SHIPPING NETWORK
Spike in maritime shipping rates is no pandemic flashback
This round of supply-chain difficulties originates with the threat from Yemen’s Houthis, which is keeping container ships from using their normal route from Asia to Europe through the Suez Canal.
IMEC will prove to be one of 'biggest game-changers' of 21st century: President Murmu
The IMEC envisages a vast road, railroad and shipping networks among Saudi Arabia, India, the United States and Europe with an aim to ensure integration among Asia, Middle East and West.
Shipping delays and disruptions erode profitability of MSMEs: Ketan Kulkarni, Allcargo Group
Extended transit times can result in increased transportation expenses and potential penalties for late deliveries, further straining financial resources, says Ketan Kulkarni, Chief Growth Officer, Allcargo Group.
Russia boosts oil revenues as shipping and trading network grows
Russian oil exporters are selling oil to India at higher prices than at any time since the start of the Ukraine war, as more shippers and traders participate in the trade, weakening the impact of Western sanctions. The exporters have had to offer deep discounts to encourage shipping companies to move their crude since the invasion of Ukraine. Despite this, deals struck this month for Urals oil delivery to Indian refiners are at discounts of $3 to $3.50 per barrel to the global Brent crude benchmark, the narrowest since 2023.
Allcargo Logistics arm partners with ShipBob for ocean, air freight services
ECU Worldwide, a subsidiary of Allcargo Logistics, partners with ShipBob to offer freight services globally through FreightBob program, enhancing e-commerce inventory management with ECU360 tech-driven platform.
Sarbananda Sonowal gets into a huddle with officials, sets target for 100 days for MoPSW
Sonowal also reviewed the Targets set & offered every support to transform them into reality. The meeting was also attended by the Secretary of MoPSW, TK Ramachandran, among others including Joint Secretaries, Directors, young professionals to Assistant Section Officers.
Thermal plants have 30% more coal stocks
Coal stocks at thermal power plants exceed 45 million tonnes, meeting 19 days' requirement despite 30% increase from last year. Government attributes sufficient stock to logistic arrangements for coal supply.
Big drug hauls in Punjab; nationally, seizures up 160% in a decade
Seizure of drugs by the Narcotics Control Bureau (NCB) across all states have gone up by 160% between 2014 and December 2023 when compared to 2006-2013, according to home ministry data. NCB has registered 210% more drug-related cases during the same period. In Punjab, which goes to polls on June 1, drones have been recovered and drugs seized, making it among one of the top states as far as drug seizures are concerned.
Escalating emissions: How Red Sea disruptions are driving up carbon emissions
Many companies had already revamped their supply chains as they navigated COVID-19 disruptions, extreme weather risks, trade protectionism that forced them to change suppliers, and rising freight costs.
A Mumbai firm finds a way to reduce container turnaround time from 34 days to 2 days
Backed by Zerodha founders, MatchLog Solutions has found an answer to an issue that has haunted transporters for years.
Govt saying aye to laying strong AI foundation
The government may rope in higher education institutes, key researchers for the model that can be customised for wide range of applications. It will be trained on publicly available data, digitised records of books, journals and research papers from public libraries.
The high price of slow lanes: How transport networks can make or mar the success of manufacturing hotspots
With India increasing the focus on exports, manufacturing hubs in the hinterlands have started playing a bigger role in powering the growth engine. However, these regions continue to face connectivity problems that make it difficult for traders to competitively price the goods in export markets.
Social network that needs connecting
India is planning a revamp of its urban transport sector to improve accessibility to work, healthcare, and education. The plan includes integrating metro and bus networks, promoting greening of intracity goods transport through small trucks, and aligning bus and metro routes. The lack of a holistic approach, with nearly half a dozen central ministries working in isolation, has led to discussions on an omnibus transport ministry.
Navy performed 'miracle': Rajnath Singh on its operations to assist merchant ships in strategic sea lanes
Defence Minister Rajnath Singh has praised the Indian Navy's operations in foreign waters, highlighting its ability to assist merchant ships threatened by pirates. He also mentioned the government's readiness to consider the Navy's proposal for a second aircraft carrier, the IAC-II, with a displacement of 45,000 tonnes and estimated cost of around Rs 40,000 crore. Singh emphasized the importance of India becoming self-reliant in the defence sector and set a target of increasing defence exports to Rs 50,000 crore in the next five-six years.
Smallcap boom is back! FIIs, mutual funds team up to shop at 200 such counters
Smallcap stocks rebound post-Sebi comments, with FIIs and mutual funds increasing stakes in 213 counters. Notable gainers include Transformers & Rectifiers, Puravankara, and Motilal Oswal Financial amid concerns over frothy valuations.
US imposes sanctions on over a dozen companies, three from India for trade and ties with Iran
The United States imposes sanctions on companies, individuals, and vessels, including three from India, for aiding Iranian military's illicit UAV transfers. Sahara Thunder, linked to Iran's military, utilizes India-based companies like Zen Shipping and Port India Private Limited for its operations. These sanctions target entities involved in facilitating clandestine sales of Iranian UAVs to Russia for its war in Ukraine. The US Treasury emphasizes the need to counter Iran's destabilizing actions, coordinating efforts with allies to combat such financing activities.
China harbors ship tied to North Korea-Russia arms transfers, satellite images show
Britain's Royal United Services Institute (RUSI) think tank said the Russian vessel Angara, which since August 2023 has moved to Russian ports thousands of containers believed to contain North Korean munitions, has been anchored at a Chinese shipyard in eastern Zhejiang province since February.
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.
Baltimore bridge collapse and port closure send companies scrambling to reroute cargo
After the container ship Dali hit the bridge and brought it down early Tuesday, ship traffic entering and leaving the Port of Baltimore was suspended indefinitely. That will require rerouting vessels or their cargo to other ports, potentially causing congestion and delays for importers, said Judah Levine, head of research for the global freight booking platform Freightos.
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