Page 2 - Maritime Sector

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

Mundra Port@25: Trailblazing entrepreneurship

How regulatory changes and entrepreneurial ambition transformed a once-sleepy fishing village into a global maritime giant

Indian Navy chief offers to run warship training hub for regional states

In order to bring together like-minded maritime nations of South and South Eastern Asia, the Indian Navy began hosting the Goa Maritime Conclave

India will shop for a flexible agenda for shipping at COP 28

The possible landing of the container ship shall signal the importance India attaches to the targets for the greening of the shipping sector and larger maritime sector

India will become global leader in cruise tourism soon, says Sonowal

Global Maritime India Summit, which the country hosted last week for the third time in last seven years, will add more dimensions to the sector's growth, which is already on an upswing since 2014, Union Minister Sarbananda Sonowal has said. Sonowal, who is the Minister for Ports, Shipping and Waterways, also expressed hope that India will become a global leader in cruise tourism soon given the ecosystem created by the government. India successfully hosted the third edition of the mega maritime event in the financial capital from October 17-19, with the summit attracting investment proposals worth Rs 10-lakh crore by way of 360 initial pacts reached between various companies both from the private and public sectors. I believe this particular global summit is going to add more dimensions to our growth (of the sector). The transportation sector in the last nine-and-a-half years has seen transformation, which is visible also because of the growth, Sonowal told PTI in an interaction. Th

India needs its own P&I entity for maritime, says FM Nirmala Sitharaman

Addressing the Global Maritime India Summit 2023, the finance minister said that such an entity would provide greater strategic flexibility to India's shipping operations

Capabilities, legal systems needed for arbitration on maritime sector

Finance Minister Nirmala Sitharaman on Thursday called for developing capabilities and legal systems, so that the country can have an international arbitration centre for the maritime sector. Addressing the final day of the three-day global maritime summit here, the minister said, while there are many Indians working in international arbitration centres in London or Singapore or Dubai, they are all just helping the senior lawyers there and not leading a case. This needs to change and can change, she said. But there is a need to improve and strengthen our arbitration processes and laws so that they meet global standards, the minister said, adding that "when we have developed a system for this we can also have an arbitration centre". On the need to improve financing to the maritime sector, she admitted that despite having a strong balance sheet, banks are not very enthused about funding this sector, largely due to higher risks this sector is associated with. Sitharaman said she is i

34 pacts worth Rs 3.24 trn signed on Day 1 of Global Maritime India Summit

As many 34 agreements worth Rs 3.24 lakh crore were signed on the first day of the three-day Global Maritime India Summit, which was addressed by Prime Minister Narendra Modi through video conferencing. The signing of these pacts underlined the commitment of various stakeholders to transform India into a maritime powerhouse, the shipping ministry said. Besides Modi and Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal, the summit was also attended by Maharashtra Governor Ramesh Bais, Maharashtra Chief Minister Eknath Shinde, the two ministers of state in the Ministry of Ports, Shipping and Waterways (MoPSW) -- Sripad Naik and Shantanu Thakur, officials from the MoPSW, and other stakeholders. "Our prime minister's vision for transformation for transportation has seen radical growth in the coastal and inland waterways," Sonowal said in his speech. "Embarking on a transformative journey towards a brighter maritime future. The rise of 'smart ports' will revolutionize

Rs 80 trillion by 2047: PM Modi's blueprint for improving maritime infra

Amrit Kaal vision for blue economy needed for new world order, says Prime Minister

Global Maritime Summit: VPA inks deals with NHAI, Trion worth Rs 1,400 cr

The Visakhapatnam Port Authority (VPA) on Tuesday entered into agreements with the National Highways Authority of India (NHAI) and Trion Properties to execute projects worth Rs 1,400 crore. The port authority inked these deals at the ongoing Global Maritime India Summit, 2023 in Mumbai. VPA exchanged a memorandum of understanding (MoU) with NHAI. As Part of this MoU, NHAI will develop the existing four-lane road into a six-lane one from convent junction to Sheela Nagar. For this, VPA is spending nearly Rs 500 crore, the port authority said in a press release. Similarly, VPA signed an agreement with Trion Properties to develop convention centres, IT office towers and hospitality facilities at an outlay of Rs 900 crore. Further, the port authority has signed a deal with the Indian Navy to develop more facilities in the outer harbour. VPA has set up a stall at the Global Maritime India Summit, 2023.

JNPA unveils projects worth Rs 8,363 cr at Global Maritime India Summit

The country's premier container port Jawaharlal Nehru Port on Tuesday unveils four key projects worth Rs 8,363 crore during the third edition of the Global Maritime India Summit, which was virtually addressed by Prime Minister Narendra Modi. The four projects are: construction of the fourth container terminal, Phase II at JNPA; upgradation, operation, maintenance, and transfer of Jawaharlal Nehru Port Container Terminal (JNPCT); newly constructed additional liquid berth terminal; and port-based multi-product special economic zone (SEZ). With these projects, the port's container capacity will go up significantly by 35 per cent from 7.7 million TEUs (twenty-foot equivalent units ) to 10.4 million TEUs while the liquid cargo handling capacity is expected to surge by 62.5 per cent, Jawaharlal Nehru Port Authority (JNPA) said. Of the four projects, foundation stone was laid for the construction of fourth container terminal-phase II on PPP (public-private partnership) basis by Bharat Mumb

Global Maritime India Summit 2023: Check date, venue, discussions and more

PM Modi inaugurated the Global Maritime India Summit 2023, which is scheduled to take place from October 17 to 19, 2023. The two-day event will be held at MMRDA Grounds in BKC, Mumbai

Rs 10 trn investment, over 300 MoUs on cards during Maritime Summit

Sonowal said that this is the 3rd edition of the Global Maritime India Summit 2023 before this it was also organized in 2016 and 2021

Adani's new mega port at Vizhinjam can lure world's biggest ships to India

Located near the southernmost tip of the country, the Vizhinjam transshipment container port will allow India to grab a bigger slice of the international maritime trade currently dominated by China

Will foster blue economy, attract capital to propel maritime industry: Govt

The Union Minister was addressing a press briefing ahead of the most awaited maritime event 'Global Maritime India Summit- 2023' of the nation

India's draft resolution on biofuels at MEPC referred to Working Group

India's draft resolution on biofuels at the 80th session of the MEPC of International Maritime Organisation was on Tuesday referred to the Working Group for its consideration and finalisation. The draft Maritime Environment Protection Committee (MEPC) resolution put forward a biofuel certified by the International Certification Scheme to confirm the sustainability aspects in the Life Cycle Assessment guidelines are being assigned a CO2 emission conversion factor as zero. The resolution is aimed at facilitating the uptake of biofuels and reducing GHG emissions and was taken up for discussion in the plenary on Tuesday. India welcomed the decision of the Chair to refer the draft resolution to the Working Group for its consideration and finalisation. "We believe India would be able to reason out our position on the need of this Resolution to encourage uptake of Biofuels," said Ajithkumar Sukumaran, Chief Surveyor-cum-Additional Directorate General, Ministry of Shipping, representing In

IMO to impose levy on shipping firms failing to cut down GHG emissions

The International Maritime Organisation will impose a levy on companies that fail to cut down greenhouse gas (GHG) emissions in the shipping industry, Secretary-General Kitack Lim said on Tuesday. During a media interaction on the sidelines of the Maritime Environment Protection Committee's (MEPC) 80th session here, Lim said that the committee had already adopted a decision regarding the financial levy last week. "We will work out the modalities and finalise them this week," Lim said, speaking at the IMO headquarters. He said the MEPC would also discuss and finalise modalities of the disbursement of the fund, adding that this economic measure is crucial to support the industry that might be adversely impacted while adopting a carbon-neutral goal. "We will have to use this fund in R&D to incentivise shipping companies and also to financially support the island nations and developing countries," the secretary-general said. Lim said that the IMO would do an impact assessment in its .