Ship leasing from GIFT City is drawing global attention as India aims to improve its modest 1.4% share of global shipping tonnage. Key companies like Great Eastern Shipping and Reliance have registered, with over 10 ships leased. Challenges include licensing duplicity and the need for reforms in ship registration laws. The IFSCA is actively engaging […]
‘We need to look beyond the flag of the ship’: IFSCA chairperson K Rajaraman
Adani Ports & Special Economic Zone Ltd has agreed to acquire an 80% stake in Dubai-based Astro Shipping Company for $185 million. This acquisition aims to expand APSEZ’s fleet to 168 ships and boost its presence in the Arabian Gulf, Indian subcontinent, and Far East Asia.
Prime Minister Narendra Modi laid the foundation stone for the Vadhavan Port project in Maharashtra, set to become one of India’s largest deep-water ports. The port, costing Rs 76,220 crore, aims to boost India’s maritime infrastructure, featuring container terminals, multipurpose berths, and excellent connectivity, enhancing trade and industrial development.
The proposed Vadhvan Port in Palghar, Maharashtra, promises to generate 12 lakh jobs and significant infrastructure, benefiting local communities. Union Minister Sarbananda Sonowal highlighted India’s progress in the maritime sector under Prime Minister Narendra Modi. The Rs 76,200 crore project is slated for first phase completion by 2029, enhancing the region’s global identity.
Adani Ports and Special Economic Zone has announced an all-cash deal to acquire a 80% stake in Astro for $185 million. This acquisition, valued at an EV of $235 million, expands APSEZ’s fleet and customer base in strategic regions, enhancing its position in the marine operations market.
The Syama Prasad Mookerjee Port in Kolkata has launched the Bengal Middle East Express, a new container service linking Haldia Dock Complex with Jebel Ali Port in the UAE. This service aims to improve transit time and cost efficiency for regional traders by bypassing traditional transshipment ports.
CJ Darcl Logistics Ltd. has transported 34 excavators from Chennai to Haryana using specialized rail rakes. The company claims to be the first in its sector to use rail for such a heavy equipment transport. This initiative underscores their commitment to innovation and eco-friendly logistics practices.
The Ministry of Ports, Shipping and Waterways has approved a new wage structure for workers at major ports, stopping an indefinite strike. The agreement includes an 8.5% fitment benefit and additional allowances. The periodicity of the settlement is from January 1, 2022, to December 31, 2026, with a review set for 2027.
The MoU facilitates the revision of the wage structure and addresses other service conditions, including pensionary benefits. It was agreed that the fitment benefit of 8.5% on the aggregate amount of basic pay as of December 31, 2021, plus 30% Variable Dearness Allowance (VDA) as of January 1, 2022, shall be granted.
At a national coordination committee meeting in Tuticorn (Tamil Nadu) on August 8, major port workers’ unions affiliated to five federations decided to go on an indefinite strike from August 28 to press for immediate wage revision and other benefits, pending for nearly 32 months.