• 2024 September 13 09:57

    India and UAE sign an agreement for IMEEC virtual trade corridor

    The India-UAE Virtual Trade Corridor deal signed in the presence of the visiting Abu Dhabi Crown Prince Sheikh Khalend Bin Mohamed Bin Zayed Al Nahyan, was one of the two agreements signed with the increasingly critical Gulf ally on September 10, according to India Shipping News. The deal, according to officials is a crucial step towards the India-Middle East-Europe Economic Corridor (IMEEC) and will reduce administrative processes and time, logistics and transport costs and will also enhance ease of doing business.

    The project envisages a sea-link between India and Jabel Ali port in UAE from where a rail with transport the goods to the Haifa port in Israel via Saudi Arabia and Jordan. From here, goods will again be shipped to Europe via the sea route.

    Industry experts say that the number of Indian seafarers in global shipping is expected to increase to 20 per cent in the next decade from the current 10 per cent. And, with more than 90 per cent of global trade moving via shipping, the role of Indian ports and shippers is expected to explode. Many big ships of the world are completely dependent on Indian sailors.

    Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ) says, "by the year 2030, India can achieve the capacity to handle a volume of 100 crore tonnes and can also become the centre point of the region by creating a reliable supply chain for neighbouring countries."

    According to a report by McKinsey & Company, the Indian maritime sector is currently worth about $130 billion and is expected to grow to $300 billion by 2025. Of this, the share of the shipping industry is estimated to be around $95 billion, while the share of ports will be around $60 billion.

    JSW Group Chairman Sajjan Jindal cited the example of Singapore and said, "we can also create such ports which handle not just our own cargo but also of the countries around us."

    India is already in the 'whitelist' of the International Maritime Organization. The listing guarantees proper licensing systems, training centres, flag state control and port state control in the member countries and propels great demand for the Indian maritime players.

    Major ports in India handled 818 million tons (MT) of cargo traffic in FY24, up 4.45 per cent from 784 MT in FY 2023. This comprised a large part of India's merchandise exports and imports.

    Already, work is underway on war footing to reach targets defined under the Maritime India Vision 2030 and work towards the Maritime Amrit Kaal Vision 2047.




2024 October 9

17:26 QatarEnergy enters 20-year naphtha supply agreement with Shell
17:06 NYK engine facility for testing new fuels begins operation
16:31 Bunker One is set to launch LNG bunker supply in northwestern Europe as of January 2025
16:27 Croatia's Rijeka Gateway terminal to be fully powered by renewable electricity
16:09 LATTICE receives Approval in Principle for LPV tanks and LH2 fuel gas supply system
15:40 Philippine Ports Authority and ICTSI inaugurate largest and first mobile harbor crane in Panay
15:24 Alfa Laval to supply first systems for ammonia-fuelled marine vessels by end of 2025
14:44 ESL Shipping builds a series of fossil-free handysize vessels
14:24 Maersk names latest vessel of its dual-fuel methanol fleet “Alexandra Mærsk” in Felixstowe
13:37 LNG-fuelled vessels accelerate to 6% of the global fleet - SEA-LNG
12:53 Hercules Tanker Management to start receiving four new tankers in Q2 2025
12:43 Cosco Shipping profits up 67% in first nine months of 2024
11:23 Singapore and Shandong ink agreement for Green and Digital Shipping Corridor
10:45 Bunker suppliers in Singapore to be required to provide digital bunkering services from 1 April 2025
10:18 GTT receives an order from Samsung Heavy Industries for the tank design of two new LNG carriers
09:51 HD Hyundai to produce key ship electrification part LV VFD in-house

2024 October 8

18:00 Five-year “Float Lab” experiment completed at Port of Oakland
17:31 Turkmenistan prepares to accede to FAL Convention
17:20 Sri Lanka's Hambantota International Port sees 40 pct increase in RORO vehicles
16:57 RAmparts 2300 Harbour Tug SN Cariri delivered to Sulnorte in Brazil
16:47 Glander International Bunkering and Cepsa join efforts to deliver second-generation biofuel to cruise lines in the Mediterranean
15:46 Hong Kong’s international maritime centre launches Hong Kong Chamber of Shipping
15:28 Panama Canal expects over 225 transits during the 2024-2025 cruise season
14:55 Drewry expects 66 LNG carriers to join the fleet this year
14:40 IMO Secretary-General closed of the 82nd session of the Marine Environment Protection Committee
13:51 Korean shipbuilders account for 12% of global ship orders in September 2024
13:16 Malta bans Israel-bound merchant vessel from its waters
12:43 Vard to build one tailor-made Commissioning Service Operation Vessel for Navigare Capital Partners
12:14 Avenir LNG and Eni sign agreement for the multi-year charter of the Avenir Aspiration
11:47 Gasum plans a FuelEU maritime pooling solution together with Wasaline
11:17 Equinor reports on Norwegian development projects
10:51 Viking Supply Ships to upgrade four AHTS with subsea cranes
10:07 GTT obtains five Approvals in Principle at Gastech 2024

2024 October 7

18:00 Eastern Shipbuilding commences steel cutting for the vehicle passenger ferry Falcon
17:34 Jumbo installs wind assisted propulsion to Jumbo Jubilee
17:13 BIMCO and the International Chamber of Shipping issue guide to help maritime industry reduce underwater noise
16:40 Maersk expects IMO to approve global CO2 levy in 2025 - Bloomberg
16:24 IMO adopts key amendments to MARPOL Annex VI, designating the Canadian Arctic and the Norwegian Sea as Emission Control Areas
15:37 New Zealand navy ship sinks off Samoa, fuel spill ‘highly probable’
14:53 TotalEnergies joins RWE in two offshore wind projects
14:29 Daehan Shipbuilding secures key certifications for eco-friendly ship technology
13:58 Russia to test hydrogen-powered vessel in October
13:24 Wan Hai Lines begins biofuel operations
12:59 Damen delivers rocket landing platform to Blue Origin
11:42 The European Commission approves plans by MSC to buy almost half of Hamburg's largest port operator
11:24 Jawaharlal Nehru Port container traffic up 16.49 pc in Sep 2024
10:58 Worley signs agreement with Liquid Wind to provide design and engineering services for development of methanol plant in Sweden
10:29 NYK and NYK Cruises conduct crisis-response drill on Asuka II
09:58 Eni joins the Coalition for LNG Emission Abatement toward Net zero

2024 October 6

16:29 South Korean shipbuilders land KRW 2 trillion in orders in a single day
15:19 IMO MEPC 82 designates two new PSSAs
14:23 Meyer Turku floats out second Icon, Star of the Seas
13:08 Navios Maritime Partners to bolster fleet with new methanol-ready scrubber-fitted boxships
12:37 Bandar Port to be completed by end of 2025: Chandrababu Naidu
11:13 Bollinger Shipyards secures contract from US Navy to build 7th berthing barge (APL 73) 
10:24 DNV and KR grants HD Hyundai Heavy Industries AIP for 2,300-ton submarine
09:04 HTM orders four 'ultra-spec' chemical tankers at Jiangmen Hangtong Shipyard

2024 October 5

16:37 Six tugs named in Port of Leith ceremony this week
15:24 Engine: Europe & Africa market update 4 Oct 2024
13:19 Eni secures UK Gov't funding for Liverpool Bay CO2 T&S project, a significant milestone in the development of the HyNet CCS project
11:02 Tallink Grupp transported 404 143 passengers in Sept 2024, a 0.7% increase YoY
09:54 Flex LNG says it finalized $430 million in new financings

2024 October 4

18:00 Solstad Offshore introduces renewable biodiesel
17:25 ABS launches lndustry’s first comprehensive rules for floating nuclear power at joint forum with Idaho National Laboratory
16:57 EU set to vote on tariffs targeting electric vehicles from China
16:25 Libya’s National Oil Corporation resumes oil production and exports
15:43 CMA CGM container ship hits dock in Barranquilla, Colombia
15:13 MOL to merge three group subsidiaries responsible for maritime technology and engineering
14:43 Port of Salalah receives new hybrid cranes
14:13 STF Shipping starts operations in the East Asia-Russian Far East shipping sector