The ongoing Iran-Israel conflict jeopardizes India’s $41.7 billion trade with West Asian nations. Experts warn that heightened tensions, especially after recent U.S. military actions, threaten shipping routes and financial systems, inflating costs and disrupting supply chains. India’s energy security could be further compromised if the Strait of Hormuz is affected.
Prime Minister Narendra Modi inaugurated the Vizhinjam port, a ₹8,900 crore project, emphasizing its role in enhancing India’s maritime security. He highlighted the port as a catalyst for regional development, boosting trade and economic growth, while creating employment opportunities and improving logistics efficiency for larger cargo ships in global trade.
DP World has launched the Bharat Africa Setu in partnership with the Government of India to strengthen trade links between India and Africa. The platform will connect the two regions through sea and air connectivity, enabling Indian exporters to reach 53 African countries. The initiative aims to enhance trade efficiency.
Ukrainian officials have extended a freight liberalisation agreement allowing Ukrainian cargo to enter the EU without permits. This agreement, signed in 2022, streamlines trade operations by eliminating the need for transport permits. The extension is crucial due to the impact of the Russian invasion on Black Sea ports, making trade flow maintenance essential.
The Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, launched initiatives to modernize India’s maritime infrastructure and enhance global trade. The Operational Norms Overhaul Process (ONOP) aims to streamline operations, while Sagar Ankalan LPPI and Bharat Global Ports Consortium will boost efficiency and enhance India’s global competitiveness in the maritime sector.
The CMA CGM Group is bolstering its maritime network in the Indian subcontinent and Middle East, supporting trade and economic growth in key regions. Indian Prime Minister Modi and French President Macron visited CMA CGM’s Marseille headquarters, discussing the IMEC project to improve transit between Europe and India.
Iraq Prime Minister Mohammed S. Al-Sudani met with IMO Secretary-General Arsenio Dominguez in Baghdad to discuss cooperation in training, regulation, and depositing agreements. They emphasized Iraq’s commitment to strengthening relations with IMO, developing port infrastructure, and completing projects like the Al-Faw Grand Port. The meeting highlighted mutual interest in enhancing Iraq’s maritime sector.
The Yashwantrao Chavan Maharashtra Open University and Vadhvan Port Project Ltd have partnered to provide skill-based training for students, focusing on the operational needs of Vadhvan Port. This collaboration aims to create more job opportunities and equip students with the necessary skills for the maritime industry.
Dr. Pandurang Raut, Deputy Director General of Shipping, highlighted India’s coastal channels’ importance for trade, with up to 95% of volume and 68% by value passing through them. The Maritime Amritkal Vision 2046 aims at modernizing ports and leveraging the blue economy, reflecting the government’s commitment to enhancing India’s maritime position on a global scale.
Conrad Shipyard has received the prestigious SCA “Excellence in Safety” and “Improvement in Safety” awards for their dedication to promoting safety and accident prevention in the shipbuilding industry. With a strong emphasis on employee well-being and a “Safety First” culture, the company sets a high standard for safety practices.
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.
Stena Line has acquired 49 percent of shares in ferry company Africa Morocco Link (AML), operating routes between Tangier and Algeciras. CEO Niclas Mårtensson sees the strait of Gibraltar as a strategic location for growth in global trade and freight volumes. The agreement is pending approval by Moroccan authorities.
Ports, Shipping and Waterways secretary T K Ramachandran assured that the issues in the Red Sea will not affect India’s maritime trade. The Bab-el-Mandeb Strait, a vital shipping route, has seen increased tensions due to recent attacks, but Ramachandran stated that there will be “no impact” on India’s trade.
