Shipping Sector

This Ashish Kacholia-owned stock has zoomed 100% in 3 months; hits new high

Shares of Knowledge Marine & Engineering Works (KMEW) hit a new high of Rs 2,343.05, as they rallied 10 per cent on the BSE in Monday's intra-day trade in an otherwise range-bound market.

Ship recycling industry likely to grow to 3.8-4.2 mn GT in 2025: Report

India's ship recycling industry is expected to grow to 3.8-4.2-million GT (gross tonnage) in 2025, as against an estimated 2.3-2.6-million GT in 2024, according to a report. According to CareEdge, India accounts for 33 per cent of the global gross tonnage dismantled in 2023, second only to Bangladesh, which handled 46 per cent. "India's ship recycling Industry is poised for major growth in CY25 and is expected to witness similar recycling level in CY24 with an estimate of 2.3 to 2.6 million GT, thereafter a jump to over 3.8 to 4.2 million GT in CY25," said Sajani Shah, Assistant Director at CareEdge. The ship recycling industry in India is expected to grow at compound annual growth rate of around 10 per cent in CY26-CY28, she said, adding cooling-off of Baltic Dry Index, stabilisation of heavy melting scrap prices, and increase in obsolete ships in operations, suggest that more ships will enter the recycling market from CY25 onwards. According to Shah, countries having better ...

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 ...

Shipping stocks zoom up to 19%; SCI, GE Shipping hit record high. Check why

Shipping stocks rally today: hipping Corporation of India (SCI) share price soared 19.3 per cent to hit an all-time high of Rs 328.50 per share

Garden Reach Shipbuilders hits record high; stock zooms 146% in 3 months

In the past two days, the stock has surged 17% after the company secured an international order worth $54 million for the construction and delivery of four multi-purpose vessels of 7,500 DWT each.

High shipping costs impact Vietnam's rice rates; Indian variant steady

Demand continues to come in from regular customers in Indonesia and the Philippines, said a Bangkok-based trader, adding that new demand and additional crops would come in July

India-Iran Chabahar port deal: Time to bet on Indian shipping stocks?

Among shipping stocks - SCI, GE Shipping and Dredging have logged multi-fold returns over the last few years; here's what the chart suggests for the likely trend going ahead.

Steel cutting of third cadet training ship held at L&T Shipyard, Kattupalli

The steel-cutting ceremony of a third cadet-training ship was held at a shipyard in Tamil Nadu's Kattupalli on Saturday, officials said. The ceremony was presided by Defence Secretary Giridhar Aramane, according to a statement shared by a spokesperson of the Indian Navy. The steel-cutting ceremony of the third cadet training ship (yard-18005) was held at the M/s L&T Shipyard, Kattupalli, the statement said. Senior officials from the Navy and Larsen and Toubro (L&T) were present on the occasion. The contract for indigenous design and the construction of three cadet-training ships was concluded between the defence ministry and L&T in March 2023, the statement said. These cadet-training ships will be utilised for training officer cadets at sea after their basic training ashore. These ships will also extend a training facility to cadets from friendly foreign countries, the statement said. The ships are likely to be delivered to the Indian Navy starting September 2026. "This is

Baltimore bridge collapse: Investigators focus on electrical system of ship

During the initial stages of a federal probe into the deadly collapse of Baltimore's Francis Scott Key Bridge, investigators are focusing on the electrical power system of the massive container ship that veered off course. Jennifer Homendy, chair of the National Transportation Safety Board, said her agency is gathering data with assistance from Hyundai, the manufacturer of equipment in the ship's engine room. Testifying before a U.S. Senate committee Wednesday morning, she said investigators have also requested assistance to examine its circuit breakers. That is where our focus is right now in this investigation, she said. Of course, that's preliminary. It could take different roads, different paths as we continue this investigation. Homendy said they've zeroed in on the electrical system. The ship experienced power issues moments before the crash, as evidenced in videos showing its lights going out and coming back on. Homendy said information gleaned from the vessel's voyage data

"Going to move heaven and earth" to rebuild Baltimore bridge, says Biden

Biden delivered the remarks as he surveyed the wreckage from last week's bridge collapse in Baltimore, reaffirming his commitment to the people there

Baltimore bridge cleanup: Maritime terminal prepares for redirected ships

The only maritime shipping terminal currently operating in the Port of Baltimore is preparing to process an influx of redirected ships as crews continue clearing the mangled wreckage of the collapsed Francis Scott Key Bridge. Tradepoint Atlantic will unload and process an estimated 10,000 vehicles over the next 15 days, according to a statement from the company. That includes six regularly scheduled ships and nine that have been redirected since the deadly bridge collapse blocked access to the port's main terminals, which remains closed to traffic in a logistical nightmare for shipping along the East Coast. Crews opened a second temporary channel through the collapse site Tuesday, but it's too shallow for most commercial vessels to pass through. The two existing channels are meant primarily for vessels involved in the cleanup effort, which began last week. Work continues to open a third channel that will allow larger vessels to pass through the bottleneck and restore more commercia

Baltimore collapse: Ship crew to remain on board until probe is completed

The crew of 20 Indians and a Sri Lankan of the container vessel that collided with a key Baltimore bridge last week is busy with their normal duties and will remain on board until the investigation into the accident is completed. It is confirmed there are 21 crew members on board. The crew members are busy with their normal duties on the ship as well as assisting the National Transportation Safety Board and Coast Guard investigators on board," a spokesperson of Grace Ocean Pte and Synergy Marine told PTI. The crew is on board the container vessel Dali that collided with the 2.6-km-long four-lane Francis Scott Key Bridge over the Patapsco River in Baltimore in the early hours of March 26. The 984-foot cargo ship was bound for Colombo, Sri Lanka. On how long the crew would have to stay on board the ship, the spokesperson said, At this time, we do not know how long the investigation process will take and until that process is complete, the crew will remain on board. The Singapore-flag

Shipowner in Baltimore bridge collapse seeks to limit liability to $43.7 mn

The company, Grace Ocean, could face hundreds of millions of dollars in damage claims, legal experts say

Baltimore bridge: US Coast Guard opens temporary channel for vessels

The US Coast Guard has opened a temporary, alternate channel for vessels involved in the clearing of debris at the site of the collapsed Francis Scott Key Bridge in Baltimore, part of a phased approach to opening the main channel leading to the vital port, officials said. Crews are undertaking the complicated work of removing steel and concrete at the site of the bridge's deadly collapse into the Patapsco River after a container ship lost power and crashed into a supporting column. On Sunday, dive teams surveyed parts of the bridge and checked the ship, and workers in lifts used torches to cut above-water parts of the twisted steel superstructure. Officials said the temporary channel is open only to vessels that are helping with the cleanup effort. Authorities believe four workers plunged to their deaths in the collapse. Recovery of their bodies is a key part of the ongoing salvage operation. Officials earlier said the channel would have a controlling depth of 11 feet (over 3 meter

Cranes arriving to remove wreckage from deadly Baltimore bridge collapse

The largest crane on the Eastern Seaboard was being transported to Baltimore so crews can begin removing the wreckage of a collapsed highway bridge that has halted a search for four workers still missing days after the disaster and blocked the city's vital port from operating. Maryland Gov. Wes Moore said the crane, which was arriving by barge and can lift up to 1,000 tons, will be one of at least two used to clear the channel of the twisted metal and concrete remains of the Francis Scott Key Bridge, and the cargo ship that hit it this week. "The best minds in the world are working on the plans for removal, Moore said. The U.S. Army Corps of Engineers for the Baltimore District told the governor that it and the Navy were mobilizing major resources from around the country at record speed to clear the channel. This is not just about Maryland, Moore said. This is about the nation's economy. The port handles more cars and more farm equipment than any other port in America. He warned of

Rescue ops underway, ship traffic in Baltimore port suspended, says Biden

The Francis Scott Key Bridge in Baltimore collapsed early Tuesday morning after it was struck by a large ship

FedEx plans $5 bn buyback as CEO's cost-cutting measures yield results

The shares rose as much as 13% after regular trading in New York, while competitor United Parcel Service Inc. advanced 3.4%

Indian Navy rescues 21 crew members of drone-hit vessel in Gulf of Aden

Indian warship INS Kolkata rescued 21 crew members, including an Indian national, after three of their colleagues in a Barbados-flagged cargo vessel were killed following a Houthi missile strike on the bulk carrier in the Gulf of Aden on Wednesday. The deaths were the first since the Houthi militants began attacks on commercial vessels in the Red Sea and adjoining shipping lanes in response to Israel's military offensive in Gaza. The crew abandoned the vessel True Confidence after the attack, military officials said. INS Kolkata, deployed for maritime security operations in the Gulf of Aden, arrived at the scene of action at 4.45 pm on Wednesday and rescued 21 crew members, including one Indian national, from a life raft using its integral helicopter and boats, Indian Navy spokesperson Commander Vivek Madhwal said. The US Central Command reported "three fatalities, at least four injuries, of which three are in critical condition, as well as significant damage to the ship". Accord

Allcargo Logistics soars 9% on healthy volumes

Recently, the company's arm Allcargo Supply Chain Private Limited (ASPL) said would be expanded its warehouse space by adding 3 million square feet in the next two-three years.

MNRE releases guidelines on use of green hydrogen in shipping sector

The government on Friday released guidelines for pilot projects on the use of green hydrogen in the shipping sector. The Scheme will be implemented with a total budgetary outlay of Rs 115 crore till the financial year 2025-26, the Ministry of New and Renewable Energy (MNRE) said in a statement. The 'Scheme Guidelines for implementation of Pilot projects for use of Green Hydrogen in the Shipping Sector' under the National Green Hydrogen Mission, the MNRE said. Under the Mission, the MNRE will implement pilot projects in the shipping sector, for replacing fossil fuels and fossil fuel-based feedstock with green hydrogen and its derivatives. These pilot projects will be implemented through the Ministry of Ports, Shipping and Waterways (MoPSW) and the implementing agencies nominated under this scheme. The pilot projects also target development of bunkering and refuelling facilities in ports on international shipping lanes for fuels based on green hydrogen. "Two areas have been identifi