Page 7 - Shipping Industry

Tiger Logistics, Bangladesh-based Sikder Group sign pact to increase trade

Homegrown Tiger Logistics (India) on Friday said it has signed an agreement with Bagladesh-based Sikder Group to establish a Joint Venture (JV) for global trade. Sikder Group handles the development and operations of the Mongla Economic Zone at Mongla Port, which is the second-largest seaport in Bangladesh, Tiger Logistics (India) said in an exchange filing. The development comes in continuation of the strengthening of connectivity between the two nations, as Bangladesh granted India permanent access to Chattogram and Mongla Port in April 2023. Recognising the increasing demand for international logistics, particularly between India and Bangladesh, the company aims to play a pivotal role in stimulating economic growth in the region. Tiger Logistics (India) Ltd announced the signing of a Memorandum of Understanding (MoU) with PowerPac Holdings Limited, a concern of Sikder Group, Bangladesh, to formalise a strategic partnership and establish a joint venture (JV) in the logistics sec

What does disruption to shipping in Red Sea mean for Europe's economy?

For the European economy, already skirting a mild recession as it tries to shake off high inflation, prolonged disruption would be a new risk to its outlook

Matter of concern, closely watching developments: India on Red Sea crisis

India on Thursday described as a "matter of concern" the unfolding security situation in the Red Sea and said it is closely watching the developments in the critical sea lanes in the region. External Affairs Ministry spokesperson Randhir Jaiswal reaffirmed India's emphasis on the importance to freedom of navigation and commerce in the Red Sea. Amid the Israel-Hamas conflict, the Houthi militants have been targeting commercial vessels in the Red Sea triggering global concerns. A guided missile destroyer of the Indian Navy on Thursday intercepted a cargo vessel with 22 crew members, including nine Indians, over an hour after the Marshall Island-flagged ship came under a drone strike in the Gulf of Aden. The US and the UK have already launched air strikes targeting the Houthi positions in Yemen. "It is a matter of concern to us. We give a lot of importance to freedom of navigation and freedom of commerce in that region. Whatever is happening there not just impacts us, but it impacts

Houthi rebels attack US-owned ship in Gulf of Aden with bomb-carrying drone

A U.S.-owned ship in the Gulf of Aden came under attack Wednesday from a bomb-carrying drone launched by Yemen's Houthi rebels, officials said. The attack on the Genco Picardy represented the second in recent days targeting vessels directly linked to America after U.S.-led strikes targeting the Houthis. It also underlined the risks to shipping in the vital waterway amid Israel's war on Hamas in the Gaza Strip. The attack happened some 70 miles (110 kilometers) southeast of Aden, where the drone smashed into the vessel, said the United Kingdom Maritime Trade Operations, an arm of the British navy that oversees Mideast waterways. The ship's captain reported there was fire onboard that had been extinguished, it said. Vessel and crew are safe and proceeding to next port of call, it added. Brig. Gen. Yahya Saree, a military spokesman for the Houthis, identified the ship attacked as the bulk carrier Genco Picardy. Satellite-tracking data had put that vessel off Saudi Arabia in recent day

Apollo Supply Chain launches e-commerce fulfilment, D2C shipping service

Apollo group's logistics services arm Apollo Supply Chain on Wednesday announced the launch of a new comprehensive e-commerce fulfilment and shipping service for D2C (direct-to-consumers) brands. With strategically located fulfilment centers across cities including Delhi NCR, Kolkata, Guwahati, Bengaluru, Chennai, and Hyderabad, the new service "alfa" is aimed at cutting logistics cost, improve delivery speed, a company statement said. "India's consumer commerce business is witnessing an influx of D2C companies with a potential to become a USD 60-billion sector by 2027," said Akshat Pushp, Chief Business Officer at Apollo Supply Chain. "Through alfa, Apollo Supply Chain aims to be a part of India's D2C success story by ensuring tailored supply chain solutions," he said. The new service, according to him, specialises in e-commerce fulfilment and shipping services, catering to a diverse clientele encompassing D2C brands in early, growth (venture funded), and late stages, as well as .

Modi inaugurates projects worth Rs 4,000 cr in Kochi, lists work for ports

The projects he inaugurated include New Dry Dock at Cochin Shipyard Ltd, International Ship Repair Facility of CSL, and LPG Import Terminal of Indian Oil Corporation Ltd at Puthuvypeen, Kochi

Kochi poised to become important shipbuilding hub, says Sarbananda Sonowal

The minister said that CSL is the biggest operational ship repair ecosystem infrastructure in South Asia

Jump in cargo rates to hurt trade, India needs own shipping line: Exporters

Freight rates have skyrocketed by up to 600 per cent due to the Red Sea crisis which would hurt the world trade, say Indian exporters while suggesting the government should start its own shipping line of global repute. The freight hike issue was flagged in the meeting of the Board of Trade (BoT) chaired by Commerce and Industry Minister Piyush Goyal on Tuesday, Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said. He said "It is a serious issue" and the problem will hurt the global demand for goods besides pushing inflation in different countries. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Due to these attacks, the shippers are taking consignments through the Cape of Good Hope, encircling Africa, resulting in delays of almost 14-20 days and also higher freight and insurance costs. "At so

Maersk sends two container ships carrying goods for US army through Red Sea

With a fleet of 20 smaller container vessels, the unit ships goods for U.S. agencies including the Department of Defense, State Department and USAID, Maersk said

Latest Houthi threat in Suez Canal to impact Indian shipping further

US and British forces had carried out a series of airstrikes on Houthi assets on both land and sea beginning Friday

The Red Sea crisis: Commerce department flags rising import cost

The Red Sea strait is vital for 30 per cent of global container traffic and 12 per cent of global trade

US retailer Target sees disruption of India supplies due to Red Sea crisis

Many retailers around the globe are stocking up on goods and seeking air or rail alternatives in a bid to avoid empty shelves during spring

US sanctions Hong Kong, UAE firms over 'financial support' to Houthi rebels

The two companies sanctioned by the US Treasury Department on Friday were Hong Kong-based Cielo Maritime and UAE-based Global Tech Marine Services

Vibrant Gujarat Summit: Shipping min signs pacts for Rs 30k cr investments

The Ministry of Ports, Shipping, and Waterways (MoPSW) on Thursday said it has signed initial agreements for investments worth Rs 30,000 crore during the Vibrant Gujarat Global Summit 2024. In a statement, the ministry said during the event APM Terminals and Jawaharlal Nehru Port Authority (JNPA) signed Memorandum of Understanding (MoUs) worth Rs 20,000 crore, expressing their intent to invest in the Vadhavan Port Project. The proposed Vadhavan port in Maharashtra is a high-priority initiative for the government, the port is designed to handle an annual cargo capacity of 23 million TEUs (twenty-foot equivalent units) or 254 million tons, boasting a natural draft of 20 meters to accommodate larger container vessels of up to 20,000 TEUs. Once completed, the project will rank among the world's top 10 largest ports and serve as a significant green fuel hub, the statement said. According to a statement, a memorandum of understanding between Deendayal Port Authority (DPA), Kandla and ...

Land Ports in India facilitates trade worth Rs 76,000 cr in 2023: Report

A total of Rs 76,319.2 crore trade was registered in 2022-2023, with a movement of 24,79,180 passengers in the same period, the report mentions

Cochin Shipyard soars 8% on turning ex-split; up 148% in 6 months

The company had fixed January 10 as the Record Date for the proposed 2:1 stock split.

Red Sea crisis may push shipping costs by 60%, insurance by 20%: GTRI

The increasing Red Sea crisis may impact trade as it is expected to push shipping costs by up to 60 per cent and insurance premium by 20 per cent, a report by economic think tank GTRI said on Saturday. This conflict could also result in increased shipping costs (40-60 per cent) and delays due to rerouting (up to 20 days more), higher insurance premiums (15-20 per cent), and potential cargo loss from piracy and attacks. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Due to these attacks, the shippers are taking consignments through the Cape of Good Hope, resulting in delays of about 20 days. The Houthi conflict's disruption of the Red Sea shipping lanes significantly impacts Indian trade, especially with the Middle East, Africa, and Europe, the Global Trade Research Initiative (GTRI) said. It said that India, heavily rel

War, weather put global ocean shippers on notice for rough seas in 2024

Maersk on Friday joined other major ocean carriers in rerouting ships away from the Red Sea to avoid missile and drone attacks in an area that leads to the vital Asia-Europe Suez Canal shortcut

Oil prices rise as Blinken begins week-long sweep through the Middle East

Shipping giant Maersk said it will divert all vessels away from the Red Sea for the foreseeable future, warning customers of disruptions

Indian Navy intercepts vessel after attempted hijacking; rescues 21 members

The Navy deployed a warship, maritime patrol aircraft, helicopters and P-8I and long-range aircraft and Predator MQ9B drones following the incident involving MV Lila Norfolk