Great Eastern plans to enter container shipping sector

The Great Eastern Shipping Company, India’s largest private ocean carrier, is considering entering the container shipping sector. This move could help mitigate risks associated with oil trade as the world shifts towards green energy. The company prefers to invest countercyclically and may enter the market when it is weaker.

The Tuticorin International Container Terminal was inaugurated by Union Minister Sarbananda Sonowal, enhancing VOC Port’s capacity. Prime Minister Modi highlighted its deep draft and significant berth length. The terminal aims to reduce logistics costs, save foreign exchange, and promote gender diversity with 40% female employees. Multiple development projects were also launched.

The government is considering amending the SARFAESI Act, 2002, to allow banks to hold security interest in shipping vessels, removing special exemptions for fishing vessels. This change aims to fast-track loan recovery processes and address ambiguities that delay recoveries. Other debt recovery laws are also under review for quicker resolution of non-performing loans.

India plans to establish two operational Mega shipbuilding parks by 2030, aiming for a share of the $100 billion global market. The parks will be located on both the East and West coasts, with basic infrastructure provided by the government and critical equipment by private players. This initiative will enhance domestic shipbuilding capabilities and create […]

Cochin Shipyard Limited has laid the keel for India’s largest dredger, DCI Dredge Godavari, with a hopper capacity of 12,000 cubic meters. Built in collaboration with Royal IHC, Netherlands, this advanced vessel will enhance the capabilities of the Dredging Corporation of India and support the growth of coastal and inland shipping markets.

The rush to avoid higher US tariffs on Chinese goods has led to a container shortage in India, as empty containers are being shipped to China. This has impacted India’s trade numbers for August and September. However, officials expect the situation to improve in the coming months, aiding Indian exports.

Adani Ports and Special Economic Zone signed a concession agreement to develop Berth No. 13 at Deendayal Port in Kandla, Gujarat. The berth will handle multipurpose cargo and is expected to be operational by FY27. This development will enhance APSEZ’s capabilities on the western coast and service customers in Gujarat and north India.

India is conducting a thorough review of its major ports to identify operational shortcomings and infrastructure deficiencies. The goal is to enhance port capacities, prepare for larger ships, and incorporate green technologies. This initiative aligns with the Maritime India Vision 2030 and aims to optimize cargo handling and ship turnaround times.

JSW Infrastructure plans to borrow ₹1,000 crore to acquire a 70.37% stake in Navkar Corporation and is in talks with lenders like Axis Bank. The company also approved a capex of ₹2,359 crore for expanding its Jaigarh and Dharamtar Ports. The acquisition deal is expected to close by the third quarter of FY25.

Folk Maritime Services Company has launched a new liner service connecting Jeddah Islamic Port in the Red Sea to India’s Mundra and Nhava Sheva ports. This 10-day service, starting in September, aims to strengthen trade ties between Saudi Arabia and India by facilitating the movement of consumer cargo and petrochemicals.