Paradip Port Trust (PPT) will have control over the Kanika Sands, an island off the Odisha coast, as the union shipping ministry cancelled the earlier notification extending the port limit of Kolkata Port Trust (KoPT) to cover the island. In a soon-to-be made gazette notification, the ministry decided to extend the jurisdiction of PPT to the island. At a high-level meeting with the Chief Secretary of Odisha and the chairpersons of both KoPT and PPT, the unio
Tag: Shipping
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World’s leading shipping firms mull alliance
The world's three largest shipping firms - Maersk Line, Mediterranean Shipping Company and CMA CGM – decided to form a grand alliance, named P3 Network, by the second quarter of 2014. However, the alliance is subject to regulatory and government approval.The alliance would pool the vessels of the three companies, equivalent to 15 per cent of glob
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Ministry aims to award 30 port projects
During 2013-14, union shipping ministry plans to award 30 port projects worth around Rs 25,000 crore investment. Union Shipping Minister GK Vasan informed media persons that these projects would bring in an additional capacity of 288 million tonne per annum at an estimated investment of Rs 24,633 crore
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Chabahar port may be beneficial for India
Indian government feels that the use of Chabahar port in southwestern Iran may be beneficial for the country as it would provide easier access to Afghanistan. India, Iran and Afghanistan have an agreement on preferential treatment and low tariffs for goods moved through Chabahar port, which also has a free trade and industrial zone in its vicinity
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India signs pact with Vietnam on cooperation in maritime sector
Recently, union shipping Minister GK Vasan signed an agreement with his counterpart in Vietnam for strengthening cooperation in the maritime sector between both the countries. Vasan signed the pact with Minister of Transport of the Socialist Republic of Vietnam Dinh La Thang during the former's six-day visit to the country
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Shipping firms may diversify into dredging sector
Experts suggest shipbuilding and shipping companies to diversify into dredging segment in order to cope with the slackness in cargo business. Shipyards are not getting new orders for ships from shipping companies owing to oversupply of fleet and slowdown in the international trade. Under this condition, shipyards may diversify into construction of dred
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Some experts support splitting Rs 82 bn project
Even as the board of the Jawaharlal Nehru port (JNPT) decided to award the Rs 8,200 crore container terminal project through a single tender, some experts support the earlier decision of splitting the project. The earlier decision to split the contract into two was supported by the trade, terminal operators and consultants alike. They felt that splitting the project into two
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Mumbai Port closes Hay Bunder
Mumbai Port Trust will ensure from this month there is no docking at Hay Bunder and barges are re-routed. Hay Bunder has been inactive because a lot of vessels heading there do not comply with security requirements. Hay Bunder has been used extensively by vessels transporting chemicals and fertilisers
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Essar Ports chief feels its debt level is reasonable
Rajiv Agarwal, MD and CEO of Essar Port is quoted as saying that the debt level of the company (Rs 5,700 crore) was reasonable for the size of the firm. The firm has an equity of about Rs 2,800 crore and a debt of about 5,800 crore. The company is making efforts to reduce the interest cost, he is quoted as saying in a media
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Odisha govt may make exit clause more stringent
Reports indicate that Odisha government plans to tighten the exit clause for the promoters of non-major ports in the state. According to the revised norms, that is considered by the state government, original promoters of a non-major port must retain at least 51 per cent stake for three years from the date of commencement of com