Cochin Shipyard has signed an MoU with AP Moller-Maersk for collaboration in ship repair and building in India. The agreement includes sharing technical expertise, joint training programs, and promoting responsible practices. However, brokerage firm Kotak Institutional Equities has issued a ‘sell’ rating on Cochin Shipyard, predicting a potential 40% decline in its stock.
In his keynote speech at the Indian Ocean Conference in Muscat, Minister Jaishankar stressed the importance of regional cooperation for security and stability. He highlighted India’s role in stabilizing economies, responding to emergencies, and enhancing connectivity. India’s engagement with neighbors and efforts in maritime security reinforce its position as a key player in the region.
Iran’s Foreign Minister Seyed Abbas Araghchi and his Indian counterpart Subrahmanyam Jaishankar met at the 8th Indian Ocean Conference in Muscat. Araghchi highlighted the success of their recent political consultations and stressed the importance of closer ties. They discussed expanding relations with regional countries and partnerships in various areas.
India is making significant progress in developing two major ports, Vadhavan and ICTP at Great Nicobar, with plans for the first phase to be operational by 2029. With projects worth billions already awarded, these ports aim to solidify India’s position as a global shipping hub, propelling its maritime sector forward.
The proposed expansion of the tonnage tax scheme in the new Income Tax Bill of 2025 aims to benefit domestic shipping companies by improving cash flow and viability. This special provision treats the tonnage tax business as a separate entity, granting a 10-year lock-in period exempting them from corporate tax.
India has launched a significant maritime initiative to boost trade and its role in global shipping, featuring the Bharat Container Line to reduce reliance on foreign operators. This effort includes a $3 billion Maritime Development Fund focused on shipbuilding and port infrastructure, enhancing economic connectivity through international partnerships and supply chains.
During a state visit to France, Indian PM Narendra Modi and French President Emmanuel Macron met with Rodolphe Saadé, CEO of CMA CGM, to discuss the India-Middle East-Europe Economic Corridor. CMA CGM, a global maritime and logistics company, plays a key role in enhancing connectivity between India and Europe, with a focus on sustainability and decarbonization efforts.
The Indian Coast Guard showcased its maritime security and anti-piracy operations off the coast of Thiruvananthapuram. During the exercise, Coast Guard ships encountered a ‘pirate’ ship, and commandos boarded the vessel to apprehend an ‘accused’ individual. The event aimed to raise awareness about the Coast Guard’s role in safeguarding the country’s strategic interests at sea.
The ‘Monsoon’ conference, organized by IGNCA and the Advanced Study Institute, delves into India’s expanding role in the Indian Ocean. It explores the historical significance of ancient trade winds and their connection to modern maritime security. The conference aims to shed light on its growing influence and strategic partnerships.
The shipping community in Kochi is grappling with confusion over the names “Cochin Port” and “Kochi Port.” Despite the official renaming in 1996, many still use the old name, causing problems for international shipping. Stakeholders are pushing for a change to align with global standards and avoid operational disruptions.
Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal stressed the importance of creating a favorable environment to attract private investment in the maritime sector. The government is focusing on infrastructure development and skilled manpower to make the sector more appealing to investors. Sonowal highlighted the advantages of cost-effective transportation and environmental friendliness in the maritime sector.
France-based CMA CGM, the world’s third largest container shipping company, is set to hire Indian seafarers directly through an entity in India. This move, to be announced during Prime Minister Narendra Modi’s visit to Marseille, aims to build a specialized pool of seafarers for the company’s ships with specific requirements.
Cochin Shipyard Ltd. is set to build a new shipyard at Cochin Port with international assistance to boost the industry. The investment aligns with efforts to enhance ship repair capabilities in India and position Kochi as a maritime hub. This move is crucial for the growth and expansion of the shipbuilding sector in the country.
DP World’s Mundra International Container Terminal (MICT) achieved a significant milestone in 2024, with a record-high throughput of 1.42 million TEUs. This marked an 11% increase from the previous year, showcasing its crucial role in Gujarat and contribution to India’s global trade network. Operational excellence, safety commitment, and sustainability efforts were key factors in this achievement.
The VOC Port Authority is in talks with a Korean conglomerate to develop a shipbuilding facility in Thoothukudi. Ministry of Port, Shipping, and Waterways, along with Invest India, are facilitating discussions. Plans to expand the fleet size and establish a green hydrogen hub are underway. Tamil Nadu has shown interest in hosting the infrastructure.
