Shipping costs are increasing as carriers implement an Emergency Conflict Surcharge. This charge applies to cargo passing through the Strait of Hormuz and the wider Middle East. One major shipping company is adding between $2,000 and $4,000 per container. More operators are expected to follow suit. This impacts India’s imports of crude oil and fertilizers. […]
Emergency Conflict Surcharge ups shipping costs for traders
Indian ships are stranded in West Asia. The Indian National Shipowners Association reports 27 Indian flagged vessels are stuck. These ships are valued at over 10,000 crore rupees. The Hormuz Strait closure is impacting vital energy supplies for India. The association is urging the government to intervene for safe passage of ships and seafarers.
War risk insurance for ships in the Gulf is being cancelled. The Iran conflict has disrupted shipping. Several tankers are damaged. Two seafarers have died. Around 150 ships are stranded near the Strait of Hormuz. Oil and gas prices have jumped. Shipping costs are set to rise further.
State-owned GIC Re will withdraw Marine Hull War Risk cover from several high-risk regions starting in early March, including the Persian Gulf, Black Sea, and Red Sea, amid rising geopolitical tensions. Ship owners should review their insurance arrangements, as there will be no war risk protection from GIC Re for operations in these regions after […]
India has issued a maritime advisory for its seafarers. This comes amid rising tensions in the Middle East. The advisory urges vigilance and adherence to official guidance. Shipping companies must monitor Indian crew safety. This proactive step aims to ensure maritime safety and readiness for swift response.
Adani Ports and SEZ Ltd’s Haifa Port has confirmed that its assets and infrastructure are secure and operational, with all employees safe. The port authority is closely monitoring the situation and coordinating with the Ministry of Transport to ensure the safety of its people and the continuity of operations for Israel’s supply chain and international […]
VO Chidambaranar Port plans a massive Rs 15,000 crore Outer Harbour project. This initiative aims to significantly increase cargo handling capacity. The port seeks to become a major transhipment hub for southern India. The project will add substantial capacity by 2027 and 2030. It will attract larger vessels and boost regional employment. This expansion aligns […]
The projects include the Customs and Immigration Complex at Bogibeel, the Customs and Immigration Complex at Dhubri, and the renovated Heritage Building of the Inland Waterways Authority of India (IWAI) at Dibrugarh.
India is significantly boosting its domestic maritime capabilities to address a strategic weakness in its reliance on foreign ships for trade. A Rs 77,000 crore package aims to build a national fleet, create jobs, and foster industrial growth, with West Bengal poised to benefit from its historical and geographical advantages.
Kerala inks MoUs with central PSUs for Rs 2,000 cr Vizhinjam International Seaport project
2 weeks ago
Kerala is set to transform its maritime sector with a Rs 2,000 crore logistics master plan at Vizhinjam International Seaport. The state government has signed agreements with Indian Oil Corporation, Container Corporation of India, and Central Warehousing Corporation. This initiative will establish bunkering facilities, rail-linked infrastructure, and a multimodal logistics park.