News items selected for weekly newsletter
The first Russian-built ice-class LNG carrier, Alexey Kosygin, has started sea trials, signaling Russia’s push to increase its global LNG market share despite US sanctions. The tanker, part of the Arctic LNG 2 fleet, faces challenges due to sanctions. Additional tankers are planned, but construction has been hindered by geopolitical tensions.
The Directorate-General of Shipping has mandated CCTV systems on Indian-flagged merchant vessels over 500 gross tonnage to enhance maritime safety and security. These systems aid in incident response, search and rescue, and onboard security. The government’s strict guidelines underscore its commitment to protecting Indian seafarers and elevating safety standards in the maritime industry.
A new zero-emission electric ferry project in Mumbai, known as Harit Sagar or “Green Harbor” initiative, is set to revolutionize transportation by providing a cleaner and faster mode of travel. With a focus on sustainable port operations, the project aims to achieve net-zero emissions by 2047 in major ports by 60%.
The National e-Governance Division (NeGD) and the Indian Ports Association (IPA) signed a MoU in New Delhi to digitally transform India’s maritime sector. This partnership addresses outdated practices, leveraging technology and industry insights to enhance port efficiency. Key initiatives include advanced software development and the integration of AI and blockchain for optimized port management.
In March 2020, the cruise industry faced a major setback due to the COVID-19 pandemic, leaving passengers stranded worldwide. Today, Carnival Corp is leading the industry’s recovery with strong bookings for 2025. Despite rising costs, the company exceeded profit expectations in the fourth quarter. CEO Josh Weinstein is optimistic about the future.
The Indian Coast Guard successfully rescued nine crew members of the Indian vessel Taj Dhare Haram, which sank in the northern Arabian Sea. The crew members were found in a life raft after abandoning their vessel. The mission was carried out under challenging sea conditions, highlighting the importance of international cooperation.
The Odisha state government is set to enhance its marine infrastructure with the construction of two new seaports, in collaboration with PSA Singapore. These new ports, along with shipyards, aim to attract industries to Gopalpur and Dhamra areas. Investments in steel plants and shipyards near the ports signify the state’s commitment to industrial growth.
The forthcoming Coastal Shipping Bill and Merchant Shipping Bill are set to stimulate coastal shipping and bolster Indian ship ownership, as per Sarbananda Sonowal, the Union Minister for Shipping and Ports. These bills aim to enhance the maritime sector, promote coastal security, and elevate maritime training standards to drive economic growth in India.
The Jawaharlal Nehru Port Authority (JNPA) announced a Rs 20,000 crore investment proposal from Terminal Investment Limited Sarl (TIL) of Switzerland for the development of Vadhvan Port in Maharashtra. With a total investment of Rs 76,200 crore, the project aims to transform Vadhvan Port into a world-class facility with cutting-edge technology and sustainable practices.
The World Maritime University (WMU) has launched a ‘train-the-trainer’ program focusing on educating individuals about alternative fuels in the shipping industry, such as ammonia, methanol, and hydrogen. This initiative aims to equip professionals with the necessary knowledge and skills to adapt to the changing landscape of maritime fuel options, promoting sustainability and innovation in the industry.
PierSight, an Indian spacetech startup, is gearing up to launch Varuna, its first satellite for maritime surveillance. This private Synthetic Aperture Radar (SAR) satellite will provide continuous monitoring of maritime activities, regardless of weather conditions. The firm plans to launch a constellation of 32 satellites by 2028 for comprehensive ocean coverage.
On 23 Dec. 2024, the maritime industry saw new amendments to the MLC, 2006 come into effect, aiming to improve seafarers’ working and living conditions in light of COVID-19 challenges. These changes focus on safety, medical care, repatriation, and mental health support, emphasizing the industry’s commitment to seafarers’ well-being and rights.
The Baltic Exchange’s dry bulk sea freight index rose on Monday, driven by higher rates in larger vessel segments. The capesize index surged by 17 points to 1,132 points, with average daily earnings for capesize vessels increasing to $9,388. Iron ore futures also saw a rise, supported by Chinese steelmakers’ restocking expectations.
The FuelEU initiative will not apply to Norway and Iceland, as they are EEA members but not EU Member States. However, 50% of energy used on voyages between these countries and EU Member States will be subject to FuelEU regulations from January 1, 2025. Exemptions are available for specific routes and ports until December 31, 2029.
In January, the Vizhinjam International Seaport will begin roadway cargo traffic, marking a significant milestone for India’s maritime trade industry. Trial runs with container trucks are already underway, testing the feasibility of utilizing the current road network. Plans for a container rail station and industrialization consultant are also in progress to enhance port capabilities.
