Punjab News

Pakistani authorities have arrested 14 people in connection with the alleged trafficking of several migrants who drowned last week after their overloaded boat capsized in the sea off Greece, police said.Hundreds of people, including from Pakistan, are thought to have died when the vessel capsized and sank in one of Europe's deadliest shipping disasters in recent years.The Pakistani government has ordered a high-level inquiry to investigate the human trafficking network thought to be involved…

Krishnapatnam Port, an all-weather; deepwater port on India’s east-coast, earmarked a historic moment for India’s bilateral trade and commerce as the first direct container vessel, part of coastal shipping agreement to facilitate trade between India and Bangladesh, set sail from the port on March 28, 2016. The trade agreements which were signed during the reign of the then Indian Prime Minister Indira Gandhi in 1974 were revived back after a period of four decades during Prime Minister Narendra Modi’s visit to Dhaka last year.

Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest port developer and a part of Adani Group, a global integrated player, entered into a strategic partnership with National Collateral Management Services Limited (NCML), a major Agri-infrastructure player, for collateral management and warehousing services. The objective of these services will be to assist industries, traders, Importers and exporters in financing their capital requirements at all stages of the supply chain, ranging from Post harvest storage to export or Import stages. Mr. Sanjay Kaul , MD & Chief Executive Officer, NCML, signed the agreement with Capt Unmesh Abhyankar, Chief Executive Officer (Mundra Port) and Mr. Vipul Shah, Head –Sales and Mktg, Adani Hazari port in presence of Mr.

Adani Ports & Special Economic Zone Ltd (APSEZ), India’s largest port developer and part of Adani Group, a global integrated player, today said it had commissioned a bulk terminal at Tuna Tekra, Kanda Port, with an annual handling capacity of over 20 million tonnes, further consolidating its leadership one position on the west coast of India. Nitin Gadkari, the Honourable Minister for Shipping, Road Transport and Highways inaugurated the terminal after the berthing of the project’s first vessel MV Sheng Ming earlier in the day. “The Tuna Tekra terminal is yet another feather in the Adani cap. We expect the terminal to be a game-changer for Export Import trade of the Northwest hinterland of India, thanks to its strategic location.

Indian minister for shipping, Nitin Gadkari, says that was a dire need for restructuring of shipping companies’ debt and suggested the finance ministry to talk to banks for more flexibility towards the maritime sector. Nitin Gadkari, the minister for shipping, has requested the finance ministry to consider restructuring of loans for the debt ridden shipping companies and show more flexibility in bank lending towards the shipping and ports sectors. Nitin Gadkari also said that his ministry has recommended to the government to provide various tax incentives to the sector to make the industry more profitable. There should be more tax exemption for the sector to beef up companies' earnings. He pointed out that the registration of ships overseas is tax-free while in India it is taxed.

Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, will commission its dry bulk cargo handling terminal at Tuna Tekra in a record time by December 2014. The group shared this development with prospective clients during a trade meeting, last week. The meet, organized by Adani Ports & SEZ Ltd to make this announcement and showcase the salient features of the project, received unprecedented response, and was attended by more than 60-65 representatives from almost every major shipping agencies/lines as well as custom house agents operating in the region. Attendees were given a detailed presentation on the upcoming facility and were also taken on a guided tour of the terminal.

Aegis Group, a Leader in Oil, Gas and Chemical Logistics, announced successful early commissioning of the 70,120 KL Bulk Liquid Terminal at Pipavav port on West coast of India. The Pipavav - Phase I expansion was initiated in February 2013 to set up Bulk Liquid Terminal of 1,20,000 KL & 2,700 MT of Gas Terminal & was targeted to commission in H2 FY2015. However, the best efforts of in-house project team resulted in advancement of project by six months. Over 50% Liquid Facilities has now been commissioned with 13 additional tanks operational with a storage capacity totaling to 70,120 KL. Phase I of capacity expansion at Pipavav is a greenfield project to set up Bulk Liquid Terminal with 31 tanks aggregating to the storage capacity of 1…

Oil and Natural Gas Corp. (ONGC), ONGC Videsh Ltd (OVL) and MRPL reported a 9-percent rise in profit for the year ended March 2006 despite slipping on crude oil production targets & price control with high global crude rates being a major stimuli in boosting the profits. A plan of investing in the refining business over the next 4-5 years was also announced by the ONGC group, which currently has a 13 million tonne per annum (mtpa) of refining capacity and plans to scale it up to 45.5 mtpa by 2009-10. ONGC’s foreign arm, OVL also posted a 22 per cent increase in its net profit. With 10 acquisitions, OVL currently has 21 properties in 12 countries and has become India’s biggest transnational company. (Source: Live Punjab)