Centre aims to promote Yacht tourism: Sonowal

The Indian government is planning to boost yacht tourism and personal boating by developing an ecosystem for it, according to ports, shipping and waterways minister Sarbananda Sonowal. Despite having a 7,500-kilometre coastline, India lacks international-standard marinas. The initiative aims to create employment opportunities and take advantage of the country’s vast coastline.

The Inland Waterways Authority of India successfully transported a large Over Dimensional Cargo to Numaligarh Refinery via the Indo Bangladesh Protocol Route. This marks a significant development in Assam’s logistics sector. Numaligarh Refinery Limited is expanding its capacity and has made substantial progress on its mega expansion project, expected to be completed by December 2025.

The government has announced measures to address shipping sector issues affecting exporters and importers. These include reducing port charges, purchasing additional container vessels, and expediting customs clearances. The steps aim to lower shipping costs, improve container availability, and reduce port congestion.

India will reduce port charges and purchase five second-hand container vessels to boost exports and address shipping issues. These measures aim to lower shipping costs, improve container availability, expedite export consignments, and reduce port congestion. Commerce Minister Piyush Goyal announced these steps following a meeting with various stakeholders.

Freight rates at Indian ports have surged nearly 70% year-on-year in August, driven by global shipping disruptions and sustained demand. This increase, after a two-year gap, is likely to impact the cost burden of Indian companies with international exposure. Rates have fluctuated since 2020 due to various geopolitical issues and supply chain disruptions.

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.