shipping Industry News
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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 ...
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Thu, Sep 19, 2024
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
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.
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Tue, Sep 17, 2024
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.
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Mon, Sep 16, 2024
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.
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Sun, Sep 15, 2024
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
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Sun, Sep 15, 2024
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.
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Fri, Sep 13, 2024
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
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Fri, Sep 13, 2024
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.
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Fri, Sep 13, 2024
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
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
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Mon, Sep 2, 2024
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.
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Mon, Sep 2, 2024
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.
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Fri, Aug 30, 2024
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
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Fri, Aug 30, 2024
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.
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Wed, Aug 28, 2024
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
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Tue, Aug 27, 2024
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."
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.”
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Thu, Aug 15, 2024
The Economic Times
Google unveils new phones and other gadgets powered by AI
Pixel 9, the base 6.3-inch display model, will retail at a starting price of $799, which is $100 more than the previous model. This and the 6.8-inch Pixel 9 Pro XL will begin shipping later in August, a company spokesperson said. The Pixel 9 Pro, which comes with added features like a better camera, and the foldable Pixel 9 Pro Fold will ship in September.
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Tue, Aug 13, 2024
The Economic Times
India's smartphone market grows 3.2% with 35 mn shipment in Q2, Vivo tops the chart
The Indian smartphone market grew by 3.2% in the second quarter of 2024, shipping 39 million units. Vivo led with a 16.5% market share. Apple led the super-premium segment with 83% share. Samsung followed with 12.9% market share. The entry-premium segment saw the highest growth, increasing its share to 30%, a 42% YoY rise.
The Economic Times
Google starts shipping locally-made Pixel smartphones from its production lines
Google was the only global smartphone brand missing from India's fast-scaling mobile manufacturing business which includes major brands such as Apple and Samsung who are part of the government's production-linked incentive scheme and exports large quantities of smartphones out of India.
The Economic Times
Is India losing focus on International Shipping Industry?
India's seafaring industry has grown significantly, with the country now the fifth largest supplier of seafarers worldwide. Despite the growth, challenges such as visa requirements and fraudulent agents remain. Enhanced training and government support are key for India to become the top seafaring nation.
Business Standard
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 ..