The International Coordinating Council on Trans-Eurasian Transportation (CCTT) and the Federation of Freight Forwarding Associations of India (FFFAI) organized the ‘India-And-World’ Business Forum in Mumbai. The event aimed to strengthen partnerships, promote logistics services, and develop the North-South International Transport Corridor. Key dignitaries and industry stakeholders attended.
The Indian Register of Shipping (IRS) signed a MoU with MARIN on April 29, 2024, to collaborate on Hydrodynamic Studies and Model Testing for new construction projects classed by IRS. MARIN will provide scientific knowledge and research services, enhancing IRS’s ability to offer advanced maritime solutions. Both parties aim to meet client requirements through definitive agreements.
Launched simultaneously, Sonalika and Sarovar boast cutting-edge features and technologies, designed to the highest standards of safety and performance. Mr. Saikat Roychowdhury of IRS believes these tugs will play a critical role in the maritime ecosystem, showcasing collaborative efforts between Indian shipyards for success in offshore oil fields.
The Indian Coast Guard conducted an intelligence-based anti-narcotics operation at sea, seizing 86 kg of narcotics worth Rs 600 crore from a Pakistani boat in the Arabian Sea. This successful collaboration between various agencies led to the apprehension of the boat and its crew, showcasing the effectiveness of inter-agency coordination.
Discussions are ongoing with potential players for facilities like bunkering, with methanol being considered as one of the key green fuels for EXIM Vessels globally. The Ministry of Ports, Shipping and Waterways is exploring mechanisms for developing indigenous methanol marine engines as a progressive step towards the green transition of inland vessels.
The Adani Group’s Vizhinjam Port has been approved by the shipping ministry to operate as India’s first transshipment port. Customs office set up is underway, with a final nod expected from CBIC in the next three months. The project aims to handle over a million containers annually, boosting India’s cargo share.
A high-level Indian delegation, led by the Shipping Minister, is set to visit Iran after India’s general elections in the latter half of 2024. This visit will facilitate the signing of a contract to fully utilize the strategically vital Chabahar Port, developed with Indian aid, confirming a positive and lucrative agreement between both countries.
Technology group Wärtsilä has relocated its Expertise Centre in Navi Mumbai, India to provide remote support for its Middle East & Asia customers. By integrating data sources, the Centre aims to improve asset efficiency and customer experience. Utilizing AI, Wärtsilä aims to enhance asset availability and reliability through real-time collaboration.
According to the Ministry of Ports, Shipping and Waterways, iron ore shipments increased by 32.68 percent, raw fertilizer shipments rose by 13.56 percent, and coking coal movements went up by 10.24 percent in FY24. The major ports saw an overall growth of 8.06 percent in TEUs, with JNPT handling the largest container volume.
The Bombay High Court ruled that the accommodation ship certification order issued by the Director General of Shipping in 2022 only applies to Indian ships registered under the Merchant Shipping Act, 1858. Hind Offshore Pvt. Ltd. challenged the order, arguing their vessels were not covered under the Act. The court granted an injunction for the release of the vessels.
According to ADB India director Mio Oka, the Indian government’s focus on infrastructure development and fiscal consolidation will boost manufacturing competitiveness, driving growth and exports. ADB forecasts India’s economy to grow 7.6% in FY24, with strong growth in the manufacturing sector. Private investment and urban housing initiatives will further support growth.
Last month, the finance ministry urged regulators to monitor and address exporters’ concerns, potentially driving up India’s export expenses. Banks were advised to factor in increased costs while granting credit limits. The impact of the Suez Canal crisis on India’s exports has been minimal, with trade flow unaffected by rerouted vessels through the Cape of Good Hope.
Vinod Kumar is set to take over as chairman of the Deendayal Port Authority, replacing SK Mehta. He will serve in this role for six months or until a full-time chairman is appointed. Kumar, a 1994-batch Indian Postal Service officer, has been leading the Mormugao Port Authority since April 3, 2023.
JNPA expands liquid cargo capacity with the introduction of Liquid Berth-3 and Liquid Berth-4. Handling 6.5 MMTPA, JNPA invested Rs. 225 Crores for ALCB development. M/s JSW Infrastructure Limited won the bid, with a quoted royalty of Rs.252 per tonne. Chairman Shri Unmesh Sharad Wagh welcomes the move to meet demands and improve operational efficiency. Major benefits include reduced waiting time, reduced demurrage costs, and increased revenue.
HSL, a dynamic DPSU, saw a total revenue of Rs 478 crore in 2021 with a loss of Rs 14 crore. The company’s transformation has been significant, focusing on infrastructure modernization, corporate governance, and ship repairs. A contract with L&T Geostructure aims to enhance capacity for future projects, emphasizing PPP initiatives for revenue generation.
