Homegrown Tiger Logistics, Bangladesh-based Sikder Group ink initial pact to increase trade

The development comes in continuation of the strengthening of connectivity between the two nations, as Bangladesh granted India permanent access to Chattogram and Mongla Port in April 2023.

ABG Shipyard Ltd, accused in India’s biggest bank fraud case, created 27 “paper companies” and used 38 Singapore-based group entities to divert funds borrowed from ICICI Bank-led lenders. The Enforcement Directorate’s chargesheet reveals that the diverted funds were transferred to Singapore and invested in tax havens. The paper companies were created solely for the purpose […]

EY had carried out a forensic audit of ABG Shipyard on the instructions of a consortium of 28 banks, which had alleged diversion of funds that they had lent to the Gujarat-based shipbuilder.

The Ministry of Ports, Shipping, and Waterways (MoPSW) has constituted a high-level task force, chaired by the additional secretary of MoPSW, to oversee the establishment of the Indian Maritime Centre (IMC). The task force will provide policy direction for the formation of IMC and will include representation from the domestic maritime ecosystem.

​​It will modernise and expand the existing ship repair capabilities of CSL and aspires to transform Kochi as a global ship repair hub and align with the Prime Minister’s vision of creating ship repair clusters in India. The Indian Oil’s LPG Import Terminal at Puthuvypeen, Kochi, built at an investment of Rs 1,236 Crores, boasts […]

India and Iran have reached a final agreement on India’s first foreign port project, Chabahar Port. The new long-term agreement will replace the original contract, valid for ten years and automatically extended. External Affairs Minister S Jaishankar is on a two-day visit to Iran, discussing establishing a long-term cooperation framework and views on the International […]

In 2023, cargo shipments along the Northern Sea Route (NSR) reached a record-breaking 36.254 million tons, exceeding the federal project target set by Russia’s nuclear entity, Rosatom. This achievement was noted before the year’s end, with partner companies, including NOVATEK, Gazprom Neft, LUKOIL, and Nornickel, contributing significantly.

APM Terminals signed an agreement with Jawaharlal Nehru Port Authority (JNPA) to develop a container terminal at Vadhavan Port in Maharashtra. The project has an estimated cost of Rs 76,220 crore and a capacity to handle 23 million TEUs/254 million tonnes annually. The MoU was signed during the Vibrant Gujarat Global Summit 2024.

Union Minister Sonowal stated that India is making significant strides in the global maritime sector and will soon become a world leader. He emphasized the importance of port-led industrialization for employment generation and overall development. Sonowal mentioned the Sagarmala program and Gati Shakti Masterplan as initiatives that have improved logistics and facilitated port-led industrialization.

The proposed Vadhavan port in Maharashtra is a high-priority initiative for the government, the port is designed to handle an annual cargo capacity of 23 million TEUs (twenty-foot equivalent units) or 254 million tons, boasting a natural draft of 20 meters to accommodate larger container vessels of up to 20,000 TEUs.