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| February 2025 |
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'The Union Budget announced setting up a Maritime Development Fund (MDF) to support India’s Maritime sector by providing financial assistance, via equity or debt securities. The initial corpus of the fund is pegged at ₹25,000 crores - where the Government contribution will be 49%. The remaining balance will be contributed by Major port authorities, other government entities, Central PSEs, Financial Institutions as well as the private sector. This fund will directly benefit in financing for ship acquisition through leasing and flagging. Ship Building Financial Assistance Policy (SBFAP 2.0) has been extended, with an outlay of Rs. 18,090 crores, to help secure orders and offset cost disadvantages for domestic shipbuilders The Union Budget also announced new mega shipbuilding clusters in the country. This scheme will provide direct capital support in the form of creating the breakwater along with capital dredging. ...read more |
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Deendayal Port Authority (DPA), which operates and manages Kandla port, is teaming up with India’s biggest shipbuilding and ship-repair entity, Cochin Shipyard Ltd (CSL), to construct a ship-repair hub on India’s western coast in Gujarat, at a cost of ₹1,750 crore. Shri Sushil Kumar Singh (Chairman of DPA) told the media, “We will be investing ₹700 crore in building an outfitting jetty at Vadinar (in Devbhumi Dwarka district of Gujarat) and civil construction works, while Cochin Shipyard will be putting up two floating docks at the cost of ₹1,050 crore, Of the ₹700 crore, about 50 per cent will be funded by the Sagarmala scheme. As per our agreement, CSL will conduct the repair activities at this new facility at Vadinar and it will pay a fixed lease rent and a royalty to DPA. This facility will have a capacity to repair 32 vessels annually.” .....read more |
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GIFT City, which is India’s only International Financial Services Centre (IFSC), has got a shot in the arm in the Union Budget as the government has introduced tax benefits for ship leasing companies that establish their presence in the special zone. Dividends and capital gains for the umbrella entity of a special purpose vehicle involved in ship leasing activities and having a presence in GIFT City will now be tax-free. This, according to experts, is expected to boost ship leasing business at the Gujarat-based IFSC GIFT City. Earlier, the tax advantage was available only for aircraft leasing activities originating from GIFT City. ...read more |
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MBK Logistix Pvt Ltd started a fortnightly container shipping service linking Dakshin Bharat Gateway Terminal Pvt Ltd (DBGT) at V.O. Chidambaranar Port in Tamil Nadu with Port Klang in Malaysia. The first sailing on the new service started on February 5 with M.V. Hong Jia 21, a container ship owned by Shanghai-based Ocean Salute Shipping. The direct access to global markets through DBGT will benefit southern India’s coir, salt, and textile industries, unlocking new opportunities for trade and economic expansion. Furthermore, this also strengthens VOC Port’s direct connectivity profile to Malaysia and extends its reach to Australia, New Zealand, and the Far East. .....read more |
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The Directorate General of Foreign Trade (DGFT) and Amazon, have announced an extension of their collaboration, first formalised in November 2023, to accelerate ecommerce exports from India. Building on their initial Memorandum of Understanding, the renewed association covers specialised training sessions across 47 districts, integration of Amazon's Export Navigator tool within DGFT's Trade Connect portal, and the establishment of Expert Communities as local offline networks for MSMEs. The aim is to support the government's vision of enabling $200-300 billion in exports from India by 2030 and equip MSMEs across India with essential skills and resources to succeed in ecommerce exports. .....read more |
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AD Ports Group signed a shareholders’ agreement with the CMA CGM Group, France Headquartered, global player in sea, land, air, and logistics solutions, through its subsidiary CMA Terminals, to jointly develop, manage and operate the New East Mole multipurpose terminal in Pointe Noire, Congo, for which AD Ports Group received a 30-year extendable concession in June 2023. With the signing, AD Ports Group and the CMA CGM Group formed a joint venture, majority-owned by AD Ports Group, to develop, manage, and operate New East Mole multipurpose terminal at the Port of Pointe Noire, which will handle containers, general, break-bulk and other types of cargo at the Central West African nation’s biggest Atlantic port. .. read more |
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In a significant move towards promoting sustainable maritime operations, Deendayal Port Authority, Kandla has signed a Memorandum of Understanding (MoU) with Bapu's Shipping (Jamnagar) Pvt. Ltd. (BSJPL) for Bunker Barge Services for Bio-Methanol Bunkering at Kandla Port. With the increasing global focus on reducing carbon footprints and promoting green energy, the introduction of Bio-Methanol bunkering services at Kandla Port is a forward-looking initiative. Bio-Methanol, as a cleaner alternative fuel, significantly reduces emissions and contributing to greener shipping practices. ...read more |
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Container Corporation of India (CONCOR) has placed an order for 50 LNG-powered trucks with Blue Energy Motors, expanding their green transportation fleet to 175 vehicles. Deliveries are scheduled to begin by March 2025. The order marks CONCOR’s second procurement of LNG trucks from Blue Energy Motors, following an earlier deployment of 125 vehicles. This new order builds on Blue Energy Motors’ successful deployment of more than 125 LNG trucks for CONCOR. Deliveries for the new batch of 50 trucks are set to commence by the end of March 2025......read more |
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UN Conference on Trade and Development (UNCTAD) released the UNCTAD Handbook of Statistics 2024. The Handbook provides a wide range of statistics and indicators relevant to the analysis of international trade, economy, investment, maritime transport, and development overall. The 2024 nowcasts on global merchandise and services trade values and GDP included in this handbook are updated weekly in a dedicated dashboard on UNCTAD Data Hub, which allows tracking the development of the nowcast outcomes and their drivers in almost real time....read more |
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The Office of the U.S. Trade Representative (USTR) published a report titled ‘Report on China’s Targeting of the Maritime, Logistics, and Shipbuilding sectors for Dominance.’ USTR’s investigation found the PRC’s targeting for dominance “unreasonable” because it displaces foreign firms, deprives market-oriented businesses and their workers of commercial opportunities, and lessens competition and creates dependencies on the PRC, increasing risk and reducing supply chain resilience. .....read more |
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The Maritime Technologies Forum (MTF), a group of flag States and classification societies which aims to bridge the gap between technological progress and regulatory process, published a report titled ‘Safe Onboard Carbon Capture and Storage.’ For this report, MTF carried out an analysis of current regulations and ongoing discussions to identify key drivers for safe adoption of Onboard Carbon Capture and Storage (OCCS)....read more |
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Synthetic biologists at Queensland University of Technology (QUT) have developed a prototype for an innovative biosensor that can detect rare earth elements and be modified for a range of other applications. Lanthanides (Lns) are elements used in electronics, electric motors, and batteries. The problem is that we can't extract enough of them to meet the growing demand and current extraction methods are expensive and environmentally damaging. QUT scientists engineered proteins to create molecular nanomachines that generate easily detectable signals when they selectively bind to Lns. .....read more |
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