GLOBAL MARITIME INDUSTRY
US industries fearing a port strike urge Biden to revive talks
Amidst peak shipping season, stable long-term contracts at West Coast gateways draw focus during labor negotiations at East and Gulf Coast ports.
US and India strengthen military ties, eye deeper collaboration
Top American and Indian defense officials have highlighted the growing importance of the US-India military partnership, especially in the Indo-Pacific region. At the 'Partners in Progress' symposium in Bengaluru, Rear Admiral Nirbhay Bapna of the Indian Navy praised the comprehensive strategic partnership between the two nations. He emphasized their joint commitment to ensuring peace and prosperity in the Indo-Pacific through enhanced information sharing and maritime awareness. US Defense Attaché to India Rear Admiral Michael Baker also stressed the significant role of the US-India defense partnership in global peace and security.
Golden era for shipping seen ahead as geopolitics boosts pricing
Shipping industry in Athens anticipates higher earnings amidst geopolitical conflicts and supply uncertainties.
India's foreign policy priorities under Modi 3.0
Narendra Modi is all set to become India’s Prime Minister for a third consecutive term. Here's a look at the likely foreign policy priorities under Modi 3.0.
Container shortage is shipping’s Achilles’ heel
An initial surge in freight prices — prompted by ships taking the much longer route around the Cape of Good Hope — petered out in March, yet prices have now surged even higher.
If PM Narendra Modi wins election, buy these 7 industrial stocks: Jefferies
Jefferies has listed HAL, L&T and ABB India among top 7 stocks that can rally up to 33% if Narendra Modi-led NDA retains power in the general elections.
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Port sector urged to decarbonise entire chain of operations
Maharashtra Maritime Board's Chief Port Officer Praveen S Khara said there is a need for these public and private stakeholders to collaborate in decarbonising the entire chain of operations.
Cochin Shipyard gets EUR 60 million order for hybrid SOVs from UK operator
CSL said the hybrid SOVs are the workhorse of the growing, highly specialised renewables segment, in which it is actively looking forward with their proven track-record in the offshore support vessels.
French shipping giant expects slump in cargo rates
CMA CGM SA anticipates lower ocean freight rates as new vessel deliveries boost capacity impacted by ship diversions to avoid the Red Sea conflict.
Indian seafarers remain most abandoned at sea for another year
For two consecutive years, Indian seafarers have faced the highest rates of abandonment, with 411 individuals already left stranded on ships within the initial six months of the current year. According to a report from TOI, a total of 116 vessels and 1,672 seafarers have been abandoned so far in this year.
Reach Europe 20 days earlier and for 30% cheaper: How Chabahar port helps India expand its trade footprints globally
India’s pact with Iran to develop the Chabahar port will give a boost to the multimodal transportation network called the International North-South Transport Corridor, enabling exports from South Asia to reach Europe and Russia.
Tata Steel becomes first Indian steel company to complete fully loaded voyage from Australia to India on B24 biofuel
Tata Steel completed India's first fully loaded voyage from Australia to India on B24 biofuel blend to reduce carbon emissions by 20%. This was in alignment with the company's sustainability goals. This milestone is a significant step towards sustainable shipping practices in India and showcased Tata Steel's commitment to reducing carbon emissions in their operations.
Discussed China's "dangerous actions" in South China Sea: Antony Blinken
Speaking to reporters in Beijing, he said, "In today's meetings, I discussed the PRC's dangerous actions in the South China Sea, including against routine Philippine maintenance operations, maritime operations near the Second Thomas Shoal."
CDS asks military, DRDO to work with startups to get cutting-edge space tech to reduce gap with adversaries
In an effort to boost collaboration between the Indian space and defence sectors, Chief of Defence Staff General Anil Chauhan today asked the three defence forces and DRDO to engage with the Space industry and startups to develop cutting-edge technology to reduce the gap with the adversaries.
India seeks global collaborations to explore new tech, use of methanol, ammonia as ship fuel
Methanol and ammonia are considered as cleaner alternatives to conventional maritime fuels. Green ammonia and methanol, produced from low-carbon sources, help in reducing carbon emissions.
Iran-Israel conflict: Shipping industry set for tougher times ahead due to West Asia tensions, say experts
Iran's escalated tensions with Israel through a drone and missile attack have raised concerns in the global maritime industry, causing supply chain disruptions and potential shipping route blockages. The possibility of a Persian Gulf shutdown looms, impacting shipping costs and trade dynamics. Efforts are underway to defuse tensions and maintain supply chains amidst the crisis.
Red Sea crisis reaches the skies: Indian businesses battle high air freight cost & cargo space shortage
The Houthi attacks on ships have forced many Indian businesses to turn to air cargo to move their goods. This rise in demand and limited capacity has made air freight more expensive, causing troubles on multiple fronts.
Impact of Baltimore port closure on global supply chains
Authorities have warned that extensive work is needed before the major port can reopen following Tuesday's catastrophic cargo ship collision, which has blocked the harbour's entrance.
How India plays a significant role in keeping global shipping industry running
According to data from the Directorate General of Shipping, Government of India, India is the third-largest provider of seafarers worldwide, following China and the Philippines. Indian seafarers constitute nearly 10% of the global maritime workforce.
View: March madness is coming for the global shipping game
In the low season, global logistics industry negotiates long-term contracts. Game theory is involved. War, pandemics, and financial crises affect shipping. Buyers consider availability of long-term capacity and excess capacity. Shipping rates remain high. Buyers and sellers face the choice of following consumer demand or relying on sentiment.
India ensured no one exercises hegemony in Indian Ocean Region: Rajnath Singh
Defence Minister Rajnath Singh emphasized the Indian Navy's role in ensuring the sovereignty and autonomy of nations in the Indian Ocean region, indirectly referencing China's military activities. He highlighted India's commitment to supporting neighbouring countries and preventing any hegemonic dominance in the region.
Viksit Bharat: India needs a well-thought-out blue economy strategy to harness potential of oceans
India's 'Viksit Bharat' vision seeks to transform the country into a developed nation by 2047. The maritime sector, including the blue economy, is crucial for economic growth. Initiatives like the Amrit Kaal Vision 2047, Ports for Prosperity and Ports for Progress, and the Sagarmala initiative aim to enhance port facilities and promote sustainable practices. The convergence of Industry 4.
Seas will drive growth and prosperity in future, vital to keep them safe and secure: Admiral Kumar
Chief of Naval Staff, Admiral R Hari Kumar, emphasized the critical role of seas in driving future growth and prosperity, highlighting the need to ensure their safety and security. He praised the BrahMos missile for its potency and evolving capabilities. The Cabinet Committee on Security approved the procurement of over 200 BrahMos missiles for the Indian Navy. Admiral Kumar also highlighted the importance of self-reliance in defense manufacturing for strategic autonomy, emphasizing the Indian Navy's commitment to safeguarding the Indian Ocean Region.
Defence Ministry's nod to new maritime aircraft
The acquisition of 15 maritime patrol aircraft - nine for the Navy and five for the Coast Guard - will be a boost to Tata-Airbus that is already manufacturing the C 295 aircraft in Gujarat. With the additional order, a total of 71 aircraft will be produced and more orders are also in the pipeline from other security agencies.
Ex-ISRO engineer helps author world's first 'Hydrogen Ship Rules'
Ship classification societies such as Lloyd's Register certifies ships for sea worthiness by providing classification and compliance services to the marine and offshore industries, helping ship owners design, construct, operate, and decommission their assets safely as per environmental expectations. This is done by framing rules that are referred to as 'class rules'.
India cruising along on path to become a global maritime leader: Shipping Minister Sonowal
Union Minister Sonowal stated that India is making significant strides in the global maritime sector and will soon become a world leader. He emphasized the importance of port-led industrialization for employment generation and overall development. Sonowal mentioned the Sagarmala program and Gati Shakti Masterplan as initiatives that have improved logistics and facilitated port-led industrialization.
Charting the global economy: Maritime attacks drive up costs
Half of the container-ship fleet that regularly transits the Red Sea and Suez Canal is avoiding the route now because of the threat of attacks, according to new industry data.
World Logistics Passport is reimagining logistics to improve the way goods are transported
Designed to enhance cross-border trade and supply chain efficiency, the World Logistics Passport (WLP) is a global initiative operated from Dubai. The basic aim behind WLP is to minimise the trade barriers between countries, particularly logistical costs, via a global, private sector-led, free-to-join initiative.
India will become global leader in cruise tourism soon, says Sonowal
The Global Maritime India Summit, hosted by India for the third time, is expected to contribute to the growth of the sector, according to Union Minister Sarbananda Sonowal. He expressed confidence that India will become a global leader in cruise tourism due to the government's efforts.
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