The Finance Ministry and the Planning Commission have rejected the Union Shipping MinistryÂ´s proposal to waive Rs 715 crore of penal interest due from Cochin Port Trust (CPT) on a Rs 258-crore loan.Of the total penal amount of Rs 729 crore, the government could have forgone Rs 715 crore.
Union Shipping Ministry has met the FY14 target of awarding 30 port projects, which entail an investment of over Rs 21,000 crore, adding 217 million tonne in the annual additional capacity. Unoin Shipping Minister GK Vasan said the target has been achieved with almost a full month to go on the back of changes in policies. He said during the past four years, it has awarded 88 new projects requiring an investment of Rs 42,953 crore.
During April-November period, the Union Shipping Ministry has awarded Rs 5,515 crore worth 80 million tonne projects. The awarded projects are more than 70 per cent of the 114 mt awarded last year at an investment of Rs 5, 515 crore, say media reports.
During the last April-November period, the Union Shipping Ministry has awarded 13 port projects with a total capacity of 80 million tonne (mt). Last year, the Centre had awarded 14 PPP port projects. This is 30 per cent less than the total capacity of 114 mt awarded last year at an investment of Rs 5, 515 crore.
It is said that the Union Shipping Ministry is not in favour of allowing another maritime university in Kerala. With this, KeralaÂ’s hopes to have a maritime university in the State may not materialise soon. Why because, the first one in Tamil Nadu is yet to get over its teething troubles.
The Union government will allow the trusts that run the 12 ports owned by the Union government to raise rates for port services every year based on market conditions if they adhere to certain performance standards. For this, the Union Shipping Ministry is working out on a plan.
The Union Government will allow the trusts that run the 12 ports owned by the Union Government to raise rates for port services every year based on market conditions if they adhere to certain performance standards. For this, the Union Shipping Ministry is working out on a plan. Presently, rates charged by these trusts for cargo and vessel-related services are worked out on the basis of a guideline framed in 2005.
Recent media reports say that the Union Shipping Ministry, after failed attempts to get the Chennai Mega Container Terminal up and running, has taken off the project from its list of targets this year. The terminal project cost has gone up from earlier estimates of Rs 3,800 crore to nearly Rs 5,000 crore.