MARITIME TRADE ORGANISATION
Government to soon come out with a new shipbuilding, repair policy
The Ministry of Ports, Shipping, and Waterways is set to introduce a new Shipbuilding and Repair Policy under the 100-day action plan. Ambitious goals have outlined in Maritime India Vision 2030 and Amrit Kaal Vision 2047 to elevate India's shipbuilding industry globally. The initiative aims to revitalise the industry, increase the share of Indian-owned vessels in cargo transport, and seize a significant market opportunity by 2047.
Beyond the clutter: India-US ties transcend ongoing differences
India explained why oil imports from Moscow are necessary to preserve global oil market stability, similarly Chabahar deal is also for regional stability which is valued by the US.
National security has become crucial to many economic transactions: Jaishankar
Rooting for multipolarity and the role of India, the minister said, "The transformation of India is critical to strengthening multipolarity in Asia itself, a prerequisite for a multipolar world. India's growing weight will ensure that the overall balance in the world order remains in favour of freedom, openness, transparency and a rules-based order."
Chabahar pact important milestone; to provide connectivity to Afghanistan, Central Asia: PM
PM Narendra Modi highlighted India's milestone Chabahar port contract for Afghan connectivity, promoting regional trade via the International North-South Transport Corridor and India-Middle East-Europe Economic Corridor. The agreement involved IPGL's investments and debt, and the INSTC offers an alternative trade route to Russia, bypassing the Suez Canal.
Iran looking at some investments from India in Chabahar region after pact on port operation, says envoy
Iran is looking at some investments from India in Chabahar region post a long-term deal on the Chabahar Port operations, a top Iranian diplomat has said. Talking to PTI, Davoud Rezaei Eskandari, Acting Consul General of Iran in Mumbai, also said that the Chabahar Port deal could be a turning point for its "most relations" with India.
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.
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Merchandise exports likely to reach $500 bn in FY25, growth of labour intensive sectors a concern: FIEO
FIEO also said that while meeting the ambitious target of $2 trillion exports by 2030, requiring a CAGR of 12.7%, is challenging, it is within reach and can be achieved.
View: Chabahar, port of a smart call
Investing in Chabahar presents its own set of obstacles. The progress in the region has been hindered by US sanctions over the years. Since 2018, India has refrained from importing significant amounts of heavy Iranian crude and faced challenges in providing financial aid for the construction of the Chabahar-Zahedan railway in 2020 due to sanctions. Energy trade has long been the cornerstone of India-Iran relations, and this shift has temporarily strained bilateral ties.
Chabahar Port development to help India expand trade routes; need to ensure necessary infra: GTRI
India has signed a 10-year contract to operate the strategic Iranian port of Chabahar, which will help India enhance its logistical capabilities and expand its trade routes to Central Asia. The port, which is Iran's only ocean port, is strategically located about 170 km west of Pakistan's Gwadar Port and offers an alternative maritime route to the congested Strait of Hormuz. The port is an integral component of the International North-South Transport Corridor (INSTC), a 7,200-km multi-modal transportation route connecting India with Iran, Azerbaijan, Russia, Central Asia, and Europe.
Arbitration matters related to Chabahar port to be referred to tribunal in Muscat: Official
"Major concerns, including lack of consensus on an arbitral framework, have been addressed. As per the agreement signed on Monday, matters requiring arbitration with regard to operation of the Chabahar port, will be referred to a three-member arbitration tribunal based in Muscat in accordance with the Singapore International Arbitration Centre (SIAC)," the official said on condition of anonymity.
"For everyone's benefit, don't think people should take a narrow view of it": EAM Jaishankar responds to US' sanction warning on Chabahar Port deal
Chabahar Port Deal: EAM S Jaishankar stresses regional benefits of India-Iran Chabahar Port deal despite US sanctions warning at his book launch "Why Bharat Matters" in Kolkata. US State Department's Vedant Patel warns of potential sanctions for deals with Tehran. India has signed Long-Term Bilateral Agreement with Iran for Shahid-Behesti port operation.
Chabahar Port deal with Iran sparks sanctions warning for India from its 'good friend' US
India and Iran signed a 10-year agreement to manage the Chabahar Port, enhancing regional connectivity and providing an alternative to China's Belt and Road Initiative. The US warned of potential sanctions for dealing with Tehran, but stated it would let India address its foreign policy objectives. The deal strengthens bilateral relations and facilitates trade with Afghanistan and Central Asia, with plans to integrate the port into the International North South Transport Corridor. India's investment in Chabahar's infrastructure aims to improve trade routes and access to Central Asian markets.
India signs deal with Iran to run Chabahar port
At the end of the 10-year period, both sides will extend their cooperation in Chabahar. IPGL will invest about $120 million in equipping the port, officials said. India has also offered a rupee credit window equivalent to $250 million for mutually identified projects aimed at improving Chabahar-related infrastructure, they said.
War and trade: As Iran-Israel conflict intensifies, India’s trade vulnerability rises
The Israel-Hamas conflict had already inflated freight cost from $1,000 to $6,000. Now with Iran directly entering the conflict, India’s MSME sector is staring at an economic bloodbath as freight costs are likely to rise to $9,000-12,000, say small traders.
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.
Building a win-win India-Australia Defence Partnership
Australia and India are strengthening their strategic partnership to enhance regional security and prosperity in the Indo-Pacific. Their collaboration aims to ensure maritime security, freedom of navigation, and counter assertive behavior in the region. Key areas of cooperation include defense research, technology sharing, and joint maritime exercises. Both nations recognize the importance of their partnership in addressing regional challenges and fostering global good, particularly in containing China's maritime expansion.
Red Sea ‘sharks’ threaten to wreck India’s economic plans tied to exports
As global disruptions put export targets under a cloud, the government has taken a cautious approach by setting flexible export goals. Experts say now is the time to expedite FTA talks to stabilise the situation.
MV Lila Norfolk Hijack: Indian Navy safely rescues 21 crew members from hijacked merchant vessel
MV Lila Norfolk Hijack: "All 21 crew including 15 Indians onboard the vessel were safely evacuated from the citadel," Indian Navy's spokesperson Commander Vivek Madhwal said. "Sanitisation by MARCOs commandos has confirmed the absence of the hijackers. The attempt of hijacking by the pirates was probably abandoned with the forceful warning by Indian Navy's maritime patrol aircraft of interception by naval warship," he said.
India re-elected to International Maritime Organisation Council
The statement said India's re-election falls under the category of 10 states with "the largest interest in international seaborne trade", alongside Australia, Brazil, Canada, France, Germany, the Netherlands, Spain, Sweden, and the United Arab Emirates (UAE). Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal said the highest votes are indicative of the government's determination to strengthen India's varied contributions to international maritime operations.
Shipping could face shortage of carbon-neutral fuel by 2030, DNV says
90% of the world's trade is done via ships and it also contributes to almost 3% of the world's CO2 emissions.
West Bengal to receive investment of Rs 1 Trillion in maritime sector: Union Minister
The Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal attended the road show organised by Syama Prasad Mookerjee Port (SMPK) for the ensuing Global Maritime India Summit, 2023 (GMIS). The active participation of trade and industries in the development of port infrastructure and other facilities is imperative for the development of India as an Atmanirbhar Bharat, said Sonowal.
India stands at cusp of a maritime revolution: Sarbananda Sonowal
Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal has stressed unlocking the vast potential of India's maritime sector, saying the country's strategic location and commitment to sustainable practices present unparalleled opportunities. Hosting foreign heads of missions and officials here on Friday evening, Sonowal underlined that India stands at the cusp of a maritime revolution.
War, AI and climate change shake up $32 trillion in global trade
A transformation in world trade today is being led various unrelated factors including Artificial Intelligence, the Ukraine-Russia war, and climate change.
Nations aim to zero out shipping emissions by midcentury
An annual meeting at the International Maritime Organisation in London recently produced an agreement which had set emissions reductions goal by 2030 and 2040.
Deputy NSA visits Iran to promote freight transit via INSTC
India's Deputy National Security Advisor Vikram Misri is in Iran with an aim to promote freight transit through the International North-South Transport Corridor (INSTC) and extend the usage of Chabahar Port, India's first foreign port project.
Shipping needs nuclear power to solve its emissions problem
This week the International Maritime Organisation is meeting in London to strengthen measures to reduce carbon footprint of shipping industry over the coming decades.
Nations haggle over targets to cut shipping’s huge emissions
While shipping's climate impact hardly gets the same focus as cars or airplanes, it still accounts for nearly 3% of manmade CO2 emissions.
Shipping industry faces net zero emissions target, draft document shows
The plan is not yet finalised, with talks at the London-based International Maritime Organisation continuing into next week.
Carbon tax for ships is supported by 22 countries at Paris Summit
The shipping industry transports over 80% of world trade. It is responsible for nearly 3% of man-made CO2 emissions.
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