Page 2 - Shipping Sector

Houthi attack: Navy deploys fire-fighting team on board British oil tanker

The Indian Navy on Saturday said its guided missile destroyer INS Visakhapatnam has deployed a team to help fire-fighting efforts on board British oil tanker MV Marlin Luanda which has got 22 Indian and one Bangladeshi crew members. According to foreign media reports, the tanker caught fire after a missile attack by Yemen's Houthi militants, the latest incident linked to the Iran-backed group in the key shipping route Gulf of Aden. On a request from MV Marlin Luanda, INS Visakhapatnam has deployed its NBCD team along with fire-fighting equipment to render assistance to the crew towards augmenting fire-fighting efforts on board the distressed ship, a Navy spokesperson said. "The Indian Navy remains steadfast and committed towards safeguarding MVs (merchant vessels) and ensuring safety of life at sea," the Indian Navy said. The operator of the British oil tanker has said the vessel had been "struck by a missile in the Gulf of Aden after transiting the Red Sea", according to the ...

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

Shipping industry CEOs see no short-term end to Red Sea disruptions

Among the other leaders watching the renewed threats to supply chains was European Central Bank President Christine Lagarde

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

Panama Canal drought and how it is impacting global trade, supply chain

The Panama Canal Authority has warned that water restrictions may continue into 2024, making it important for shipowners to create a contingency plan that does not further disrupt global supply chain

Shipping ministry issues draft Sagarmala Innovation and Start-up Policy

The Ministry of Ports, Shipping and Waterways (MoPSW) on Monday issued draft 'Sagarmala Innovation and Start-up Policy' with an aim to nurture startups and other entities to co-create the future of India's growing maritime sector. According to an official statement, the draft 'Sagarmala Innovation and Start-up Policy' pitches for digital portal-based selection of startups to ensure a transparent process. It also emphasised on developing centralised repository containing all pertinent information to assist emerging entrepreneurs. The draft policy called for creation of launch pads at ports for carrying out trials, facilitating pilot projects, establishing working space and adopting products and solutions, the statement said. It also noted that there is a need to provide legal and accountancy back up to startups for IP-patent filing, company registration, annual filings and closures. There is also a need to collaborate with national and international stakeholders for mentorship, ...

Western curbs on Russian oil products redraw global shipping map: Analysis

The redrawing of the shipping map underscores the knock-on effects of Western efforts to punish Russia over its invasion of Ukraine last year, adding to fuel supply insecurity and pushing up prices

Green hydrogen pilot to cover steel, transport and shipping sectors

The mission has proposed pilot projects for replacing fossil fuels and fossil fuel-based feedstocks with Green Hydrogen and its derivatives

This SME shipping company's stock is up more than 2,900% over issue price

Knowledge Marine & Engineering Works rallied 11% to hit a new high of Rs 1,129.85 after the company received an additional work order of Rs 16.50 crore from Dredging Corporation of India

GE Shipping hits new high on healthy outlook; zooms 126% thus far in 2022

In the past one month, the stock price of GE Shipping has soared 26% after the company reported an over three-fold jump in its consolidated net profit at Rs 731 crore in Q2FY23.

Stock of this shipping company has zoomed nearly 250% in last four months

On Monday, the board of KMEW approved the allotment of 565,000 equity shares at an issue price of Rs 700 per equity share on a preferential basis to investor Ashish Kacholia and others.

Shipbuilding stocks rally up to 11%; Mazagon, Garden Reach hit new highs

The defence shipbuilding segment continues to look promising on account of ambitious acquisition plan of Indian Navy and Indian Coast Guard.

Govt may invite financial bids for Shipping Corp sale in March quarter

The government is likely to invite financial bids for privatisation of state-owned Shipping Corporation of India (SCI) in the March quarter, an official said. "The demerger of non-core and land assets of Shipping Corporation is at an advanced stage. The process is expected to be over in about three months' time, after which financial bids will be invited," the official told PTI. The financial bids from potential investors are expected in the January-March quarter, the official added. In May, the board of Shipping Corp had approved an updated demerger scheme for hiving off the non-core assets of SCI to Shipping Corporation of India Land and Assets Ltd (SCILAL) including Shipping House, Mumbai and MTI (Maritime Training Institute), Powai to complete the process of de-merging all the non-core assets to the new company SCILAL. As per the balance sheet of SCI, the value of non-core assets held for demerger as of March 31, 2022, stood at Rs 2,392 crore. In March 2021, the government had

Mazagon Dock Shipbuilders hits new high on heavy volumes; up 27% in 2 days

At 10:49 am; MDL traded 12 per cent higher at Rs 396, as compared to 1.4 per cent decline in the S&P BSE Sense

Shipping costs soar as Russian fallout overpowers global fuel flows

The Russian invasion has exacerbated a tightening of energy markets, upending trade flows and forcing buyers to scour the world for alternative fuel supplies

Sagarmala project: Poor planning on container traffic haunting shippers

The lack of emphasis on expanding container traffic is haunting shippers

Why crisis for exporters could turn out to be a boon for shipping industry

Shipping companies counter that their costs have soared as well

Suez Canal steps up efforts to remove blockage, shipping rates surge

CAIRO (Reuters) - The Suez Canal stepped up efforts on Friday to free a stuck mega vessel, after an earlier attempt failed to end a blockage that has lifted shipping rates for fuel tankers and disrupted global supply chains for everything from grains to baby clothes.

Hope shipping rules extended to minor ports

Some shipping lines or their agents did not feel bound by the advisories, leading to complaints from the importers and exporters

Maersk delivers first import shipment in Odisha from ICD to Shyam Metalics

With a plan to run a weekly export train providing doorstep pickup and delivery, the company has projections of handling in excess of 4,000 TEUs a year.