Sagarmala – Sailing Towards a Vibrant Gujarat
India's Shipping Minister of State Mansukh Mandaviya inaugurated the state- of -the -art exhibition display of Sagarmala, Ministry of Shipping at Vibrant Gujarat Global Investors Summit, 2017, yesterday (Jan 11). Gujarat has been at the forefront of the maritime development in India. A) Port modernization: Projects have been identified for capacity augmentation at existing ports especially Kandla to meet the future growth in cargo volumes. These include mechanization of cargo handling process, development of multi-purpose berth and setting up of barge and coastal jetty to name a few.
Oil Off to a Turbulent Start in 2016 -DW
Oil prices have been extremely volatile since the first trading day of 2016 and hit 12-year lows last week with Brent dropping below $33 a barrel for the first time since 2005. The fall in the Chinese manufacturing index, the Saudi-Iran standoff and North Korean nuclear test have all had a significant impact on shaping oil price trends, says market analyst and consultant Douglas-Westwood (DW). Brent crude rose to a three-week high of $38.91 a barrel on January 4 as a consequence of the Saudi-Iran geopolitical risk but these gains were quickly diminished due to concerns over economic slowdown. Rising tensions in the Middle East typically trigger an increase in the price of oil, yet it seems that bearish sentiment elsewhere has prevailed over potential risk.
Bulk Shippers Hit by Commodity Storm
The dry bulk shipping sector has been dashed upon the rocks of vessel oversupply and slowing economic growth. Not dry bulk shipping business is grappling with an unprecedented crisis of too many ships and not enough cargoes, says a report in WSJ. Idled ships are crowding coastlines world-wide as increasingly desperate companies that ship iron ore, coal and other bulk commodities try to weather the industry’s worst downturn in decades. Shipping brokers estimate 690 dry-bulk ships, or about 7% of the global fleet, currently are sitting idle.
Bulk shippers hit by perfect storm as global economic doldrums take toll
Off the coast of a nearly deserted island below the southern tip of Hong Kong, at least 10 massive ships that normally carry hundreds of thousands of tons of coal or iron ore lie idle near one of the world's busiest sea routes. These empty vessels paint a grim picture for the dry bulk shipping business that veterans of the industry say is grappling with an unprecedented crisis of too many ships and not enough cargoes. The hollow boats underscore the global economic doldrums that policymakers are struggling to overcome. "This is the worst we have seen in recent times.
Container Rates Fall on Declining Chinese Exports
Since February, freight rates on the three key container shipping lanes has left the erratic up and down movements behind only to slide week after week. On Friday April 10, 2015 the freight rate including ocean freight and surcharges, i.e. was quoted at USD 466 per TEU for the Shanghai to Europe trading lane. This is the lowest on record since the 2009. The new all-time low point comes on the back of deteriorating exports from China for three months running in 2015. Export were down by 15% in March y-o-y. Moreover, Imports dropped too to the extent of 12.3%.
Container Equipment Prices Nosedive - Drewry
Prices for new dry freight containers declined to their lowest point since 2002 during first-quarter 2016 and are still going down, according to the latest edition of the Container Equipment Insight, published by global shipping consultancy Drewry. Average container equipment prices fell 15% through the first quarter, as the deteriorating outlook for trade growth impacted pricing. As a consequence of this and the fact that steel and other material costs are no longer in decline, Drewry estimates that the container manufacturing sector made a small net loss in the first quarter of 2016.
IRClass Rules for Indian Naval Ships Released
The “Rules and Regulations for Construction and Classification of Indian Naval Combatant Ships”, developed by Indian Register of Shipping were formally released by the Chief of the Naval Staff, Admiral RK Dhowan, PVSM, AVSM, YSM, ADC on 09 June 2015. The release took place in South Block, New Delhi, in the presence of Vice Admiral P Murugesan AVSM, VSM, Vice Chief of Naval Staff, Vice Admiral AV Subhedar AVSM, VSM, Chief of Materiel, Vice Admiral GS Pabby AVSM, VSM, Controller of Warship Production and Acquisition and other senior officers of the Indian Navy.
Rules for Indian Naval Combat Ships Published
The “Rules and Regulations for Construction and Classification of Indian Naval Combatant Ships”, developed by Indian Register of Shipping were formally released by the Chief of the Naval Staff, Admiral RK Dhowan, PVSM, AVSM, YSM, ADC on June 9, 2015. The release took place in South Block, New Delhi, in the presence of Vice Admiral P Murugesan AVSM, VSM, Vice Chief of Naval Staff, Vice Admiral AV Subhedar AVSM, VSM, Chief of Materiel, Vice Admiral GS Pabby AVSM, VSM, Controller of Warship Production and Acquisition and other senior officers of the Indian Navy.
Mumbai Port to Revamp Int'l Cruise Terminal
Mumbai, May 23, 2016: Mumbai has a real opportunity to be developed as an international cruise terminal, said Mr. Sanjay Bhatia, Chairman MbPT at a day-long conference organized by the Urban Development Committee of the Indian Merchants’ Chamber (IMC) in association with Apli Mumbai titled “Mumbai’s PortLands – from Vision to Action” on 23 May 2016 at the BSE in Mumbai. Addressing the gathering Mr. Bhatia said that complete transparency in functioning and consultation with all…
MSC Announces New Port Call, Revises Canada Gulf service
MSC’s California Express service is now to feature a new port of call – Manzanillo in Mexico. The addition brings a significant customer benefit in transit time and reliability, and provides a direct route to the port as part of the route from Balboa to Long Beach. Previously, the service had offered only a transshipment facility for Manzanillo. The change to the California Express service will come into effect on Saturday 9th July with the vessel MSC ANS MC623A. MSC has also revealed details of its revised Canada Gulf Bridge service.
Berthing Policy for Dry Bulk Cargo for Indian Ports Unveiled
Ministry of Shipping has formulated a new Berthing Policy for Dry Bulk Cargo for all Major Ports which will come into effect from 20th August, 2016. Reduce berthing time & overall turn-around time of ships; drive higher cargo throughput using the available infrastructure in the Major Ports. Improve utilization of port assets and create additional capacity without any significant capital investment. Increase competitiveness of the Major Port by creating value for the trade through reduced logistics cost.
South Australia Seeks Shipbuilding Job Guarantees
The South Australian Government has outlined three key points on shipbuilding it wants addressed by the Commonwealth's Defence White Paper next month. It wants (1) a minimum 70 per cent Australian worker participation in the building, similar to the Collins Class submarines, (2) a guarantee the future naval submarines and frigates will be built in Australia and (3) that the local industry will have a continuous building program. The Abbott Government has put the development of the next Australian submarine program through a competitive evaluation process.
JA Moody Acquires Pima Valve
Acquisition expands operational capabilities to include design and manufacturing and demonstrates commitment to U.S. based manufacturing sector. Moody says that it will provide a broader suite of products for its marine and commercial customer base. JA Moody, a privately held family business with its headquarters in Malvern, PA, that has been distributing valves and actuators to the U.S. DOD and commercial entities for 65 years, today announced that it’s parent company has completed the acquisition of Pima Valve.
Brent Crude Falls More than 7 Percent
Brent crude futures tumbled more than 7 percent on Tuesday, falling back below $50 a barrel as data highlighting China's contracting manufacturing sector revived concerns about global demand for petroleum. Brent October crude was down $4 at $50.15 a barrel at 11:55 a.m. EDT (1555 GMT), just after falling as low as $49.72. (Reporting by Robert Gibbons; Editing by David Gregorio)
Victaulic to Add Manufacturing Space in Pennsylvania
Victaulic, a manufacturer of mechanical pipe joining solutions, has unveiled a plan to build an additional state-of-the-art manufacturing center in Lehigh Valley, Pennsylvania. The 400,000 square foot facility is the result of increased domestic demand for the company’s products. The facility is expected to break ground later this year and be fully operational in 2019. “This new facility will play an important role in meeting increased customer demand, while also producing the highest quality products in the industry -- something our customers have come to expect from us since our first innovation nearly 100 years ago,” said John F. Malloy, CEO of Victaulic.
DP World, India’s NIIF to Create USD 3 bln Investment Platform
The National Investment and Infrastructure Fund (NIIF), India’s first sovereign wealth fund, and Dubai-based ports operator DP World have announced the creation of an investment platform to invest up to $3 billion in ports, terminals, transportation and logistics businesses in India. The partnership follows the Memorandum of Understanding (MoU) signed in May 2017 and the visit to India of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, in February 2016.
DNV GL Boosts Investment in 3D Printing
The new center, which is supported by the Singapore Economic Development Board (EDB), will focus on developing competence including qualification, certification and training for additive manufacturing (AM), also known as 3D printing. While AM is raising more and more interest in various industries, as the benefits of speed and cost against traditional product manufacturing become apparent, the adoption level in the O&M sector is still low due to challenges in qualification and certification.
India's Oil Imports Reach Record High in January
India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. The world's third-biggest oil importer shipped in 13.6 percent more oil in January than a year earlier and about 12.5 percent more than the previous month, the data showed. Imports in January were high as state-run refiners, which operate two-third of India's nearly 5 million bpd capacity…
Holcomb to Speak at Indiana Logistics Summit
Newly-elected Indiana Governor Eric Holcomb will provide special keynote remarks at next week's Indiana Logistics Summit. The two-day event is scheduled for Nov. 16-17 at the Indiana Convention Center and the Governor-elect will speak at 9 a.m. in the Sagamore Ballroom on Thursday, Nov. 17. Hosted by Ports of Indiana, Purdue University and Conexus Indiana, the Summit brings together over 350 executives from the logistics and advanced manufacturing sector to discuss critical issues facing all modes of transportation…
COSCO Shipping Development Reports Higher Revenue
China-based ship leasing and transportation businesses company COSCO Shipping Development announced its 2017 performance and stated that the company realized revenue of RMB 16.34bln (USD 2.59bln) in 2017, up 2.4% compared with that of 2016. The net profit attributable to equity holders of the parent company is RMB 1.46bln (USD 230mln), up 296.6% compared with that of 2016. Over the past year, the Company continuously improved its management level, increased its asset size and economic benefits and achieved collaborative development in its three business sectors…
India to Develop Coastal Economic Zones
In its move to boost the ruling party's flagship Sagarmala (string of ports) project, the government of India is developing Coastal Economic Zones (CEZs). The National Perspective plan of the Sagarmala Programme has identified two maritime clusters for development, one in Tamil Nadu and other in Gujarat. Fourteen Coastal Economic Zones(CEZ) have been identified along the coastline of the country in the National Perspective Plan of the Sagarmala Programme. These CEZs are aimed at promoting development of port-proximate industrial clusters…
India Identifies Two Maritime Clusters
Two Maritime Clusters have been identified in Gujarat and Tamil Nadu, as part of the National Perspective Plan of Sagarmala Programme. Based on the study conducted under Sagarmala Programme, these proposed Maritime Clusters will comprise of shipyards, ancillary units for shipbuilding, service providers for shipping industries, marine tourism and marine products such as fisheries and aqua culture. The proposed Coastal Economic Zones (CEZs) are aimed at promoting development of port-proximate industrial clusters…
Tax Sops for Indian Shipping Industry
In order to support the Indian shipping industry, the Government of India has exempted Customs and Excise Duty leviable on bunker fuels used in Indian flag vessels for transportation of mix of EXIM, domestic and empty containers between two or more ports in India. Government has brought in a uniform abatement of service tax for transportation of goods by rail, road and sea vessels. Indian shipping industry has been provided cargo support through Right of First Refusal (RoFR).