The first direct Maersk main line service which has called at International Container Transshipment Terminal (ICTT) recently. ICTT received the mainline cargo vessel MV Newyorker with 1,185 twenty foot equivalent units (TEUs) of cashew from West Africa. The vessel, operated by the global shipping major Maersk Line, also has transshipment containers for Tutic
Tag: Shipping
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Crude tanker segment may not perform well
Analysts expect that the crude tanker segment of the shipping industry may not perform well in the near future because of the sharp decline in the import of crude oil by one of the largest consumer of energy, the USA. The US has become self-sufficient for crude, because of its the boom in the shale oil industry in the country. US imports of crude oil declined significantly by almost 4 to 4.5 million barrels a day. That is not being mad
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Shipping sector suffers from overcapacity
Shipping companies worldwide are suffering from overcapacity or excess fleets and this depressed freight rates in the sector, reports indicate. At the end of 2012, worldwide fleet of bulk carriers rose to 679 from 393 in 2007. Further, this is expected to see growth of 10 per cent and 5 per cent in the next two years, respectively, before it tapers to 2 per cent in 2015, reports indicate
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Mercator Lines trims fleet size in dry bulk segment
According to media reports, private sector shipping major Mercator Lines reorganised itself by reducing its dry bulk fleet to 14 vessels. The company reorganised its assets in order to adapt to the low freight rate scenario in the industry. The company sold a vessel and concluded termination of contracts on three in chartered vessels in the last quarter of 2012-13, reports indicate
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Pakistan mulls ferry services from Karachi to India
According to a Pakistani media report, the national government plans to launch ferry services between Karachi and Gujarat or Mumbai. Further, the government plans to launch such a service between Karachi and Dubai. Pakistani Ports & Shipping Minister Senator Kamran Michael is quoted as saying in the media. Pakistani government set up a high-level committee to examine the feasibility of such services and the panel may
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Price of GAIL’s gas import to depend on Henry Hub
The price of the shale gas that would be imported by state-run gas transportation firm GAIL India from the US starting 2016-17 would depend on Henry Hub prices to which shale gas price is linked. This price may most probably be around $10-11/mmBtu, media reports indicate. It may be recalled that GAIL India entered into an agreement with Cheniere Energy Partners to import 3.5 million tonne per annum (mn tpa) of LNG from the US s
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JNPT relaxes norms to attract more bidders for Rs 82 bn project
In order to attract more bidders for its proposed Rs 8,200 crore fourth container terminal project, the Jawaharlal Nehru Port Trust (JNPT) relaxed selection norms for contractors. The port authority invited initial bids for constructing the terminal with a capacity to load 4.8 million standard containers a year. That will make it India
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BDI rises due to demand for ore from China
Media reports indicate that the increase in demand for iron ore from China, the largest producer of steel, raised the Baltic Dry Index (BDI). The index tracks freight charges or the cost of moving the major raw materials by sea and it is published daily by the London-based Baltic Exchange
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Experts want ministry to make PPP contract attractive
Experts want shipping ministry to make the public private partnership (PPP) contracts attractive to promote private investment in port sector. Industry watchers want the ministry to grant flexibility to port operators to build capacity gradually, depending upon the growth in cargo rather than in one go at the beginning of the contract period, irrespective of volume
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Unions oppose privatisation in port sector
Labour unions in some of the major ports in the country are opposing privatization of cargo-handling activities for fear of losing jobs. India has 12 major ports, which are controlled by the union government. The shipping ministry has planned to implement several port projects on public private partnership (PPP) mode, thereby attracting priva