Mumbai Port Trust (MbPT) and Indian Hotels Company (IHCL) are locked in a legal battle over paying of rent by the latter for the land IHCL occupies in Mumbai. According to media reports, MbPT demands a 'fair rent' from IHCL on the basis of six per cent yearly rent on the market value of the land as per the Ready Reckoner Rate
Category: Ports & Shipping
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Krishnapatnam Port handles 456 vessels
Krishnapatnam port, which is 25 km east of Nellore, Andhra Pradesh, handled 456 vessels until December 2012. The port handled 428 vessels and 15.41 million tonne of cargo in 2011-12 as against 417 vessels and 15.91 million tonnes in 2010-11. The port was inaugurated in July 2008 and is promoted by the Hyderabad-based CVR Group. The cont
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GAIL mulls foray into shipping sector
State-run Maharatna firm GAIL India plans to foray into shipping business in order to ferry the natural gas that it would source from different countries. The company is yet to decide whether to have its own ships or charter ships. But, it intends to have six to seven ships
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Net profit of Essar Shipping declines
Net profit of Essar Shipping declined to Rs 17.85 crore during Oct-Dec 2012 from Rs 48.65 crore in the corresponding period of last year because of higher costs and low crude freight rates in crude oil transportation. The firm reported revenue of Rs 792.66 crore, EBIT0
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Kolkata Port extends deadline for application
Kolkata Port Trust extended the deadline for filing applications for the proposed Rs 1,500-crore 1.2-million-TEU container terminal at Diamond Harbour till February 28. This is the second time that the port trust is extending the deadline after the tender was floated in Oct
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Mundra Port may witness cargo volume growth
Analysts feel that Mundra Port, which is operated by Adani Port and Special Economic Zone (APSEZ), may continue to witness growth in cargo volumes owing to better connectivity to power projects on the west coast. According to one research report, capacity constraints at India's major ports have led to a flat gro
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Subdued freight rates may hit earnings of shipping firms
Subdued freight rates may affect the earnings of the Indian shipping industry and this prompted India Ratings and Research to maintain a negative outlook on the industry. The ratings agency, which is a part of the Fitch Group, feels that freight rates for dry bulk (coal and iron ore) may be hit by high
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Workers’ strike hits cargo movement at ICTT
According to media reports, the International Container Transhipment Terminal (ICTT) in Vallarpadam, Kerala is concerned about the disruption in cargo movement because of strike by trailer crew. It is learnt that movement of cargo, especially impo
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DPCL may start Rs 100 bn expansion project in 2 years
Santosh K Mohapatra, Chief Executive Officer of Dhamra Port Company (DPCL) informed that the company may start second phase expansion of the port in two years. He said environment clearance for the project is in advanced stage. Once expansion for the second phase is begun, it would be completed
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Minister wants ports to allot 10% of income for CSR
Port trusts across the country are asked to allocate 10 percent of their income for Corporate Social Responsibility (CSR) activities by Union Shipping Minister GK Vasan. The ministry launched CSR activities recently to enable ports to serve the interests of society and identify activities that would create social impact, Vasan said