A fire-stricken Singapore-flagged cargo ship, MV Wan Hai 503, has been towed further into the sea, now 40 nautical miles from the Kerala coast, as firefighting efforts continue. The towing operation, initiated with helicopter support, faces challenges due to heavy weather, restricting speed. Several ships are escorting the towing vessels while the search continues for […]
Singapore vessel on fire towed further out to sea as firefighting continues
The UK-India Free Trade Agreement (FTA) is poised to give the UK a significant competitive edge in manufacturing, particularly in the automotive and machinery sectors. UK Business and Trade Secretary Jonathan Reynolds highlighted the deal as India’s best offer to date, projecting a substantial increase in bilateral trade.
A fire erupted on the M.V. Wan Hai 503 off the Kerala coast, prompting a major response from the Indian Coast Guard. The vessel, carrying hazardous materials, has resulted in drifting containers and potential oil spills, raising environmental concerns.
Conflict may trigger dry fruit price rise
4 months ago
The commodities, sourced from Afghanistan and Iran, have already seen a 15-100% surge in prices as imports through Pakistan have been completely blocked in the aftermath of the April 22 Pahalgam terrorist attack, they said.
Sea and air freight costs likely to rise
4 months ago
Global shipping lines had started avoiding the West Asian region after the Israel-Gaza conflict escalation in October 2023. Attacks on commercial vessels in the Red Sea by Iran-backed Houthi militants virtually crippled trade through the Suez Canal. This led to major companies rerouting trade through the Cape of Good Hope.
Exporters’ logistics costs may jump 20%
4 months ago
India’s exports are anticipated to face increased logistics costs, potentially rising by 15-20%, due to the ongoing Israel-Iran tensions. Closures of air routes over Pakistan and Iran will escalate air cargo expenses, while higher fuel costs impact sea transport. Disruptions are expected in shipping lines via the Red Sea and Suez Canal, creating uncertainties for […]
India and China have agreed to engage in talks, addressing specific economic and trade concerns, including rare earth metal supplies affected by Chinese export controls. Both nations aim to expedite the resumption of direct flights and finalize an updated Air Services Agreement.
India has requested IREL to halt rare earth exports to Japan, aiming to secure domestic supplies and lessen reliance on China. This decision follows China’s export restrictions, which have impacted global industries. IREL intends to expand domestic mining and processing capabilities, seeking partnerships for rare earth magnet production, while India plans incentives for local processing […]
Authorities issued a 48-hour ultimatum to salvors and owners of MSC Elsa 3. The ship sank off the Kerala coast last month. It carried hazardous cargo and oil. Failure to extract the leaking oil will result in legal action. Divers are sealing leaks, but seepage continues. Cleanup efforts are underway for recovered debris and plastic […]
The minister, on a four-day visit to Switzerland and Sweden, said discussions on 90% of content were complete on India-EU FTA, with services and rules of origin negotiations slated to start from Monday. However, he said, key issue to be addressed is non-tariff barriers to make it easy to do business.