India’s Shipping Market Looks Bullish
The shipping market in India could soon be out of bounds for global fleet owners as a key tender condition that tilts the scale in favour of local ship-owners is scrapped, reports Livemint. According to the rules set by the director general of shipping, India’s maritime regulator, in 2004 to extend cargo support and develop the local shipping industry, Indian ship has the right of first refusal to match the lowest rate quoted by a foreign-flag ship and take the contract. The director general of shipping scrapped this requirement last week for tenders to finalize a so-called contract of affreightment (CoA) and channel deepening works at ports using dredgers.
National Maritime Day of India - 5 April
April 5 marks the National Maritime Day of India. On this day in 1919 navigation history was created when SS Loyalty, the first ship of the Scindia Steam Navigation Company, journeyed to the United Kingdom. The National Maritime Day was first celebrated on 5th April, 1964. The strategic geographical position of the Indian sub-continent with vast expanse of the seas around naturally led to seafaring even in the days of the Indus Valley civilisation dating back to circa 3000 BC. Since time immemorial Indians have displayed a remarkable interest in seafaring and maritime activities. The shipbuilding industry in India had shown great progress so long as sailing ships with wooden hull were in vogue. Since the dawn of history Indians have participated in international sea-borne commerce.
