The annual report of the union shipping industry shows that some organisations in the sector incurred an expenditure of about Rs 490 crore, which was avoidable. According to a government audit, pointed out in the report, Dredging Corporation of India (DCI) incurred Rs 165 crore cost owing to lack of professional handling of fuel consumption
Category: Ports & Shipping
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Rise in freight rates too less to improve margins
According to industry sources, the recent rise in the freight rates was too less to improve the margins of shipping companies and the rates may not improve significantly in the rest of 2013. The Baltic Dry Index, which measures cost of shipping bulk commodities, has risen from an average of 745
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NMPT gets 4 cruise vessels so far in FY14
So far in 2013-14, four cruise vessels called at the New Mangalore Port. These include two luxury cruise vessels - ‘mv Legend of the Seas’ and ‘mv Pacific Princess’. While the vessel ‘mv Legend of the Seas’ came from Kochi, the vessel, ‘m.v. Pacific Princess’, came from Phuket in Thailand
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PIL to operate mainline ship from New Mangalore Port
Tamilvanan, Chairman of New Mangalore Port Trust (NMPT) informed that Pacific International Lines (PIL) will operate a mainline ship from New Mangalore to Mombassa in Africa. The service will have calls at Karachi in Pakistan and Jabel Ali in the Gulf region enroute. The mainline ship – mv Kota Anggerik – will carry over 300 boxes, including empty containers to Mombassa in Africa from New Mangalore. The export cargo in the vessel includ
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CSL agrees to repair vessels of UTL
According to a Memorandum Of Understanding (MoU) signed by Union Territory of Lakshadweep (UTL) with Cochin Shipyard (CSL) the latter would repair the vessels of the former on a regular basis. LDCL will submit a tentative schedule for repairs of all their ships by November every year to CSL indicating the approximate schedule and repair duration of ships in the ensui
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Ministry lines up steps for shiphuilding sector
In order to promote shipbuilding industry, the union shipping ministry has lined up measures which include providing cheap loans to the firms, PK Sinha, union shipping secretary said. The shipping ministry has requested the finance ministry to give an interest subvention scheme for the shipbuilding industry as the sector grapples to attract com
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SCI to foray into dredging operation
Shipping Corporation of India (SCI) is taking efforts to diversify its operation into allied areas in order to mitigate losses on the back of slowdown in the global shipping industry. The company, which is suffering losses from its mainstream business, plans to diversify into dredging operation
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SCI can take possession of 7 vessels of erstwhile JV
Sources from the union shipping ministry informed that the discontinuation of the joint venture between Shipping Corporation of India (SCI) and Irano Hind Shipping Company would add seven ships to the former's fleet. SCI will get the seven vessels as it agreed to repay the loans of the joint venture. It is learnt that the joint ventu
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Deregulation of tariff may attract pvt investment
Media reports indicate that the shipping ministry's move to deregulate tariff at the existing container terminals at major ports may instill confidence in private sector players to invest in port projects. According to the tariff regime introduced in 2005, the Tariff Authority for Major Ports (TAMP) decides the rate that can be charged by the existing terminals at major ports
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Cabinet clears Rs 17 bn second dock project
Union Minister of Shipping GK Vasan informed that the cabinet cleared the proposed Rs 1,700-crore second dock complex project at Haldia recently. It is learnt that the West Bengal government allocated around 160 acre of land for the proposed facility. Kolkata Port Trust (KoPT), however, failed to attract private participants for the project. Though the port auth