Page 3 - Shipping Industry

Indian ship recyclers' revenue likely to rise 15% this fiscal: CRISIL

The Indian ship recycling industry will see revenue growth of 15 per cent this fiscal after two years of decline, Crisil ratings said on Thursday. The rating agency said the growth will be supported by the increased availability of ageing vessels for recycling due to addition of new vessel capacity globally and higher competitiveness of Indian ship recyclers compared to key rival nations -- Bangladesh and Pakistan. "The Indian ship recycling industry will see revenue growth of 15 per cent this fiscal after two years of decline -- 22 per cent in fiscal 2024 and 8.5 per cent in fiscal 2023," it said. According to the rating agency, the increased availability of ageing vessels will bring down input cost for ship recyclers. "This, along with higher capacity utilization leading to better efficiency, will improve operating profitability by 75 basis points (bps) to 6.5 per cent this fiscal," it said. Crisil ratings said higher cash generation and absence of capital expenditure (capex), a

India plans new shipping firm to expand fleet by 1,000 ships in next decade

Indian companies paid freight costs of $85 billion in the financial year 2019/20, of which $75 billion was paid for use of foreign vessels

At $10,000, shipping container rates are again the talk of global trade

With capacity stretched by more than five months of attacks on vessels in the Red Sea, the container shipping industry is scrambling to meet demand that's picking up in the US and Europe

Here's how disruptions in the Red Sea are driving up carbon emissions

For companies struggling to account for "and lower" the climate-warming emissions associated with their businesses, these rerouted journeys add to the challenge

This shipbuilding stock has zoomed 76% in 10 days; at new high post Q4 nos

Cochin Shipyard stock update: The stock hit a new high after the company reported a near 7-fold jump in net profit in Q4FY23 backed by a 114 per cent surge in revenue.

Baltimore Bridge collapse: Ship behind mishap to be refloated and moved

The container ship that caused the deadly collapse of Baltimore's Francis Scott Key Bridge is scheduled to be refloated on Monday and moved to a nearby marine terminal. The Dali has remained at the collapse site since it lost power and crashed into one of the bridge's supporting columns on March 26, killing six construction workers and snarling traffic into Baltimore Harbour. High tide Monday morning is expected to bring the best conditions for crews to start refloating and transit work on the ship, according to a statement from the Key Bridge Response Unified Command. Up to five tugboats will escort the Dali on its 2.5-mile (4-kilometre) path to the marine terminal. The work is expected to last at least 21 hours. Crews conducted a controlled demolition on May 13 to break down the largest remaining span of the collapsed bridge. The Dali experienced four electrical blackouts within about 10 hours before leaving the Port of Baltimore for Sri Lanka and hitting the bridge, according t

Ministry aims for 80% landlord model at major ports by 2030: Ramachandran

The shipping ministry is working to shift to an 80 per cent landlord model by the end of this decade to increase efficiency and reduce logistics costs at major ports, a senior government said on Saturday. In the landlord model, private players take over the operational aspects, while the port authority acts as a regulator and landlord. Speaking at CII Annual Business Summit 2024, Ports, Shipping and Waterways Secretary TK Ramachandran said Jawaharlal Nehru Port (JNPT) has become the first major port of the country to become 100 per cent landlord port, having all berths being operated on PPP model. The PPP (public-private partnership) model is considered an effective tool for attracting investment in the port sector. "We have 12 major ports, and we have a huge capacity...we want to shift to an 80 per cent landlord model by the end of this decade," Ramachandran said. He further said the four pillars that the Shipping ministry is working on to improve the cost and ease of doing busin

Geopolitics likely to weigh on Chabahar trade volumes, say experts

With Russia's borders with Europe shut and Iran under sanctions, port to focus on Central Asia

Shipping is a dirty business, but cleaning it up is lucrative; here's why

Investor's love for this exciting new company category may wane when the EV market picks up again, or the smartphone sector finally returns to growth. But, for now, ship maintenance is exciting

After long wait, India inks Chabahar port's 10-year deal with Iran

India's plans with the port go beyond commercial interests, according to the Centre

Crews prepare for demolition at Francis Scott Key bridge collapse site

After weeks of preparation, crews are scheduled to conduct a controlled demolition Sunday to break down the largest remaining span of the collapsed Francis Scott Key Bridge in Maryland, which came crashing down under the impact of a massive container ship on March 26. Of the crew members, 20 are from India and one is Sri Lankan. The steel span landed on the ship's bow after the Dali lost power and crashed into one of the bridge's support columns shortly after leaving Baltimore. Since then, the ship has been stuck among the wreckage and Baltimore's busy port has been closed to most maritime traffic. Six members of a roadwork crew plunged to their deaths in the collapse. The last of their bodies was recovered from the underwater wreckage earlier this week. All the victims were Latino immigrants who came to the U.S. for job opportunities. They were filling potholes on an overnight shift when the bridge was destroyed. The controlled demolition will allow the Dali to be refloated and ..

Red Sea crisis to cause 15-20% industry capacity loss, says Maersk

According to Maersk, the effects of the situation in the Red Sea are widening and continuing to cause industry-wide disruptions

Red Sea disruption to traffic cuts Q2 capacity by 15%-20%, says Maersk

Maersk is viewed as a barometer of world trade

Baltimore bridge collapse: Officials release timeline, cost for rebuilding

Maryland plans to rebuild the Francis Scott Key Bridge in just over four years at an estimated cost between USD 1.7 billion and USD 1.9 billion, a state transportation official said Thursday. The state plans to build a new span by fall of 2028, said David Broughton, a spokesperson for the Maryland Department of Transportation. He said the cost estimate is preliminary, and detailed engineering specifics have not been confirmed. As salvage efforts continue, authorities also announced late Wednesday they had recovered the body of a fifth person who was missing after the bridge's March 26 collapse, which shut down the port of Baltimore, one of the busiest ports in the country. Six members of a roadwork crew plunged to their deaths when a container ship lost power and crashed into one of the bridge's supporting columns. The Key Bridge Response Unified Command announced that the victim found Wednesday was identified as Miguel Angel Luna Gonzalez, 49, of Glen Burnie, Maryland. All of the .

Private ports outpace central peers in FY24; register double-digit growth

Coastal cargo major booster for private ports last fiscal

Ships moved 9% faster at Indian major ports in FY24 as infra improved

Greater participation by private companies is another reason for improvement

Ship that brought down Baltimore bridge to be removed from collapse site

At the site of the Francis Scott Key Bridge collapse, crews plan to refloat and remove the grounded Dali container ship within roughly the next 10 days, allowing more maritime traffic to resume through Baltimore's port. The ship, which lost power and crashed into one of the bridge's supporting columns, has been stationary amid the wreckage since the March 26 collapse. Officials expect to have it removed by May 10, according to a news release Tuesday from the Port of Baltimore. Six members of a roadwork crew plunged to their deaths in the disaster. Four bodies have been recovered while two remain missing. Crews have identified areas of interest where they believe the bodies could be, but they've been unable to access them so far, Maryland State Police Superintendent Roland Butler said during a news conference Tuesday afternoon. We're working in generalisations of areas where we think they should be, based on sonar images and other mapping techniques, he said. Officials declined to

Missile attack by Houthi rebels damages a ship in Red Sea: Officials

A missile attack by Yemen's Houthi rebels damaged a ship in the Red Sea on Monday, authorities said, the latest assault in their campaign against shipping in the crucial maritime route. The attack happened off the coast of Mokha, Yemen, the British military's United Kingdom Maritime Trade Operations centre said. The ship was damaged in the attack, the UKMTO said, though its crew was safe and heading to its next port of call. The agency urged vessels to exercise caution in the area. There was an explosion in close proximity to a merchant vessel, the UKMTO said. Vessel and crew are reported safe. The US military's Central Command identified the ship damaged as the Cyclades, a Malta-flagged, Greece-owned bulk carrier. The military separately shot down a drone on a flight path toward the USS Philippine Sea and USS Laboon, the military said Tuesday. Houthi military spokesman Brig. Gen. Yahya Saree claimed the attack on the Cyclades and targeting the US warships in a statement early ...

Building capacity

Cargo terminals will boost efficiency

Likely missile attack by Houthi rebels targets container ship in Red Sea

A suspected missile attack by Yemen's Houthi rebels targeted a container ship in the Red Sea on Monday, authorities said, the latest assault in their campaign against international shipping in the crucial maritime route. The attack happened off the coast of Mokha, Yemen, the British military's United Kingdom Maritime Trade Operations center said, without offering any other immediate details. It urged vessels to exercise caution in the area. The private security firm Ambrey said a salvo of three missiles targeted a Malta-flagged container ship traveling from Djibouti onward to Jeddah, Saudi Arabia. The vessel was targeted due to its listed operator's ongoing trade with Israel, Ambrey said. CMA CGM, a Marseille, France-based shipper, had its Malta-flagged CMA CGM Manta Ray due to sail to Jeddah from Djibouti on Monday. However, the shipper said the vessel remained at harbor in Djibouti and could not have been targeted in the incident. The Houthis did not immediately acknowledge any