ships will be utilised for training officer cadets at sea after their basic training ashore. These ships will also extend a training facility to cadets from friendly foreign countries, the statement said. The ships are likely to be delivered to the Indian Navy starting September 2026. "This is

Baltimore bridge collapse: Investigators focus on electrical system of ship

During the initial stages of a federal probe into the deadly collapse of Baltimore's Francis Scott Key Bridge, investigators are focusing on the electrical power system of the massive container ship that veered off course. Jennifer Homendy, chair of the National Transportation Safety Board, said her agency is gathering data with assistance from Hyundai, the manufacturer of equipment in the ship's engine room. Testifying before a U.S. Senate committee Wednesday morning, she said investigators have also requested assistance to examine its circuit breakers. That is where our focus is right now in this investigation, she said. Of course, that's preliminary. It could take different roads, different paths as we continue this investigation. Homendy said they've zeroed in on the electrical system. The ship experienced power issues moments before the crash, as evidenced in videos showing its lights going out and coming back on. Homendy said information gleaned from the vessel's voyage data

"Going to move heaven and earth" to rebuild Baltimore bridge, says Biden

Biden delivered the remarks as he surveyed the wreckage from last week's bridge collapse in Baltimore, reaffirming his commitment to the people there

Baltimore bridge cleanup: Maritime terminal prepares for redirected ships

The only maritime shipping terminal currently operating in the Port of Baltimore is preparing to process an influx of redirected ships as crews continue clearing the mangled wreckage of the collapsed Francis Scott Key Bridge. Tradepoint Atlantic will unload and process an estimated 10,000 vehicles over the next 15 days, according to a statement from the company. That includes six regularly scheduled ships and nine that have been redirected since the deadly bridge collapse blocked access to the port's main terminals, which remains closed to traffic in a logistical nightmare for shipping along the East Coast. Crews opened a second temporary channel through the collapse site Tuesday, but it's too shallow for most commercial vessels to pass through. The two existing channels are meant primarily for vessels involved in the cleanup effort, which began last week. Work continues to open a third channel that will allow larger vessels to pass through the bottleneck and restore more commercia

Baltimore collapse: Ship crew to remain on board until probe is completed

The crew of 20 Indians and a Sri Lankan of the container vessel that collided with a key Baltimore bridge last week is busy with their normal duties and will remain on board until the investigation into the accident is completed. It is confirmed there are 21 crew members on board. The crew members are busy with their normal duties on the ship as well as assisting the National Transportation Safety Board and Coast Guard investigators on board," a spokesperson of Grace Ocean Pte and Synergy Marine told PTI. The crew is on board the container vessel Dali that collided with the 2.6-km-long four-lane Francis Scott Key Bridge over the Patapsco River in Baltimore in the early hours of March 26. The 984-foot cargo ship was bound for Colombo, Sri Lanka. On how long the crew would have to stay on board the ship, the spokesperson said, At this time, we do not know how long the investigation process will take and until that process is complete, the crew will remain on board. The Singapore-flag

Shipowner in Baltimore bridge collapse seeks to limit liability to $43.7 mn

The company, Grace Ocean, could face hundreds of millions of dollars in damage claims, legal experts say