India is strategically enhancing its maritime presence and trade connectivity by signing a 10-year pact with Iran to operate Chabahar port, aiming to replicate the model in other key regions to boost economic integration and open new markets for Indian businesses. This move is seen as a response to China’s Belt and Road Initiative in Pakistan.
The inaugural voyage of the WIN service at Adani Mundra Port saw the exchange of 3,855 TEU, connecting Mundra to key ports in North America. Dignitaries from Adani Ports and ONE Line celebrated this partnership, marking a significant advancement in maritime trade connectivity and opening doors to new trade opportunities for India.
India has requested Iran to release around 40 Indian seafarers who were detained from four different merchant ships seized by…
Adani Ports and Special Economic Zone Ltd (APSEZ) aims to handle a billion tonnes of cargo in the coming years, prompting plans for aggressive global expansion. APSEZ currently operates 15 ports/terminals in India with a capacity of 627 million tonnes annually, recording significant growth in domestic cargo volume. The company eyes sustainable international growth in strategic locations.
ET Infra reported that Iran’s PMO will procure essential cargo handling equipment for the Indian-financed Chabahar Port. IPGL will increase investment to $120 million from $85 million for the equipment supply. Delays due to Western sanctions on Iran have hindered the port’s operations, but a new agreement aims to expedite equipment procurement.
Engineering goods, electronics, and agriculture stand to benefit from an agreement between India and the Eurasian Economic Union (EAEU). New Delhi is seeking input from industry on barriers to trade with EAEU countries like Russia, Kazakhstan, and Belarus, where India’s exports total $3.7 billion but imports reach $51.7 billion.
The program focused on enhancing maritime safety in India and developing a health, safety, and environmental (HSE) framework for Indian shipyards. TK Ramachandran emphasized the importance of HSE practices in shipyard operations, while Madhu S. Nair welcomed attendees and Pramod P. acknowledged the significance of national security in the industry.
The inauguration of India’s first river terminal in Guwahati marks a historic moment in the country’s transport sector. With state-of-the-art amenities and World Bank funding, the Guwahati Gateway Ghat aims to revolutionize Assam’s waterways for improved connectivity and regional economic growth under Prime Minister Dr. Himanta Biswa Sarma’s leadership.
Indian ports have made significant improvements, with average container turnaround time reaching less than a day in 2023-24. Investments in cargo handling equipment and digitalization have enhanced operational efficiency. New Mangalore Port Authority and V. O. Chidambaranar Port Authority clocked in as the most efficient ports, handling increased cargo volumes and reporting higher net surpluses.
Indian Coast Guard and Jindal Steel & Power signed a Memorandum of Understanding for the supply of indigenous marine grade steel to enhance indigenous content in shipbuilding. This collaboration aims to boost the domestic manufacturing sector and promote self-reliance in defense production.
Power Finance Corporation Ltd offered to underwrite the Rs 27,283 crore debt for a new port project. JICA India met with officials to discuss funding for the project, expressing interest in the well-structured plan. The port will be developed in two phases under the landlord model, with Vadhavan Port Project Ltd leading the project.
The Indian Coast Guard detained an Iranian fishing vessel with six Indian crew off the coast of Kerala. The crew alleged ill-treatment by the Iranian sponsor, who confiscated their passports. Initial investigation revealed the owner was an Iranian national who contracted the Indian fishermen. The vessel was brought to Kochi for further investigation.
The JNPA is undergoing significant expansion, set to create a million jobs in the next decade. Along with the construction of a port at Nhava Sheva in 1989, the development in areas like Panvel and Navi Mumbai has been rapid. The final stages of the expansion project aim to increase efficiency and capacity at the port to 10 million TEU. Plans for a new port at Vadhavan aim to reduce India’s dependence on international ports, pending cabinet approval post-elections. Additional projects like an integrated food storage facility and an independent water supply system are also in the pipeline to support the expansion.
Citing infrastructure issues, the Lakshadweep government will not resume ship traffic from Beypore port. Traders claim neglect due to vested interests. Despite assurances of adequate depth, Lakshadweep residents protest the decision, facing challenges under the current government. Ship services connecting islands to Mangaluru have resumed, with tickets priced at Rs 650.
Adani Ports and Special Economic Zone Ltd (“APSEZ”) achieved remarkable results for quarter and twelve months ending March 31, 2024. Notably, the company recorded a 24% increase in cargo volume, 28% growth in revenue, 44% jump in EBITDA, and a 50% increase in PAT. APSEZ acquired Gopalpur Port and Karaikal Port for future growth.
