Page 2 - Shipping Sector

Baltimore bridge: US Coast Guard opens temporary channel for vessels

The US Coast Guard has opened a temporary, alternate channel for vessels involved in the clearing of debris at the site of the collapsed Francis Scott Key Bridge in Baltimore, part of a phased approach to opening the main channel leading to the vital port, officials said. Crews are undertaking the complicated work of removing steel and concrete at the site of the bridge's deadly collapse into the Patapsco River after a container ship lost power and crashed into a supporting column. On Sunday, dive teams surveyed parts of the bridge and checked the ship, and workers in lifts used torches to cut above-water parts of the twisted steel superstructure. Officials said the temporary channel is open only to vessels that are helping with the cleanup effort. Authorities believe four workers plunged to their deaths in the collapse. Recovery of their bodies is a key part of the ongoing salvage operation. Officials earlier said the channel would have a controlling depth of 11 feet (over 3 meter

Cranes arriving to remove wreckage from deadly Baltimore bridge collapse

The largest crane on the Eastern Seaboard was being transported to Baltimore so crews can begin removing the wreckage of a collapsed highway bridge that has halted a search for four workers still missing days after the disaster and blocked the city's vital port from operating. Maryland Gov. Wes Moore said the crane, which was arriving by barge and can lift up to 1,000 tons, will be one of at least two used to clear the channel of the twisted metal and concrete remains of the Francis Scott Key Bridge, and the cargo ship that hit it this week. "The best minds in the world are working on the plans for removal, Moore said. The U.S. Army Corps of Engineers for the Baltimore District told the governor that it and the Navy were mobilizing major resources from around the country at record speed to clear the channel. This is not just about Maryland, Moore said. This is about the nation's economy. The port handles more cars and more farm equipment than any other port in America. He warned of

Rescue ops underway, ship traffic in Baltimore port suspended, says Biden

The Francis Scott Key Bridge in Baltimore collapsed early Tuesday morning after it was struck by a large ship

FedEx plans $5 bn buyback as CEO's cost-cutting measures yield results

The shares rose as much as 13% after regular trading in New York, while competitor United Parcel Service Inc. advanced 3.4%

Indian Navy rescues 21 crew members of drone-hit vessel in Gulf of Aden

Indian warship INS Kolkata rescued 21 crew members, including an Indian national, after three of their colleagues in a Barbados-flagged cargo vessel were killed following a Houthi missile strike on the bulk carrier in the Gulf of Aden on Wednesday. The deaths were the first since the Houthi militants began attacks on commercial vessels in the Red Sea and adjoining shipping lanes in response to Israel's military offensive in Gaza. The crew abandoned the vessel True Confidence after the attack, military officials said. INS Kolkata, deployed for maritime security operations in the Gulf of Aden, arrived at the scene of action at 4.45 pm on Wednesday and rescued 21 crew members, including one Indian national, from a life raft using its integral helicopter and boats, Indian Navy spokesperson Commander Vivek Madhwal said. The US Central Command reported "three fatalities, at least four injuries, of which three are in critical condition, as well as significant damage to the ship". Accord

Allcargo Logistics soars 9% on healthy volumes

Recently, the company's arm Allcargo Supply Chain Private Limited (ASPL) said would be expanded its warehouse space by adding 3 million square feet in the next two-three years.

MNRE releases guidelines on use of green hydrogen in shipping sector

The government on Friday released guidelines for pilot projects on the use of green hydrogen in the shipping sector. The Scheme will be implemented with a total budgetary outlay of Rs 115 crore till the financial year 2025-26, the Ministry of New and Renewable Energy (MNRE) said in a statement. The 'Scheme Guidelines for implementation of Pilot projects for use of Green Hydrogen in the Shipping Sector' under the National Green Hydrogen Mission, the MNRE said. Under the Mission, the MNRE will implement pilot projects in the shipping sector, for replacing fossil fuels and fossil fuel-based feedstock with green hydrogen and its derivatives. These pilot projects will be implemented through the Ministry of Ports, Shipping and Waterways (MoPSW) and the implementing agencies nominated under this scheme. The pilot projects also target development of bunkering and refuelling facilities in ports on international shipping lanes for fuels based on green hydrogen. "Two areas have been identifi

Houthi attack: Navy deploys fire-fighting team on board British oil tanker

The Indian Navy on Saturday said its guided missile destroyer INS Visakhapatnam has deployed a team to help fire-fighting efforts on board British oil tanker MV Marlin Luanda which has got 22 Indian and one Bangladeshi crew members. According to foreign media reports, the tanker caught fire after a missile attack by Yemen's Houthi militants, the latest incident linked to the Iran-backed group in the key shipping route Gulf of Aden. On a request from MV Marlin Luanda, INS Visakhapatnam has deployed its NBCD team along with fire-fighting equipment to render assistance to the crew towards augmenting fire-fighting efforts on board the distressed ship, a Navy spokesperson said. "The Indian Navy remains steadfast and committed towards safeguarding MVs (merchant vessels) and ensuring safety of life at sea," the Indian Navy said. The operator of the British oil tanker has said the vessel had been "struck by a missile in the Gulf of Aden after transiting the Red Sea", according to the ...

Matter of concern, closely watching developments: India on Red Sea crisis

India on Thursday described as a "matter of concern" the unfolding security situation in the Red Sea and said it is closely watching the developments in the critical sea lanes in the region. External Affairs Ministry spokesperson Randhir Jaiswal reaffirmed India's emphasis on the importance to freedom of navigation and commerce in the Red Sea. Amid the Israel-Hamas conflict, the Houthi militants have been targeting commercial vessels in the Red Sea triggering global concerns. A guided missile destroyer of the Indian Navy on Thursday intercepted a cargo vessel with 22 crew members, including nine Indians, over an hour after the Marshall Island-flagged ship came under a drone strike in the Gulf of Aden. The US and the UK have already launched air strikes targeting the Houthi positions in Yemen. "It is a matter of concern to us. We give a lot of importance to freedom of navigation and freedom of commerce in that region. Whatever is happening there not just impacts us, but it impacts

Shipping industry CEOs see no short-term end to Red Sea disruptions

Among the other leaders watching the renewed threats to supply chains was European Central Bank President Christine Lagarde

Red Sea crisis may push shipping costs by 60%, insurance by 20%: GTRI

The increasing Red Sea crisis may impact trade as it is expected to push shipping costs by up to 60 per cent and insurance premium by 20 per cent, a report by economic think tank GTRI said on Saturday. This conflict could also result in increased shipping costs (40-60 per cent) and delays due to rerouting (up to 20 days more), higher insurance premiums (15-20 per cent), and potential cargo loss from piracy and attacks. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Due to these attacks, the shippers are taking consignments through the Cape of Good Hope, resulting in delays of about 20 days. The Houthi conflict's disruption of the Red Sea shipping lanes significantly impacts Indian trade, especially with the Middle East, Africa, and Europe, the Global Trade Research Initiative (GTRI) said. It said that India, heavily rel

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

Shipping ministry issues draft Sagarmala Innovation and Start-up Policy

The Ministry of Ports, Shipping and Waterways (MoPSW) on Monday issued draft 'Sagarmala Innovation and Start-up Policy' with an aim to nurture startups and other entities to co-create the future of India's growing maritime sector. According to an official statement, the draft 'Sagarmala Innovation and Start-up Policy' pitches for digital portal-based selection of startups to ensure a transparent process. It also emphasised on developing centralised repository containing all pertinent information to assist emerging entrepreneurs. The draft policy called for creation of launch pads at ports for carrying out trials, facilitating pilot projects, establishing working space and adopting products and solutions, the statement said. It also noted that there is a need to provide legal and accountancy back up to startups for IP-patent filing, company registration, annual filings and closures. There is also a need to collaborate with national and international stakeholders for mentorship, ...

Western curbs on Russian oil products redraw global shipping map: Analysis

The redrawing of the shipping map underscores the knock-on effects of Western efforts to punish Russia over its invasion of Ukraine last year, adding to fuel supply insecurity and pushing up prices

Green hydrogen pilot to cover steel, transport and shipping sectors

The mission has proposed pilot projects for replacing fossil fuels and fossil fuel-based feedstocks with Green Hydrogen and its derivatives

This SME shipping company's stock is up more than 2,900% over issue price

Knowledge Marine & Engineering Works rallied 11% to hit a new high of Rs 1,129.85 after the company received an additional work order of Rs 16.50 crore from Dredging Corporation of India

GE Shipping hits new high on healthy outlook; zooms 126% thus far in 2022

In the past one month, the stock price of GE Shipping has soared 26% after the company reported an over three-fold jump in its consolidated net profit at Rs 731 crore in Q2FY23.

Stock of this shipping company has zoomed nearly 250% in last four months

On Monday, the board of KMEW approved the allotment of 565,000 equity shares at an issue price of Rs 700 per equity share on a preferential basis to investor Ashish Kacholia and others.

Shipbuilding stocks rally up to 11%; Mazagon, Garden Reach hit new highs

The defence shipbuilding segment continues to look promising on account of ambitious acquisition plan of Indian Navy and Indian Coast Guard.

Govt may invite financial bids for Shipping Corp sale in March quarter

The government is likely to invite financial bids for privatisation of state-owned Shipping Corporation of India (SCI) in the March quarter, an official said. "The demerger of non-core and land assets of Shipping Corporation is at an advanced stage. The process is expected to be over in about three months' time, after which financial bids will be invited," the official told PTI. The financial bids from potential investors are expected in the January-March quarter, the official added. In May, the board of Shipping Corp had approved an updated demerger scheme for hiving off the non-core assets of SCI to Shipping Corporation of India Land and Assets Ltd (SCILAL) including Shipping House, Mumbai and MTI (Maritime Training Institute), Powai to complete the process of de-merging all the non-core assets to the new company SCILAL. As per the balance sheet of SCI, the value of non-core assets held for demerger as of March 31, 2022, stood at Rs 2,392 crore. In March 2021, the government had