Page 2 - Shipping Industry

Red Sea crisis produces winners & losers in Asia as freight rates spike

Chinese shippers including Cosco Shipping Holdings Co. saw earnings lifted by higher revenue from its container shipping business

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 ...

Shipbuilding stocks in focus: GRSE, MDL, Cochin Shipyard gain up to 7%

The Defence Acquisition Council (DAC) is likely to discuss proposals of mega projects worth around Rs 1.2 trillion for approval in a meeting scheduled for today.

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 ...

Ship not under command after attacks target it in Red Sea: British military

A commercial ship travelling through the Red Sea came under repeated attack Wednesday, leaving the vessel not under command in an assault suspected to have been carried out by Yemen's Houthi rebels, the British military said. Details remained few about the attack, though it comes during the Houthis' monthslong campaign targeting ships over the ongoing Israel-Hamas war in the Gaza Strip. The attack saw men on small boats first open fire with small arms, the British military's United Kingdom Maritime Trade Operations center said. The ship also was hit by three projectiles, it added. The vessel reports being not under command, the UKMTO said, likely meaning it lost all power. No casualties reported. The Houthis did not immediately claim the attack, though it can take them hours or even days before their acknowledge one of their assaults. The Houthis have targeted more than 70 vessels with missiles and drones since the war in Gaza started in October. They seized one vessel and sunk t

Ship in Red Sea targeted in third attack by suspected Yemen's Houthi rebels

A ship in the Red Sea was targeted in a third attack suspected to have been carried out by Yemen's Houthi rebels Tuesday in their campaign of assaults over the Israel-Hamas war, officials said. The attacks come as the rebels' main sponsor, Iran, weighs possible retaliation against Israel over the assassination of Hamas official Ismail Haniyeh in July, which has renewed fears of a wider regional war in the Middle East. Already, the Houthi assaults have disrupted the USD 1 trillion annual flow of goods through the maritime route crucial to trade among Asia, Europe and the Middle East, while also sparking the most intense combat for the US Navy since World War II. The ship was first attacked around 115 kilometers (70 miles) south of the Houthi-held port city of Hodeida, the British military's United Kingdom Maritime Trade Operations center said. An explosive was detonated near the ship, then a small vessel acting suspiciously flashed a light near the ship and came close, actions that .

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 ..

No proposal for PLI scheme for manufacturing of shipping containers: Govt

The government on Tuesday said that at present, there is no proposal for a Production Linked Incentive (PLI) scheme for the manufacturing of shipping containers in the country. Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha that the government has taken various measures to increase the availability of containers both, for exports as well as for domestic shipments. There is no reported acute shortage of containers for exports on account of conflict between Russia and Ukraine, Israel and Hamas and Red Sea pirates, he said. "At present, there is no proposal of a PLI scheme for manufacturing of shipping containers," Prasada added. The PLI scheme was announced in 2021 for 14 sectors, including telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell batteries, drones, and pharma, with an outlay of Rs 1.97 lakh ...

Cruise ship saves 77 migrants on sailing boat near southwest of Greece

A cruise ship rescued 77 migrants found overnight in a sailboat in distress far off the southwestern coast of Greece and was transporting them to the nearest major port, Greek authorities said Tuesday. A passing Maltese-flagged cargo ship found the boat 112 nautical miles (129 miles, 207 kilometres) southwest of the town of Pylos in the early hours of Tuesday, the coast guard said. In an operation coordinated by Greece's search and rescue authority, all those on board were picked up by a cruise ship sailing in the area and were being transported to the southern Greek port town of Kalamata, authorities said. There were no reports of any people missing. No information was immediately available on the nationalities of those on the sailboat or where they had set out from. Greece lies on one of the most popular migration routes for people fleeing conflict and poverty in the Middle East, Africa and Asia, and seeking to enter the European Union. Many attempt to make the short crossing fro

New shipbuilding scheme to incentivise Indian shipyards till 2035

Ministry of Ports, Shipping and Waterways (MoPSW) is working on a new shipbuilding scheme, which would incentivise Indian shipyards till 2035 by various measures, a senior government official has said. Ports, Shipping and Waterways Secretary T K Ramachandran further said with the new policy, India will endeavour to be among the top 10 shipbuilding nations by 2030 and the top five by 2047, from 22nd in the world at present. "Yes, this ministry is working on a new shipbuilding scheme, which would incentivise Indian shipyards till 2035 by various measures," he told PTI. Ramachandran also said global cruise major MSC Cruises, based out of Geneva, has expressed willingness to deploy their ships for domestic itinerary. He said MoPSW in coordination with Ministry of Petroleum and Natural Gas is planning to have a JV between Shipping Corporation of India (SCI) and oil marketing companies to own large tankers. "The model of ownership is still to be decided depending upon demand requirement

Early US back-to-school sales accelerate peak ocean shipping season

"It looks like this year, July is in fact the peak of peak (season), instead of the beginning," said Stephanie Loomis, Rhenus Logistics' head of ocean freight for the Americas

Ship built by GRSE to explore Indian Ocean for rare minerals, says official

A ship to be built by defence PSU Garden Reach Shipbuilders and Engineers (GRSE) as part of its pact with a Goa-based government institution will explore the deep Indian Ocean for rare minerals and metals, officials said on Thursday. With a length of 89.5 metres, it will be the largest research vessel to be built in an Indian shipyard for deep sea exploration, a spokesperson of the National Centre for Polar and Ocean Research (NCPOR) in Goa said in a release. The vessel will be deployed for undertaking deep sea scientific surveys and sampling towards the Deep Ocean Mission of the Ministry of Earth Sciences, he said. It will have an all-weather capability and capacity to carry 34 scientists at a time and is expected to serve India for the next 30 years, he said. The vessel, to be built by the Kolkata-headquartered GRSE in 36 months at a contract value of Rs 839.55 crore, will "explore the deep Indian Ocean for rare minerals and metals as part of India's Deep Ocean Mission," the rele

Global shipping-market strain revives fear of inflation comeback again

The historic disruption of $25 trillion in global goods trade that culminated two years ago left the deep economic scars of inflation and paranoia about shortages

Titanic undertakes its first expedition to ship's wreckage in 14 years

The company that owns the salvage rights to the Titanic is undertaking its first expedition to the ship's wreckage in years, and those involved in the mission said they have both heavy hearts and lofty goals for a trip happening a year after a submersible disaster involving another firm killed five people. RMS Titanic Inc., a Georgia-based firm, holds the legal rights to salvage the wreck of the ship, which sank in the North Atlantic Ocean in 1912. The company's first expedition to the site since 2010 launched Friday from Providence, Rhode Island. The voyage arrives as the worldwide community of undersea explorers is still reeling from the deadly implosion of an experimental submersible en route to the Titanic in June 2023. The Titan submersible disaster killed all five people on board, including Paul-Henri Nargeolet, who was director of underwater research for RMS Titanic. This summer's mission to the Titanic means even more with the passing of Nargeolet, known as Mr. Titanic by ..

Shipping chaos may continue till demand moderates

Since the Houthi attacks on commercial vessels started in the Red Sea towards the end of last year, major shipping lines have been re-routing their vessels around Africa

Suspected Houthi attacks target ship in Gulf of Aden, Israeli city of Eilat

Suspected attacks by Yemen's Houthi rebels early Wednesday targeted a ship in the Gulf of Aden and the southern Israeli port city of Eilat, authorities said. The attacks follow the departure of the USS Dwight D. Eisenhower after an eight-month deployment in which the aircraft carrier led the American response to the Houthi assaults. Those attacks have reduced shipping drastically through the route crucial to Asian, Middle East and European markets in a campaign the Houthis say will continue as long as the Israel-Hamas war in the Gaza Strip rages. The ship attack happened off the coast of Aden, the British military's United Kingdom Maritime Trade Operations center said. The captain of a merchant vessel reported a missile impacted the water in close proximity to the vessel, the UKMTO said. The crew are reported safe and the vessel is proceeding to its next port of call. The UKMTO did not say if the ship had been damaged. Meanwhile, the Israeli military early Wednesday said a drone f

Garden Reach Shipbuilders stock price rallies 11% on $54 million order win

The rise in stock price came after the company announced that it has secured an international order worth $54 million for the construction and delivery of four multi-purpose vessels of 7,500 DWT each

8 crew members of ship that crashed into Baltimore bridge leave for India

Eight Indian crew members of the cargo ship 'Dali' that crashed into a famed Baltimore bridge in March left for India on Friday after nearly three months on the mammoth vessel. According to Baltimore Maritime Exchange, four of the 21 crew members are still on board the 984-foot cargo ship MV Dali, which is tentatively scheduled to leave Friday evening for Norfolk, Virginia. The rest of the crew has been moved to a service apartment in Baltimore and will remain there pending an investigation. Notably, 20 of the crew members were Indian nationals. They were on board the MV Dali Cargo, which struck the pillars of Baltimore's Francis Scott Key Bridge resulting in its collapse and the death of six construction workers in the tragic incident. Dali will undergo repair at Norfolk. The departure of eight Indian crew members including a cook, a fitter and seamen follows a deal approved by the judge. None of these are officers. The rest 13 would remain in the US, mainly because of the pendin

Houthi rebels launch boat-borne attack against Greek-owned ship in Red Sea

Yemen's Houthi rebels launched a boat-borne bomb attack against a commercial ship in the Red Sea on Wednesday, authorities said, the latest escalation despite a US-led campaign trying to protect the vital waterway. The use of a boat loaded with explosives raised the spectre of 2000's USS Cole attack, a suicide assault by al-Qaida on the warship when it was at port in Aden, killing 17 on board. Associated Press journalists saw the Cole in the Red Sea on Wednesday, now taking part in the US campaign while visiting one of her sister ships, the USS Laboon. Yemen's military spokesman Brig. Gen. Yahya Saree claimed responsibility for the attack, identifying the vessel targeted as the Liberian-flagged, Greek-owned bulk carrier Tutor. He described the attack as using a drone boat, as well as drones and ballistic missiles. In a warning to shippers, the British military's United Kingdom Maritime Trade Operations centre described the vessel as being hit in its stern by a small white craft ...

'AI can help shipping industry cut emissions by 47 mn tonnes every year'

The use of the technology could reduce the need for maneuvers and route deviation from close encounters with high-risk marine targets