Shipping Industry

Increased draft depth needed to handle large vessels: Parliamentary panel

A parliamentary committee has stressed on the need for increasing the draft depth of almost all the ports of the country under the Sagarmala Programme according to their respective cargo profile. Increased draft depth helps ports handle larger vessels. In its latest report, the department-related parliamentary standing committee on transport, tourism and culture said that the draft depth at major ports, both in the channel and berths, has been historically low and ranges from 7 metres in older ports up to 20 metres in newer ports. The draft depth is not commensurate with the change of ship sizes and changes in cargo trends such as containerisation. "Though the government has taken a number of initiatives to modernise our ports under the Sagarmala Programme, a lot remains to be done to ensure deep-draft availability to handle mega ships," the committee said. It observed that increased competition and economy of scale has fuelled the development of bigger ships and to accommodate suc

101 projects worth Rs 60,872 cr identified under ports and shipping

Total 101 projects in respect of Ports and Shipping have so far been identified under PM Gati Shakti initiative worth Rs 60,872 crore for implementation. Out of these, 13 projects worth Rs 4,423 cr

How shipping industry is trying to clean up its biggest, dirtiest problem

A 2022 report concluded container ships can reduce fuel consumption and CO2 emissions by 14% per voyage if they optimize their speeds

Govt likely to lower rail freight rates for coastal shipping of coal

Proposal aimed to ease pressure on rail network, improve coal dispatch during peak demand summer months

Auto component replacement demand estimated to grow 6-8% in FY24: Report

Auto component replacement demand is estimated to grow 6-8 per cent in the next fiscal driven by factors such as the increase in mobility and healthy freight movement, among others, a report stated on Friday. The improvement in demand has resulted in a positive impact on cash flows for aftermarket dealers and garages while the liquidity remains comfortable, credit ratings agency Icra said in the report. Also, there have been relatively minimal issues in the collection of receivables, as per the report. Icra also said that while the medium-term demand prospects are favourable, EV adoption, implementation of scrappage policy, component lifetime elongation, and possible increased use of public transport vis--vis private vehicles could cap the growth. The aftermarket segment constitutes around a fifth of the overall demand and remains a vital cog in the Indian auto component industry, it said. The average age of medium and heavy commercial vehicles had increased to almost 10 years, wh

UM Sonowal pitches for reducing pollution intensity in shipping sector

Union minister Sarbananda Sonowal said on Thursday said it is critical to develop a road map to reduce pollution intensity and strategies to introduce renewable energy as well as green hydrogen in the shipping sector. He emphasised that the focus is firmly on meeting the decarbonisation targets for 2030 and the net-zero goals for 2070. This is applicable to the shipping sector as well. The Union Budget had also put forth the need to encourage coastal shipping as an energy efficient and lower cost mode of transport, both for passengers and freight, through PPP (Public Private Partnership) mode with viability gap funding, he added. "With India taking over the G20 Presidency this year and working groups deliberating on clean energy and green transitions, we are re-emphasising the significance of inclusive green growth as our development strategy," the Minister for Ports, Shipping and Waterways said. According to an official release, Sonowal emphasised that it was critical to develop

IFSCA lays foundation to strengthen ship financing, leasing in India

In a bid to boost maritime trade, International Financial Services Centres Authority is taking steps to strengthen ship acquisition, financing and leasing in India, a senior official said on Friday. IFSCA, a statutory authority with a mandate to develop and regulate financial products, services and institutions in the International Financial Services Centres, has constituted a committee on the development of avenues for ship acquisition, financing and leasing activities from IFSC in India, she said. "We have identified legal and regulatory provisions which are conflicting with each other in laws and have a bearing on different types of ship financing," IFSCA Committee on Ship Acquisition chairperson Vandana Aggarwal told PTI. With the changes, ship financing is expected to witness a similar boom as seen in aviation financing, she said. The committee has already submitted its report and the implementation of the recommendations is a work in progress, a senior official said. Around

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

Global shipping growth at risk from economic gloom, says UNCTAD

The world's largest investment banks expect global economic growth to slow further in 2023 following a year roiled by Russia's invasion of Ukraine and soaring inflation

Global freight rates down 30% YoY; steel, auto, and pharma to benefit

However, average container prices are still 2-3 times higher compared to pre-pandemic levels

Shiprocket becomes first inter-city logistics provider to join ONDC network

Company will enable sellers to select delivery partners to ship products across India

This PSU stock outperformed market, surged 40% in five trading days

In the past three months, the market price of MDL more-than-doubled or zoomed 136 per cent, as against 9 per cent rise in the S&P BSE Sensex.

This shipping company is rerouting its ships. To save blue whales

The Mediterranean Shipping Company (MSC) has started to re-route its ship on the shipping lanes off the Sri Lankan coast in a bid to save the massive blue whales

Binesh Kumar Tyagi takes over as CMD Shipping Corporation of India

Shipping Corporation of India on Monday said Binesh Kumar Tyagi has taken over as its Chairman and Managing Director (CMD). Tyagi was heading the Liner and Passenger Services Division as Director (L&PS) since January 7, 2021 in the company, the PSU said in a regulatory filing. "Captain Binesh Kumar Tyagi has taken over as Chairman and Managing Director of the Shipping Corporation of India Ltd (SCI) with effect from 03.09.2022," it said. Tyagi joined SCI in 1990 as Trainee Nautical Officer (TNOC). He served onboard various ships, in different ranks, including as Master. In 2004, he was absorbed ashore, wherein he served at various management level positions and performed technical, vetting, chartering, training, marine HR, liner, passenger, inland waterways, offshore, among others. Tyagi is an IIM-A alumnus and also member of various professional bodies. Under Ministry of Ports, Shipping and Waterways, SCI is the largest shipping company in India.

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

Mazagon Dock Shipbuilders hits new high on heavy volumes; up 27% in 2 days

At 10:49 am; MDL traded 12 per cent higher at Rs 396, as compared to 1.4 per cent decline in the S&P BSE Sense

Cruise control: How to plan for your luxury getaway on the sea

Travel to Singapore, the Caribbean, Dubai, or Goa and indulge yourself on the ship with food and entertainment

GE Shipping rallies 11%; stock hits 52-week high on heavy volumes

Crude tanker freight rates remained around opex levels for most of the year in FY22 but experienced a sudden spurt starting end-Feb 2022 due to the Russia-Ukraine conflict.

INS Vikrant finishes sea trials, to be delivered to navy soon

INS Vikrant will complement the INS Vikramaditya, currently the navy's lone carrier, which was acquired from Russia in 2013

Flipkart Grocery leans on smaller towns in bid to reach 20,000 PIN codes

Flipkart Grocery currently offers 7,000 products in 1,800 cities covering 10,000 PIN codes, served by 23 fulfilment centres spread over an area of 2.75 million sq ft