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Business Standard

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 ...

The Economic Times

Easing exports: India to buy more second-hand vessels to raise container capacity, cut port charges

India will reduce port charges and purchase five second-hand container vessels to boost exports and address shipping issues. These measures aim to lower shipping costs, improve container availability, expedite export consignments, and reduce port congestion. Commerce Minister Piyush Goyal announced these steps following a meeting with various stakeholders.

The Economic Times

India to buy more second-hand vessels to raise container capacity, official says

India plans to purchase more second-hand vessels to boost container shipping capacity, aiming to cut transportation costs and increase exports. Talks with multiple ministries followed a decline in Indian goods exports. The move is expected to reduce export time and raise container capacity by 10% to 12%, according to officials.

The Economic Times

Japan's Nikkei at over two-week closing high as exporters advance on weaker yen

Japan's Nikkei share average reached its highest closing level in over two weeks, driven by exporters as the yen weakened against the dollar. The broader Topix also rose, with significant gains in Toyota and Honda. All industry sub-indexes on the Tokyo Stock Exchange traded higher, with shipping firms and the insurance sector performing strongly.

The Economic Times

Amazon boosts warehouse worker pay by at least $1.50 an hour

Employees will start receiving Prime, Amazon’s speedy shipping and video subscription service, as part of their compensation beginning early next year, the company said. The additional investment in pay and benefits, $2.2 billion, is the company’s largest, logistics chief Udit Madan said in the blog.

The Economic Times

Indian companies need to fret over the price chart at ports

Freight rates at Indian ports have surged nearly 70% year-on-year in August, driven by global shipping disruptions and sustained demand. This increase, after a two-year gap, is likely to impact the cost burden of Indian companies with international exposure. Rates have fluctuated since 2020 due to various geopolitical issues and supply chain disruptions.

The Economic Times

Limited Impact of Bangladesh's developments on India's FMCG, footwear & soft luggage sector: CRISIL

Recent developments in Bangladesh have had a limited impact on India's trade, according to a CRISIL report. Sectors like FMCG, cotton yarn, and footwear may see minor effects, while ship breaking and readymade garments could benefit. Prolonged disruptions could affect export-oriented industries with ties to Bangladesh.

The Economic Times

Apple shares slip as shorter iPhone 16 shipping times signal soft demand

Apple shares dropped nearly 3% after analysts noted shorter delivery times for the new iPhone 16 Pro models, suggesting weaker demand. The delayed rollout of key AI features may be a factor. Pre-order data showed reduced shipping times compared to last year's models, indicating potential supply improvements or lower interest in the new series.

The Economic Times

Samsung wilts where Apple blossoms

Apple has increased its revenue lead over Samsung in India's mobile phone market, despite shipping fewer devices. This growth is driven by higher average selling prices and aggressive market expansion. In the first half of 2024, Apple shipped 4.8 million units for $4.56 billion in revenue, while Samsung shipped 9.8 million units for $3.43 billion.

The Economic Times

Great Eastern plans to enter container shipping sector

The Great Eastern Shipping Company, India's largest private ocean carrier, is considering entering the container shipping sector. This move could help mitigate risks associated with oil trade as the world shifts towards green energy. The company prefers to invest countercyclically and may enter the market when it is weaker.

The Economic Times

Apple shares slip as shorter iPhone 16 shipping times signal soft demand

Early pre-order data from BofA Global Research revealed shorter global shipping times for the iPhone 16 Pro models compared to last year's 15 Pro models, as of Monday, three days after the company started taking pre-orders .

The Economic Times

Apple shares slip as shorter iPhone 16 shipping times signal soft demand

Early pre-order data from BofA Global Research revealed shorter global shipping times for the iPhone 16 Pro models compared to last year's 15 Pro models, as of Monday, three days after the company started taking pre-orders .

The Economic Times

Delhivery partners with Teamglobal Logistics for ocean freight services

Logistics operator Delhivery has partnered with Teamglobal Logistics to enhance ocean freight services, targeting both inbound and outbound logistics. This collaboration expands Delhivery's reach to over 120 countries for its Less than Container Load service and integrates inland Part Truckload shipping within India, benefiting businesses with a seamless cargo transportation solution.

Hindustan Times

Singapore Aug bunker fuel sales dip as spike in premiums dampens demand

GLOBAL-SHIPPING/SINGAPORE-BUNKER:Singapore Aug bunker fuel sales dip as spike in premiums dampens demand

The Economic Times

Banks may get power to auction ships in case of loan defaults

The government is considering amending the SARFAESI Act, 2002, to allow banks to hold security interest in shipping vessels, removing special exemptions for fishing vessels. This change aims to fast-track loan recovery processes and address ambiguities that delay recoveries. Other debt recovery laws are also under review for quicker resolution of non-performing loans.

Business Standard

India seeks investment from S Korea, Japan to set up shipbuilding clusters

India is seeking investments and technology transfer from South Korea and Japan to establish shipbuilding and ship repair clusters to promote the domestic shipping supply chain in the country, according to a senior government official. Currently, India holds less than 1 per cent of the global shipbuilding market, dominated by China, South Korea, and Japan. "We are looking at South Korea and Japan for investments and technology transfer for establishing shipbuilding and ship repair clusters in India," TK Ramachandran, Secretary in Ministry of Ports, Shipping and Waterways (MoPSW), told a group of journalists here. Ramachandran was in Goa to participate in the 20th Maritime State Development Council (MSDC), where plans for a mega shipbuilding park, spanning multiple states, were discussed. "We have communicated to them (South Korea and Japan) that you come with your technology and investments, we will provide you land for setting up shipbuilding and ship repair clusters," he said. T

Business Standard

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

The Economic Times

Keel laid for India's largest dredger at Cochin Shipyard

Cochin Shipyard Limited has laid the keel for India's largest dredger, DCI Dredge Godavari, with a hopper capacity of 12,000 cubic meters. Built in collaboration with Royal IHC, Netherlands, this advanced vessel will enhance the capabilities of the Dredging Corporation of India and support the growth of coastal and inland shipping markets.

Business Standard

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

Business Line

GE Shipping to sell Suezmax crude tanker, Jag Lalit, as part of fleet adjustment strategy

The vessel, with a capacity of approximately 158,344 dwt, will be delivered to an unaffiliated third party by the third quarter of fiscal year 2025.

Business Standard

Investors demanded sustainability over rapid growth: GoMechanic's Kakkar

Car services and repair platform GoMechanic's investors sought customer-focused, sustainable growth over rapid growth that helped the troubled startup get back on its feet, Co-Founder Muskan Kakkar said on Wednesday. She was speaking about the brand's revival journey during a panel discussion at the 51st edition of the AIMA National Management Convention here. Founded in 2016, GoMechanic was on the verge of breakdown about a year-and-a-half ago after anomalies were found in its financial records. In March 2023, it was acquired by Servizzy, a subsidiary of the Lifelong Group. A customer-focused approach helped the "sinking ship" bounce back, Kakkar said. "Thanks to our investors -- Lifelong, Hero and Stride Ventures -- who trusted us by saying that they do not need exponential growth in the business, but a business which is more sustainable, a business which can stay there forever," she said. That's how the company has not been going for exponential growth, but is working to make

Business Standard

Vedanta urges govt to talk with Japan, S Korea to end nickel sulphate duty

Vedanta and some smaller firms turn nickel ores imported primarily from Australia, Indonesia and Turkey into nickel sulphate before shipping it to South Korea, Japan and other countries

The Economic Times

Review of major ports underway to identify infra shortcomings

India is conducting a thorough review of its major ports to identify operational shortcomings and infrastructure deficiencies. The goal is to enhance port capacities, prepare for larger ships, and incorporate green technologies. This initiative aligns with the Maritime India Vision 2030 and aims to optimize cargo handling and ship turnaround times.

The Economic Times

India to ship Rs 8,000 cr worth of alcoholic beverages in next few years: APEDA

The Indian government plans to promote Indian alcoholic and non-alcoholic beverages internationally, aiming for $1 billion in exports. Currently ranked 40th in the world for alcoholic beverage exports, India sees huge potential. Major destinations include UAE, Singapore, and Europe. Diageo India will launch 'Godawan' single-malt whisky in the UK.

Business Standard

Concor to resume coastal cargo transport, enhance last-mile connectivity

Concor had initially launched coastal shipping services in January 2019 but the services were halted in 2020 due to the Covid-19 outbreak

Hindustan Times

Adani Ports acquires offshore shipping firm Astro for $185 million

Adani Ports acquires 80% of Astro for $185 million, boosting its fleet and entering new markets in the Middle East, Far East Asia, and Africa.

Mint

Dividend Stocks: IRCON, Metro Brands, Shipping Corp, among others to trade ex-dividend next week; Full list here

Dividend Stocks: Several companies, including Metro Brands, Karnataka Bank, IRCON International, among others are trading ex-dividend in the coming week.

The Economic Times

Adani Ports acquires 80% stake in Dubai's Astro Shipping for $185 million

Adani Ports & Special Economic Zone Ltd has agreed to acquire an 80% stake in Dubai-based Astro Shipping Company for $185 million. This acquisition aims to expand APSEZ's fleet to 168 ships and boost its presence in the Arabian Gulf, Indian subcontinent, and Far East Asia.

The Economic Times

'We need to look beyond the flag of the ship': IFSCA chairperson K Rajaraman

Ship leasing from GIFT City is drawing global attention as India aims to improve its modest 1.4% share of global shipping tonnage. Key companies like Great Eastern Shipping and Reliance have registered, with over 10 ships leased. Challenges include licensing duplicity and the need for reforms in ship registration laws. The IFSCA is actively engaging with stakeholders and ministries to address these issues, aiming to bolster India's ship ownership and strategic fleet growth.

Business Line

Great Eastern Shipping stock falls after announcing sale of Supramax Dry Bulk Carrier

This sale follows the Great Eastern Shipping’s July 2024 agreement to sell an MR product tanker

Business Line

Stocks that will see action today: August 30, 2024

Buzzing stocks: LIC, CDSL, Tata Steel, NTPC, ITI, Canara Bank, NBCC (India), Shipping Corporation, NHPC, Lemon tree, Jai Corp, RVNL, Patel Engineering, 3M India, SpiceJet

CNBC TV18

Shipping Corporation gets ₹160 crore GST demand for FY20 over input credit mismatch

The order follows a GST audit conducted under Section 65 of the CGST Act/MGST Act, 2017. Shares of Shipping Corporation of India Ltd ended at ₹266.95, down by ₹4.20, or 1.55%, on the BSE.

Mint

Shipping Corporation of India receives ₹160 crore GST demand notice for FY2020

Shipping Corporation of India received a ₹160 crore goods and service tax (GST) demand notice from the Deputy Commissioner of State Tax, Government of Maharashtra, for the financial year 2019-20, on Thursday, August 29.

Business Standard

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 ...

The Economic Times

Shipping ministry approves wage structure revision for workers of major ports

The Ministry of Ports, Shipping and Waterways has approved a new wage structure for workers at major ports, stopping an indefinite strike. The agreement includes an 8.5% fitment benefit and additional allowances. The periodicity of the settlement is from January 1, 2022, to December 31, 2026, with a review set for 2027.

Business Standard

India-Oman free trade pact talks at advanced stage, says Ambassador Narang

Discussions for the proposed free trade agreement (FTA) between India and Oman are at an advanced stage and both sides hope to conclude the pact early, Indian Ambassador to Oman Amit Narang said on Tuesday. The pact will give a significant push to bilateral trade and investment ties between the two countries, he said. The pact, officially known as the Comprehensive Economic Partnership Agreement (CEPA), is expected to boost Indian exports to the west Asian country by eliminating duties, especially on petroleum products, textiles, electronics, pharmaceuticals, machinery, and iron and steel. "Discussions for a bilateral CEPA with Oman are at an advanced stage. We hope to conclude these discussions early and once this is done, this will be a significant push to bilateral, not just trade, but also bilateral investment ties," Narang said. Addressing an event organised by Ficci here, the Indian Ambassador to Oman also highlighted the significant potential for enhancing direct shipping li

CNBC TV18

DEE Development Engineers wins ₹26 crore order from L&T Energy Hydrocarbon

The contract is associated with L&T's Module Fabrication Facility (MFFK) in Kattupalli, Tamil Nadu.  The MFFK is part of L&T’s sprawling 1,200-acre marine complex which lies in a Special Economic Zone and includes a shipbuilding and ship-repair yard as well as a port and freight container station.

Business Standard

JN Port to scale up handling capacity to over 10 mn TEUs by April

Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal on Thursday said that the container handling facility at Jawaharlal Nehru Port is being scaled up to 10 million TEUs. Speaking with reporters after reviewing various infrastructure and development projects at the port, the minister also said that the upcoming Vadhvan Port in the Palghar district of Maharashtra would generate 10 lakh jobs in the region. To be built as an all-weather port, the greenfield deep draft mega port will come up at an investment of Rs 76,200 crore. The minister said JNPA soon will have a container handling capacity of around 10 million TEUs. A senior JNPA official said that the container handling capacity currently stands at 7.4 million TEUs, which will go up to 10.4 million TEUs by April next year. Sonowal said that Jawaharlal Nehru Port has become the first 100 per cent landlord port in the country, adding that, "accordingly we are aiming for bigger and bigger ships at this facility."

Mint

GST: Infosys, foreign airlines, shipping lines may see relief as concerns rise for ‘ease of doing business’, says report

The Centre may provide relief to corporates, including Infosys, foreign airlines, and shipping lines, amid concerns over ease of doing business. The GST Council is set to meet on September 9.

The Economic Times

How anti-dumping duty on Chinese EVs affects India

This pile up of inventory has clogged an already stretched logistics network. Siddharth Jairaj, CEO, TVS SCS global forwarding solutions said, “Because of the anti-dumping duties, China has been shipping out huge numbers of electric vehicles since April and May to beat the duty deadlines. So global nodal ports like Singapore and Colombo and clogged.”