Maritime Sector

Southeast Asian defence chiefs meet amid maritime disputes with China

Southeast Asian defence chiefs and representatives are meeting in the Laotian capital on Wednesday for security talks at a time of increasing maritime disputes with China in the Asia-Pacific and as the transition to a new US president looms. US Secretary of Defense Lloyd Austin was set to join the meetings of the Association of Southeast Asian Nations defence ministers in Vientiane, where many will be looking for assurances ahead of President-elect Donald Trump's return to power in January. Austin just wrapped up meetings in Australia with officials there and Japan's defence minister, where they pledged their ongoing support for ASEAN and their "serious concern about destabilising actions in the East and South China Seas, including dangerous conduct by the People's Republic of China against Philippines and other coastal state vessels". In addition to the US, other nations attending the two-day ASEAN meetings include Japan, South Korea, India, Australia and China. Along with the ...

PMO launches new maritime strategy, to infuse funds into port sector

With almost all major ports languishing with low traffic levels, the funds will go a long way towards expanding cargo capacity and improving port facilities

Fortified rice supply, border roads get Rs 21K crore Cabinet push

Phase 1A of the project is under implementation, with more than 60 per cent physical progress, and is planned for completion by 2025

Container shortage, freight spike shake maritime economy in India

India's merchandise exports also contracted by nearly 10 per cent in August. Both officials and traders highlighted the challenges in transportation

In export push, govt steps in to raise container capacity amid shortage

Commerce Minister Piyush Goyal announces purchase of second-hand vessels

India to approve Rs 25,000 crore for shipbuilding and infrastructure

India's Maritime Development Fund (MDF) is likely to receive a Rs 25,000 crore boost to support low-cost, long-term indigenous manufacturing projects

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 ...

Indian Navy to hold maritime exercise with Singapore to enhance operability

The Indian Navy is looking forward to further enhancing its operability with the Singapore Navy and understanding of each other's operational philosophy by holding joint maritime exercises, Flag Officer Commanding Eastern Fleet Read Admiral Rajesh Dhankhar has said. Addressing a reception for 150 guests from Singapore's defence sector, heads of diplomatic missions and Indian diaspora on board INS Shakti at the Changi Naval Base on Tuesday, he said the navies of the two countries are planning to hold the 31st edition of the Singapore-India Maritime Bilateral Exercise (SIMBEX) which will be held at Visakhapatnam in the fourth quarter of this year. We will be undertaking the 31 Edition of SIMBEX (and) we have done the planning at the working level for the event to be held in the fourth quarter of this year at Visakhapatnam, Dhankhar who is leading the Indian Naval Ships Delhi, INS Shakti, and Kiltan to Singapore, Malaysia and the Philippines. We look forward to further enhancing our ..

Baltimore leaders accuse ship's owner of negligence in bridge collapse

The owner and manager of the massive container ship that took down the Francis Scott Key Bridge last month should be held fully liable for the deadly collapse, according to court papers filed Monday on behalf of Baltimore's mayor and city council. The two companies filed a petition soon after the March 26 collapse asking a court to cap their liability under a pre-Civil War provision of an 1851 maritime law a routine but important procedure for such cases. A federal court in Maryland will ultimately decide who's responsible and how much they owe in what could become one of the most expensive maritime disasters in history. Singapore-based Grace Ocean Private Ltd. owns the Dali, the vessel that veered off course and slammed into the bridge. Synergy Marine Pte Ltd., also based in Singapore, is the ship's manager. In their filing Monday, attorneys for the city accused them of negligence, arguing the companies should have realised the Dali was unfit for its voyage and manned the ship wi

National Maritime Day 2024: History, significance, theme and more

National Maritime Day is celebrated every year on April 5 to honour the individuals for their lifetime distinguished and exceptional achievements in the Indian maritime sector

35 pirates, caught in mid-sea op by Navy, to be prosecuted in India: Report

35 Somali pirates were forced to surrender by the Indian Navy about 2,600 km from the Indian coast after it intercepted the ex-MV Ruen, hijacked by them for carrying out attacks on other vessels

Cabinet approves inter-governmental agreement between India-UAE on IMEC

The Union Cabinet on Wednesday approved an inter-governmental framework agreement between India and the United Arab Emirates on cooperation for the India-Middle East Europe Economic Corridor. The aim of the inter-governmental framework agreement (IGFA) is to enhance the bilateral ties and further strengthen the relations between the two countries in ports, maritime and logistics sectors, an official statement said. IGFA includes areas of cooperation with the objective of exploring the further potential of future joint investment and collaboration with respect to the development of the India-Middle East Europe Economic Corridor (IMEC). The agreement contains a detailed framework for cooperation between the two countries. The cooperation will be based on a set of mutually agreed-upon principles, guidelines and agreements, consistent with the relevant rules and regulations of the countries' jurisdiction.

Red Sea crisis impact on trade data will be visible in FY24: GTRI

With escalating everyday attacks and no end in sight, the Red Sea crisis will adversely impact trade volumes in substantial ways in 2024, according to the report of economic think tank GTRI. The Global Trade Research Initiative (GTRI) said that rising shipping, and insurance costs and delayed arrival of shipments will continue to disrupt global value chains, squeeze margins, and make exports of many low-margin products unviable from current locations. Countries in Asia, Africa, and Europe will face the most disruption across industries, it added. It said that the disruption is significantly impacting Indian trade, especially with the Middle East, Africa, and Europe. India, heavily reliant on the Bab-el-Mandeb Strait for crude oil and LNG imports and trade with key regions, faces substantial economic and security risks from any disruption in this area. About 65 per cent of India's crude oil imports in FY2023, valued at USD 105 billion, from countries like Iraq, Saudi Arabia, and ...

Govt mulls setting up maritime development fund to support shipping sector

The government is considering setting up a maritime development fund with a view to providing low cost, long-term financial support to the shipping sector, a senior government official said on Tuesday. Ministry of Ports, Shipping and Waterways Secretary T K Ramachandran at an event organised by industry body CII said, the government is also looking at granting infrastructure status to the shipping sector. "The government is working to set up Maritime Development Fund (MDF) for low-cost, long-term financing support," Ramachandran said. According to him, the two options for setting up MDF are -- setting up dedicated maritime vertical under the newly proposed development finance institution, or constituting standalone MDF as a company with majority ownership by multilateral/ bilateral agency. Ramachandran further said the government is also considering notifying guidelines for setting up NBFCs at International Financial Services Centre (IFSC) to undertake vessel financing/ leasing fro

CSIR-NIO launches advance underwater vehicle to monitor coral reefs

The Goa-based CSIR-National Institute of Oceanography (NIO) has launched an autonomous underwater vehicle called C-bot, a robot with advanced features for increased surveillance over the coral reefs. Council for Scientific and Industrial Research (CSIR) Director General Dr N Kalaiselvi launched the C-bot on Sunday and said the vehicle can travel to a depth of 200 metres underwater. This robot is the first step to building a capable underwater vehicle that can scan the depth of the Indian Ocean, she told reporters on the CSIR-NIO campus on Monday. Kalaiselvi said they plan to develop this vehicle further which will be able to travel thousands of metres in the sea. CSIR-NIO Director Sunil Kumar Singh said the C-bot will help in maintaining surveillance over the coral reefs in the ocean. He said that coral bleaching is taking place because of the climate change. "With different sensors, different cameras, the robot measures what the parameters are, and might help explain why the cor

Russia to renew Chennai-Vladivostok route; officials to visit Chennai

The maritime transport corridor from the port of Chennai to the port of Vladivostok functioned successfully in the Soviet era

Merchant vessel with 15 Indian crew hijacked near Somalian coast: Navy

India sends a stealth guided-missile destroyer and patrol aircraft to monitor ship

Logistics sector poised for 'promising' new year on rising investments

Fuelled by demand, manufacturing activities, and investments, the horizon of the country's logistics industry looks "promising" for 2024, though Red Sea might cast a shadow of global supply disruptions and push up freight costs. Not just the market tailwinds, the government's key initiatives spanning from PM Gati Shakti to the maritime policy to the Sagarmala project will also set the tone for the logistics landscape next year, according to experts. "In 2023, India's logistics sector showcased commendable progress. The government's strategic investments and commitment to digitalisation have been instrumental in this growth. As we step into 2024, the sector's outlook remains promising," Grgory Goba-Bl, Managing Director for UPS in India, said. To complement the PM Gati Shakti, the government, in 2022, rolled out a comprehensive national policy for the logistic sector to address the issues of high logistics cost and inefficiencies, among others. The policy helped India climb six plac

Navy intensifies maritime security ops in Arabian Sea following attacks

Notably, these measures are being taken in the wake of the attack by a suspected drone on merchant vessel MV Chem Pluto on December 23

JSW Infrastructure to acquire majority stake in PNP Maritime Services

JSW Infrastructure on Monday said it has signed an agreement with SP Port Maintenance, a Shapoorji Pallonji Group company, to acquire majority stake in PNP Maritime Services (PNP Port). The agreement is to acquire over 50 per cent shares in PNP Port through its subsidiary JSW Dharamtar Port, JSW Infrastructure said in an exchange filing. "JSW Dharamtar Port has entered into share purchase and other relevant transaction documents for acquisition of 50 per cent plus 1 shares (10,00,001 equity shares) of PNP Maritime Services Private Limited from SP Port Maintenance Private Ltd," it said. PNP Maritime Services will become a step-down subsidiary of the company, it said. The transaction is for maximum equity purchase consideration of Rs 270 crore. It is expected to be completed in 15 days, the filing said. In a separate statement, JSW Infrastructure said the acquisition is expected to strengthen its position to provide hub-and-spoke model services to customers, thereby saving substanti