GUJ-21-03-2024

YOUR QUERIES

by

Dr. Pramod Sant

Dr. Pramod Sant

A distinguished Industry Expert Refer Pg. 7

INDORE: In a significant development for India's logistics landscape, GR Logistics Park ( I n d o r e ) P r i v a t e L i

i t e d ( G R I P ) , a subsidiary of G R Infraprojects Ltd. (GRIL), and PSA Ameya (PSA), a subsidiary of PSA India, have formalized an agreement to establish an Inland Container Depot (ICD) at the Multimodal Logistics Park (MMLP) in Indore This collaboration comes after GRIP secured t h e M M L P p r

a 45-year Concession Agreement with National

CONCOR

Highways Logistics Management Limited (NHLML), a wholly owned subsidiary of the National Highways Authority of India (NHAI)

& CWC join hands for supplementing logistics & warehousing in India

Container Corporation of Indiasaidthatithasinkeda strategic collaboration through a Memorandum of Understanding (MOU) with Central Warehousing Corporation (CWC) for driving innovation

The partnership aims to leverage the respective strengths of CONCOR and C W

a

management, enhance customer service, andfostergrowthintheindustry.

Cont’d Pg. 6

APPOINTMENTS Refer Pg. 6

G R Infraprojects Limited and PSA India unite for Multimodal Logistics Park in Indore, contributing to India’s logistics revolution

Cont’d from Pg. 4

Mr. Ajendra Agarwal, Managing Director of GRIL, expressed excitement about the partnership, stating, "We are thrilled to partner with PSA in developing this state-of-the-art MMLP Indore project. This collaboration leverages our combined expertise and signifies our commitment to contributing to India's Logistics revolution."

Indore, identified as one of the 35 locations by the Government of India (GoI) for the development of MMLPs under the PM’s Gati Shakti Scheme, holds strategic importance. Boasting rapid urban growth, Indore, along with Pithampur (the location of the MMLP), serves as a hub for industries such as Automobile, Pharmaceuticals, Iron & Steel, and more. Situated within the influence zone of the Western Dedicated Freight Corridor, Indore is poised to emerge as a leading inland hub for containerized Export Import movement.

Covering approximately 255 acres and entailing an investment of INR 1150 crores, the MMLP facility in Indore is anticipated to enhance efficiency and cost-effectiveness for businesses, creating significant job opportunities and contributing to the overall economic growth of the region

Mr. Archit Agarwal, Director (Operations) at

CONCOR & CWC join hands for supplementing logistics & warehousing in India

Cont’d from Pg. 4

The collaboration

w i l l e n c o m p a s s

s h a r i n g

i n f r a s t r u c t u r e , technology, expertise, and resources to achieve common objectives to offer seamless and costeffective, end to-end logistics service including First Mile Last Mile solution by offering to its stakeholders the best logistics solutions with an overall purpose to reduce the logistics cost of the nation.

CONCOR operates 59 terminals across the country along with two strategic tie-ups. The company’s primary operation is to provide inland transportation of containers from ports using rail wagons. The company also manages cold storage chains and warehouses The logistics solution providers consolidated net profit rose 12.42% to Rs 330.74 crore on 10.28% increase in revenue from operation to Rs 2,210.57 crore in Q3 FY24 over Q3 FY23.

GRIL, shared his vision, stating, "Securing the MMLP project at Indore and partnering with a global leader like PSA is a stepping-stone towards G R Infra’s vision of becoming one of the largest logistics companies in India."

Under the partnership with PSA, GRIL will oversee the development of the entire MMLP facility, while PSA will manage the containerized rail operations. Leveraging PSA's global leadership in container port operations and its presence at Nhava Sheva Port (Navi Mumbai), the collaboration aims to provide doorstep delivery of logistics services to industries in the region. This partnership is PSA’s first venture into operations of a rail ICD in India.

Mr. Vincent Ng, Regional CEO Middle East S o u t h A s i a & H e a d o f G r o u p B u s i n e s s Development at PSA International, expressed confidence in the strategic partnership, stating, "Both PSA and GRIL possess similar values and business philosophies. We favour creating long term value with our partners and are resolute about quality and execution excellence, constantly innovating and leveraging on technology to create competitive advantage. We look forward to working with the GRIL team to realise the vision of transforming Indore into a key logistics hub for the region, and in doing so, supporting India’s national logistics ambitions."

The partnership between GRIL and PSA not only marks a significant milestone in the development of the MMLP Indore project but also signifies the initiation of a potential long-term collaboration for future projects.

m.v. “MSC VICTORINE” Voy : XA411A

I.G.M. NO. 2371697 DT 18-MAR-24 Exch rate 85.32

The above vessel has arrived on 19-03-2024 at MUNDRA PORT with Import cargo from BRISBANE, FREMANTLE, SYDNEY, SANTOS, HALIFAX, MONTREAL, DJIBOUTI, ALEXANDRIA EL DEKHEILA, BARCELONA, VALENCIA, FOSSUR-MER, TEMA, ANCONA, CAGLIARI, CIVITAVECCHIA, GENOA, NAPLES, LA SPEZIA, BEIRUT, BEIRA, NACALA, SALALAH, SINES, POINTE DES GALETS, JEDDAH, KING ABDULLAH PORT, LATTAKIA, ANTALYA, GEMLIK, GIRESUN, SAMSUN, DAR ES SALAAM, LOS ANGELES, SEATTLE, COEGA.

Please note the item Nos. against the B/L Nos. for MUNDRA delivery.

MUNDRA

Item No. B/L No.

Item No. B/L No.

Item No. B/L No.

Item No. B/L No.

Consignees are requested to kindly note that the above item Nos. are for the B/L Nos.arrived for Mundra Delivery. Separate IGM will be lodged with Kandla Customs for CFS - Gandhidham. Consignees are requested to collect Delivery Order for all imports delivered at Mundra from our Import Documentation Deptt. at Siddhi Vinayak Complex, 2nd Floor, Off. No.201-208, Opp. Reliance Petrol Pump, Nr. Rotary Circle, on Presentation of duly discharged Original Bills of Lading and payment of relevant charges. The container detention charges will be applicable after 5 days from the GLD for containers meant for delivery at Mundra. The containers meant for movement by ROAD to inland destinations will be despatched upon receipt of required documents from consignees/receivers and the consignees will be liable for paymeant of port storage charges in case of delay in submission of these Documents. Our Surveyors are M/s. Master Marine Services Pvt. Ltd. and usual survey conditions will apply.Consignees are also requested to note that the carriers and their agents are not bound to send individual notification regarding the arrival of the vessel or the cargo.

- Charges enquiry on land line - 619100

-

CJ-VI

CJ-VII

CJ-VIII

CJ-IX

CJ-X

Chowgule Bros 24/03

CJ-XI TCI Express TCI Seaways 22/03

CJ-XII Safeen Power ULSSL 22/03

CJ-XIII Khoi Ventures Synergy 26/03

CJ-XIV Adasun Aditya Marine 23/03

CJ-XV African Jay Synergy 26/03

CJ-XVA BBC Russia Marcons 25/03

CJ-XVI Jaador Cross Trade 22/03

TUNA VESSEL'S NAME AGENT'S NAME ETD

De Malpica

OIL JETTY VESSEL'S NAME

OJ-I

OJ-II

OJ-III

OJ-IV

OJ-V

OJ-VI

Shamim 19/03 Bandar Abbas

Gautam Shlok 19/03

Sounion Trader 19/03 Jebel Ali

Kathy Ocean 19/03 China

Gautam Rehansh 19/03

Arzin 20/03 Bandar Abbas

AS Alexandria 20/03 Jebel Ali

Pegasus 02 20/03 Somalia Eider

VESSELS IN PORT & DUE FOR EXPORT

Nhava Sheva

24/03 Ningbo Express (V-2407W) Hapag Llyod Nhava Sheva 25/03 Ital Unica (V-174E) Emirates Shipping Karachi 25/03 SC Mara (V-24012) X-Press Feeder Sohar

Myny (V-OIX63W) Nhava Sheva 19-03-2024

CMA CGM San Antonio (V-OUWSKW) Nhava Sheva 20-03-2024 Athenian (V-4111) New York 21-03-2024

25/03 Bfad Pacific (V-410S) CMA CGM Agency Jebel Ali 25/03 Al Safat (V-6W) Hapag Llyod Port Bi Qasim

SB-04 CMA CGM Attila (V-OFFB4E) CMA CGM Agency 22/03

SB-05 CMA CGM Kribi (V-OMSIFW) CMA CGM Agency 22/03

/ IN PORT FOR IMPORT

FOR EAST, SOUTH & WEST AFRICAN

HH HH We are not responsible for any mistake. ALL RATES ARE PROVISIONAL. The rates in this column are only meant for guidance.

NOTICE TO CONSIGNEES m.v “ESL NHAVA SHEVA” V-2408E (KCIS - ESL), IGM NO.: 2371638 DTD. : 17-03-2024

The above vessel has arrived at Mundra on 19-03-2024 as per following details.

284 EPIRCHNCWA254510

285 EPIRCHNCWA253357

286 EPIRMYPKGE214890

287 EPIRCHNQGA249189

288 EPIRCHNCWA253358

289 EPIRMYPKGE214915

290 EPIRCHNCWA254535

291 EPIRCHNCWA254530

292 EPIRCHNCWA254531

293 EPIRCHNCWA253251

294 EPIRCHNQGA249220

295 EPIRCHNQGA249270

296 EPIRCHNCWA254514

297 EPIRCHNCWA254524

298 EPIRKRFGCL240984

299 EPIRCHNXNA209170

300 NTLL2402010

301 EPIRMYPKGE214925

302 EPIRVNVELG211760

303 EPIRTHESLT001748

Consignees are requested to obtain the DELIVERY ORDERS on presentation of ORIGINAL BILLS OF LADING duly discharged and on payment of relative charges as applicable within 5 days or else Detention Charges will be applicable.

If there is any delay in CY-CFS / lCD's movement due to port congestion or any other cause beyond the control of the Shipping Line / Agents are not responsible for the same. Also note that the Shipping Line / or their Agents will not be held responsible for auction by Port / Customs / Custodian of uncleared cargo on expiry of stipulated period as laid down in the byelaws.

Consignees are advised that the carriers and/or their Agents are not bound to send individual notifications regarding the arrival of the vessel or the goods.

For vessel ETA / IGM- ITEM/ Exchange Rate / Local charges & Detention Charges please contact our office.

Emirates Shipping Agencies (India) Pvt. Ltd

Aura Commercial Building, Ward 6, Plot No. 23 Commercial, Office No. S/3 & 4, 2nd Floor, Aerodrome Road, Opp. Om Cineplex, Gandhidham, Gujarat - 370201.

In case of any query kindly contact the below E-mail IDS & Phone Numbers :

IMPORT related : ravi.vaghela@in.emiratesline.com

Tel. No. : +91-2836-239378 / 239379 - Mob. : +91 89809 97977

EXPORT related : hardik.jadeja@in.emiratesline.com

Tel. No. : +91-2836-239378 / 239379 - Mob. : +91 98980 76324

IGM Tracking : http://www.emiratesline.com : 8090/eadmins/igm_main.jsp.

m.v. “EVER ELITE” V-2408E (CIVS - EMC) I.G.M. NO. : 2371624 DTD. 16-03-2024

The above vessel has arrived at Mundra on 19-03-2024 as per following details.

17

27 EPIRCHNNBO250977

28 EPIRCHNSHA243750

29 EPIRCHNSHA243854

30 EPIRCHNCWA254456

31 EPIRIDTSSB202855

32 ASSH24020048

Consignees are requested to obtain the DELIVERY ORDERS on presentation of ORIGINAL BILLS OF LADING duly discharged and on payment of relative charges as applicable within 5 days or else Detention Charges will be applicable.

If there is any delay in CY-CFS / lCD's movement due to port congestion or any other cause beyond the control of the Shipping Line / Agents are not responsible for the same. Also note that the Shipping Line / or their Agents will not be held responsible for auction by Port / Customs / Custodian of uncleared cargo on expiry of stipulated period as laid down in the byelaws. Consignees are advised that the carriers and/or their Agents are not bound to send individual notifications regarding the arrival of the vessel or the goods.

For vessel ETA / IGM- ITEM/ Exchange Rate / Local charges & Detention Charges please contact our office.

Emirates Shipping Agencies (India) Pvt. Ltd

Aura Commercial Building, Ward 6, Plot No. 23 Commercial, Office No. S/3 & 4, 2nd Floor, Aerodrome Road, Opp. Om Cineplex, Gandhidham, Gujarat - 370201. In case of any query kindly contact the below E-mail IDS & Phone Numbers :

IMPORT related : ravi.vaghela@in.emiratesline.com

Tel. No. : +91-2836-239378 / 239379 - Mob. : +91 89809 97977

EXPORT related : hardik.jadeja@in.emiratesline.com

Tel. No. : +91-2836-239378 / 239379 - Mob. : +91 98980 76324

IGM Tracking : http://www.emiratesline.com : 8090/eadmins/igm_main.jsp.

NOTICE TO CONSIGNEES

m.v. “CELSIUS NAIROBI” V-2410W I.G.M. NO. : 2371645

DTD. 17-03-2024

The above vessel has arrived at Mundra on 19-03-2024 as per following details.

1 EPIREGSPMS001623

2 EPIREGSPMS001636

Consignees are requested to obtain the DELIVERY ORDERS on presentation of ORIGINAL BILLS OF LADING duly discharged and on payment of relative charges as applicable within 5 days or else Detention Charges will be applicable.

If there is any delay in CY-CFS / lCD's movement due to port congestion or any other cause beyond the control of the Shipping Line / Agents are not responsible for the same. Also note that the Shipping Line / or their Agents will not be held responsible for auction by Port / Customs / Custodian of uncleared cargo on expiry of stipulated period as laid down in the byelaws. Consignees are advised that the carriers and/or their Agents are not bound to send individual notifications regarding the arrival of the vessel or the goods.

For vessel ETA / IGM- ITEM/ Exchange Rate / Local charges & Detention Charges please contact our office.

Emirates Shipping Agencies (India) Pvt. Ltd

Aura Commercial Building, Ward 6, Plot No. 23 Commercial, Office No. S/3 & 4, 2nd Floor, Aerodrome Road, Opp. Om Cineplex, Gandhidham, Gujarat - 370201.

In case of any query kindly contact the below E-mail IDS & Phone Numbers :

IMPORT related : ravi.vaghela@in.emiratesline.com

Tel. No. : +91-2836-239378 / 239379 - Mob. : +91 89809 97977

EXPORT related : hardik.jadeja@in.emiratesline.com

Tel. No. : +91-2836-239378 / 239379 - Mob. : +91 98980 76324

IGM Tracking : http://www.emiratesline.com : 8090/eadmins/igm_main.jsp.

India’s exports likely to reach $450 bn in 2024 : New FIEO President

NEW DELHI: The country’s merchandise exports are expected to reach $450 billion by the end of this fiscal year despite geo-political challenges including the Red Sea crisis, said Ashwani Kumar, the newly elected President of the apex exporters body Federation of Indian Export Organisation (FIEO). The need of the hour is to

a d d r e s s t h e R e d S e a c r i s i s c h a l l e n g e s b y e n s u r i n g t h e availability of marine insurance and a rational increase in freight charges, he added.

Kumar said the exporting sector, particularly MSMEs, needs easy and low-cost credit, and marketing support to boost the country’s exports, adding early conclusion of free trade agreements such as with the UK and Oman will also help push the outbound shipments. MSMEs will play a crucial role in achieving the $1 trillion goods export target by 2030, according to Kumar

During April-February 2023-24,

exports reached $395 billion. “This was an impressive increase despite the Red Sea crisis, tight monetary stance by the developed world and falling commodity prices This reflects the resilience of the exporting community, who have continuously been braving such odds since the Russia-Ukraine war,” he said.

T h e m a i n d r i v e r s o f merchandise export growth in February include engineering goods, electronic goods, organic and inorganic chemicals, drugs and pharmaceuticals, and petroleum products.

India’s merchandise trade deficit widened to $18.71 billion in February from $17.49 billion in the previous month, according to government data, as imports outpaced exports in value terms against the backdrop of the Red Sea conflict.

Goods imports rose to $60 11 billion in February against $54.41 billion in January, commerce

ministry data showed while exports came in at $41.40 billion in February, up from $36.92 billion in January.

On a year-on-year basis, exports of goods rose 11 86 per cent in February, up from $37 01 billion in February 2023, while imports rose 12 per cent. Trade deficit is the difference between a country’s importsandexports.

“Many of the world’s largest economies held up reasonably well considering the sheer breadth of the headwinds they faced in the last two years, including high interest rates, the stress in interest rate-sensitive and energy-intensive industries, volatile commodity prices, fiscal consolidation, a strong dollar and conflicts in places integral to the global economy,” said rating agency M o o d y s i n i t s l a t e s t g l o b a l macroeconomic outlook report. “We expect a steady normalization in economic activity through this year (CY2024) and next (CY2025) across advanced and emerging market countries,” added Moodys.

Adani Vizhinjam Port in Kerala wins International Safety Award for 2023

THIRUVANANTHAPURAM:

Adani Vizhinjam Port Private Limited (AVPPL) has won an International Safety Award for calendar year 2023 from the British Safety Council in recognition of its commitment to keeping workers and workplaces healthy and safe.

AVPPL is one of 269 global organisations to win a distinction in the International Safety Awards 2024, out of the total of 1,124 that won the award.

The organisations span all s e c t o r s , w i t h s i g n i f i c a n t r e p r e s e n t a t i o n f r o m t h e construction, manufacturing, oil, gas, mining, power and utility sectors. Winners were drawn from 49 countries worldwide, with 269 o r g a n i s a t i o n s a w a r d e d a distinction, 456 a Merit and 399 a Pass.

Now in their 66th year, the Inter national Safety Awards r e c o g n i s e a n d c e l e b r a t e organisations from around the world that have demonstrated their c o m m i t m e n t t o p r e v e n t i n g workplace injuries and workrelated ill-health during the

previous calendar year

T h e y a l s o a c k n o w l e d g e organisations that have shown commitment to well-being and mental health at work.

Mr. Ashwani Gupta, CEO, APSEZ, said, “This achievement underscores our unwavering commitment to maintaining the highest safety standards across all our operations. It’s a testament to the dedication and hard work of our entire team, and it reaffirms our position in building the safest port in the country.”

Mr. Mike Robinson, Chief Executive of British Safety Council, said, “The vision of British Safety Council is that no one should be injured or made ill through their work anywhere in the world. Achieving this requires more than complying with legislation; it means people committed not only to health and safety but also to workplace wellbeing and impelling others to follow suit. Our heartfelt congratulations to Adani Vizhinjam Port Private Limited; all of those working there should be enormously proud of their achievement.”

The International Safety Awards scheme is open to organisations of all types, sizes and sectors in the U.K. and internationally, both members of the British Safety Council and non-members, and relate to the health and safety management at a specific site or business unit. The awards include a range of auto enter awards as well as free to enter awards.

Applicants must answer a series of online questions about their management of health and safety risks during the previous year which are assessed by a team of independent health and safety professionals If the application meets the required standard, a pass, merit or – for exceptional submissions – a distinction is awarded.

Selected high scoring winning organisations are shortlisted for additional recognition in auto entry awards including Sector, Company, Country, and a Chief Adjudicators Award for the highest scoring applicant/s These awards are judged by independent adjudicator panels.

NOTICE TO CONSIGNEES

m.v. “X-PRESS CAPELLA” V - 24002E

The above vessel is arriving at MUNDRA PORT on 28-03-2024 with Import Cargo in containers.

GOSUNGB1191669 —1

GOSUSNH1525590 —1

GOSUSNH1890719 1—

GOSUSNH1890720 1—

GOSUSNH1890741 1—

GOSUSNH1890742 1—

GOSUSNH1890758 1—

GOSUSNH1890761 1—

GOSUSNH1890844 —1

GOSUSNH1910929 —1

GOSUSNH20886183 1—

Consignees are requested to obtain DELIVERY ORDERS from our office address given below on presentation of ORIGINAL BILLS OF LADING, duly discharged and on payment of applicable charges.

Consignees are requested to note that the carrier and or agents are not bound to send further individual notification regarding the arrival of the cargo vessel or their goods.

As Agents :

STAR SHIPPING SERVICES (INDIA) PVT. LTD.

First Floor, Plot No.86, Sector 1A, Near Quality Enterprises Hero Showroom, Gandhidham - Kutch, Gujarat - 370201

Tel: (0091-2836) 229543 235282 235283 235383, Fax: (0091-2836) 230433

Export Marketing Queries: Mr. Parmar Devendra - 9824413365, E-mail: parmar.devendra@zim.com

Mr. Vijay Anand - 9824504315 Email : anand.vijay@zim.com

Import Marketing Queries : Mr. Mitesh Rajgor - 02836-235282,229543 E-mail: imp@starship-knd.zim.com

NOTICE TO CONSIGNEES

m.v. “XIN HONG KONG” V - 069

The above vessel is arriving at MUNDRA on 29-03-2024 with Import Cargo in containers.

BL

BL

Consignees are requested to obtain DELIVERY ORDERS from our office address given below on presentation of ORIGINAL BILLS OF LADING, duly discharged and on payment of applicable charges.

Consignees are requested to note that the carrier and or agents are not bound to send further individual notification regarding the arrival of the cargo vessel or their goods.

As Agents :

STAR SHIPPING SERVICES (INDIA) PVT. LTD.

First Floor, Plot No.86, Sector 1A, Near Quality Enterprises Hero Showroom, Gandhidham - Kutch, Gujarat - 370201

Tel: (0091-2836) 229543 235282 235283 235383, Fax: (0091-2836) 230433

Export Marketing Queries: Mr. Parmar Devendra - 9824413365, E-mail: parmar.devendra@zim.com

Mr. Vijay Anand - 9824504315 Email : anand.vijay@zim.com

Import Marketing Queries : Mr. Mitesh Rajgor - 02836-235282,229543 E-mail: imp@starship-knd.zim.com

NOTICE TO CONSIGNEES

m.v.

“APL ANTWERP” V - 0FFB6E1MA

The above vessel is arriving at MUNDRA on 27-03-2024 with Import Cargo in containers.

Consignees are requested to obtain DELIVERY ORDERS from our office address given below on presentation of ORIGINAL BILLS OF LADING, duly discharged and on payment of applicable charges.

Consignees are requested to note that the carrier and or agents are not bound to send further individual notification regarding the arrival of the cargo vessel or their goods.

As Agents :

STAR SHIPPING SERVICES (INDIA) PVT. LTD.

First Floor, Plot No.86, Sector 1A, Near Quality Enterprises

RITES conducting feasibility studies on cargo volumes, missing rail links along proposed IMEC corridor: Chairman

NEW DELHI: Leading Railway PSU, RITES Ltd has emerged as a key contender among other Indian r a i l w a y c o m p a n i e s e y e i n g development along the strategic India-Middle East-Europe Economic Corridor (IMEC), RITES Chairman and Managing Director Rahul Mithal said.

After RITES signed a critical memorandum of understanding (MoU) with Abu Dhabi (AD) Ports Group, which is the exclusive developer and regulator of ports and related infrastructure in Abu Dhabi, in February last month, Mr Mithal said that RITES and AD Ports Group are now jointly targeting development opportunities along the newly planned corridor

RITES and AD Ports are now a n a l y s i n g t h e f e a s i b i l i t y o f development along missing links across the existing rail corridor that p a s s e s t h r o u g h t h e U A E , Saudi Arabia, Jordan and Israel, Mr. Mithal further said.

Capacity augmentation

“There are multiple missing links across the rail portion and certain corridors which need augmentation to deal with these kind of volumes. So, assessments are being done on the kind of capacity augmentation required, kind of designs and costs involved. Even though it is a desert a r e a , t h e t e r r a i n i s n o t t h a t challenging that it can’t be done. It is definitely executable,” he noted.

It was reported in September last year that while there is a 605-km

network extending from UAE’s Fujairah to Ghuweifat on the Saudi border that is under construction as a part of the Etihad Rail Project, there is a missing link between Ghuweifat and Haradh (Saudi Arabia) which will need to be constructed. Of a total rail route length of 2,915 km stretching from Fujairah port to Haifa in Israel, there are missing portions of 1,095 km, with work in progress in 536 km.

Similarly, a proposed rail route from Jebel Ali (UAE) to Haifa spans 2,565 km with missing link of 745 km, another route from Abu Dhabi to Haifa spans across 2,449 km with 629 km of missing link, while the proposed route from Dammam port to Haifa is 2,149 km with 289 km of missing link. L a s t l y, R a s A l - K h a i r p o r t t o Haifa spans 1,809 km with 269 km of missing link.

Mr Mithal said that AD Ports is looking to develop and invest in infrastructure augmentation not only in the UAE leg of the IMEC but across the entire corridor “AD Ports is exploring opportunities in terms of viability and how much exposure do they want to have on various opportunities,” Mr Mithal added.

Experience of RITES

H e f u r t h e r s a i d t h a t t h e experience of RITES in cargo a n a l y t i c s , i n f r a s t r u c t u r e augmentation required at ports in India or UAE end as well as along the feeder network that merges into the ports and rail corridors, will come in handy

“We are analysing the kind of cargo potential for IMEC, and augmentation of infrastructure at ports on various ends,” Mr. Mithal said.

He added that these are early stages where alignments, corridors, facilities, infrastructure required, and funding mechanisms are being worked out by each of the countries.

“In coming time, the actual execution in each of countries like methodology of funding, fixing executing agencies will roll out,” he said.

RITES and AD Ports Group are trying to assess cargo volumes that would decide how infrastructure will be augmented phase-wise to cater to existing volumes of business that may shift to IMEC corridor from existing routes like the Suez Canal route as well as potential growth in cargo volumes.

Among the ports that could be connected on the west coast of I n d i a a r e M u n d r a ( G u j a r a t ) , Kandla (Gujarat), and Jawaharlal Nehru Port Trust (Navi Mumbai). In the Middle East, at least five ports have been shortlisted to be connected to the Indian ports which include Fujairah, Jebel Ali, and Abu Dhabi in the UAE as well as Dammam and Ras Al-Khair ports in Saudi Arabia.

It is to be noted that apart from Government-owned ports, both Mundra port in India and Haifa port in Israel are privately controlled by the A d a n i G r o u p , a n d h a v e b e e n highlighted in proposal documents.

Agri exports rebound on Fruits & Vegetables shipments

NEW DELHI: India’s exports of agricultural and processed food products, after slowing down in the first three quarters of the current fiscal due to restriction on rice exports, have recovered, aided by a sharp spike in shipments of meat and daily products, andfruits&vegetables.

Exports of these items under the Agricultural and Processed Food Products Export Development Authority (APEDA) basket were just above the previous year level at $ 21.6 billion during the April-February period of the current fiscal year

According to quick estimate by the Directorate General of Commercial IntelligenceandStatistics,riceexports in the first eleven months of 2023-24 dropped 7% to $9 32 billion on year because of the ban on white and broken rice exports, shipment duties on parboiled rice and the ban on wheat exportsimposedinMaylastyear

Sources said that decline in the value of rice exports is attributed to decline in shipment of non-basmati rice due to several restrictions such as ban on white rice shipment and 20% export duty on part-boiled rice exports imposed last year

However, livestock products –buffalo meat, dairy and poultry, a key item in the APEDA basket rose by close to 13% on year during AprilFebruary period of this fiscal, to $ 4.1 billion compared to previous fiscal.

The exports of fresh fruits and vegetables have risen by 15% in the first eleven months of FY24 to $3.22 billion on year

T h e s h i p m e n t o f c e r e a l s preparations and processed items, rose by 9% to 2.5 billion on year in the current fiscal.

Oil meals shipments in the current fiscal rose by 17% to 1 5 billion in April-February 2023-24 on year

The rice exports in the last fiscal rose by more than 15% year-on-year to a record $ 11 1 billion from $9 6 billion in FY22 In terms of volume, rice shipment grew by 5% to a record 22.34 million tonne (MT) last fiscal In the current fiscal, rice shipment is likely to be around 17 MT.

While cashew exports during April-February 2023-24 declined by 4% to 0.31 billion on year

The exports of products under the APEDA basket grew by 9% to $26.3 billion in 2022-23 compared to FY22, due to a spike in shipment of rice, fruits and vegetables, livestock and dairy products.

The share of exports of products under the APEDA basket is around 51% in the the total shipment of agri-produce.

Rest of the agricultural products exports include marine, tobacco, coffee and tea.

ZIM INTEGRATED SHIPPING

m.v. “SUNNY PHOENIX” V - 59E

The above vessel is arriving at MUNDRA PORT on 26-03-2024 with Import Cargo in containers.

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Consignees are requested to obtain DELIVERY ORDERS from our office address given below on presentation of ORIGINAL BILLS OF LADING, duly discharged and on payment of applicable charges.

Consignees are requested to note that the carrier and or agents are not bound to send further individual notification regarding the arrival of the cargo vessel or their goods.

As Agents :

ZIM INTEGRATED SHIPPING SERVICES (INDIA) PVT. LTD.

First Floor, Plot No.86, Sector 1A, Near Quality Enterprises Hero Showroom, Gandhidham - Kutch, Gujarat - 370201

Tel: (0091-2836) 229543 235282 235283 235383, Fax: (0091-2836) 230433

Export Marketing Queries: Mr. Parmar Devendra - 9824413365, E-mail: parmar.devendra@zim.com

Mr. Vijay Anand - 9824504315 Email : anand.vijay@zim.com

Import Marketing Queries : Mr. Mitesh Rajgor - 02836-235282,229543 E-mail: imp@starship-knd.zim.com

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Consignees are requested to note that the

notification regarding the arrival of the cargo vessel or their goods.

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India can sustain 8 % growth, even higher: RBI bulletin

MUMBAI: India can sustain 8 per cent annual GDP growth and the c o n d u c i v e m a c r o e c o n o m i c c o n f i g u r a t i o n m a y b e c o m e a launching pad for a step-up in the country’s growth trajectory, said an article on the ‘State of Economy’ in the central bank’s March Bulletin published recently. Over the period 2021-24, gross domestic product (GDP) growth has averaged above 8 per cent.

The global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators, pointing to further levelling in the period ahead, said the article authored by a team led by RBI Deputy Governor Michael Debabrata Patra.

In India, real GDP growth was at a six-quarter high in the OctoberDecember period of 2023-24, powered by strong momentum, robust indirect

taxes, and lower subsidies.

The high visibility of structural demand and healthier corporate and bank balance sheets will likely be the galvanising forces for growth going forward.

“The world is confronted with large shif ts in str ucture and sentiments, which are either underway or impending,” it said.

The article noted that the outlook is shrouded with layers of uncertainty, exacerbated by geopolitical and extreme weather risks as well as fragmenting forces.

By contrast, it said the Indian economy is experiencing a conducive macroeconomic configuration that can be its launching pad for a step-up in its growth trajectory.

“Over the period 2021-24, growth has averaged above 8 per cent; and the underlying fundamentals indicate that this can be sustained

and even built upon,” the authors said

The current account deficit is modest, external buffers are resilient and fiscal consolidation is into its third c o n s e c u t i v e y e a r e v e n a s corporations are deleveraging and improving their debt servicing capacity.

According to the article, balance sheets in the financial sector are sound and healthy, providing the wherewithal for intermediating the productive credit needs of a resurgent economy

“Financial markets are reflecting these favourable formations. Capital inflows have resumed strongly as investor interest floods back into India,” it said.

T h e a u t h o r s f u r t h e r s a i d technology is offering new growth opportunities to seize by becoming more competitive and efficient.

S&P Global Market Intelligence revises India’s FY25 growth upwards to 6.8%

MUMBAI: India’s economy will likely grow 6.8% in FY25, up from 6.5% projected earlier, on the back of stronger growth momentum and i m p r o v i n g g l o b a l p r o s p e c t s , S&P Global Market Intelligence said recently

“We have revised up 2024’s growth forecast for India due to stronger than expected momentum at the start of the year. An improving global economic environment and an expected gradual easing of domestic financial conditions will support economic activity,” said Ken Wattret, global economist, S&P Global Market Intelligence.

The global analytics firm also raised India’s FY24 forecast upward to 7.3% from 6.9% projected earlier

The government expects the economy to grow 7 6% in FY24 India’s growth numbers released

last month showed that the economy expanded 8.2% in the year’s first three quarters

“The latest GDP data indicate stronger than expected growth during the first three quarters of fiscal year 2023, led by gover nment infrastructure spending,” said Wattret.

However, S&P Global Market Intelligence noted that lower public infrastructure spending was likely to ease growth in FY25 The Indian economy is likely to grow 6.1% in FY26 and 6.2% in FY27.

In its interim budget, the central government set a capex target of Rs 11.1 lakh crore for this fiscal year, up 16.9% from revised estimates, l o w e r t h a n t h e 2 8 4 % g r o w t h witnessed in FY24.

On the inflation front, the analytics firm was also more optimistic as

it projected inflation to decline to 5.1% in FY25 from 5.6% earlier. India’s inflation is likely to average 5.7% in FY24.

Experts are pencilling in a rate cut either in June or August policy meeting.

S&P Global Market Intelligence also lowered the FY26 inflation estimate to 4.9% from 5.15 projected in February

The global analytics firm also revised global growth projections to 2.6%, up 0.3 percentage points from earlier projections, on the back of revisions to US, UK and India’s growth numbers.

“The revisions chime with c a u t i o u s l y o p t i m i s t i c s i g n a l s emanating from the PMI data compiled by S&P Global in recent months, including for the struggling manufacturing sector,” it said.

Warehouse developers bet on India as companies look beyond China

CHENNAI: Land is getting hard to find in a sprawling industrial park in southern India where workers are scrambling to build modern new w a r e h o u s e s a n d f a c t o r i e s f o r companies betting on the country’s economic boom or diversifying their supply chains beyond China, reports Reuters.

“It is one of the most wanted places in India for European and A m e r i c a n c o m p a n i e s , ” s a i d S Raghuraman, an official of the Greenbase industrial park, near plants run by Apple supplier Foxconn and truckmaker Daimler Inquiries for leasing space in the

park, run by Blackstone and real estate tycoon Niranjan Hiranandani, have gone through the roof, he added.

“We are in talks with at least three clients looking to shift their base from China.”

To meet the burgeoning demand, Greenbase aims to invest $800 million to quadruple its industrial park space to 20 million sq ft (1.9 million sq m), a target it revealed for the first time.

That is just the latest sign of a rush for leased warehouse space that peaked in the last quarter of 2023 at its highest in two years, says real estate firm Colliers, as India’s economic growth of more than 8% outstrips advanced nations.

B u s i n e s s e s i n I n d i a h a v e traditionally relied on dingy, stuffy lowrise sheds known as godowns for their storage needs, but these are unsuited to the needs of foreign industrial giants whose investment Prime Minister Narendra Modi wants to lure.

So developers such as Greenbase are scouting for land nationwide, grappling with thorny acquisition issues, as they line up millions of dollars in new investment.

Prime targets are firms looking to expand manufacturing facilities beyond China as tension with the United States and other countries takes off some of its shine.

ZIM INTEGRATED SHIPPING SERVICES

m.v. “MOGRAL” V - 0080

The above vessel is arriving at MUNDRA PORT on 27-03-2024 with Import Cargo in containers.

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Consignees are requested to obtain DELIVERY ORDERS from our office address given below on presentation of ORIGINAL BILLS OF LADING, duly discharged and on payment of applicable charges.

Consignees are requested to note that the carrier and or agents are not bound to send further individual notification regarding the arrival of the cargo vessel or their goods.

As Agents :

ZIM INTEGRATED SHIPPING SERVICES (INDIA) PVT. LTD.

First Floor, Plot No.86, Sector 1A, Near Quality Enterprises Hero Showroom, Gandhidham - Kutch, Gujarat - 370201

Tel: (0091-2836) 229543 235282 235283 235383, Fax: (0091-2836) 230433

Export Marketing Queries: Mr. Parmar Devendra - 9824413365, E-mail: parmar.devendra@zim.com

Mr. Vijay Anand - 9824504315 Email : anand.vijay@zim.com

Import Marketing Queries : Mr. Mitesh Rajgor - 02836-235282,229543 E-mail: imp@starship-knd.zim.com

NOTICE TO CONSIGNEES

m.v. “OOCL GENOA” V - 069

The above vessel is arriving at PIPAVAV PORT on 27-03-2024 with Import Cargo in containers.

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our office address given below on presentation of ORIGINAL BILLS OF LADING, duly discharged

Consignees are requested to note that the carrier and or agents are not bound to send further individual notification regarding the arrival of the cargo vessel or their goods.

As Agents :

Exporters seeking to avail duty concessions on shipments to UK, to follow new British rules : DGFT

NEW DELHI : Exporters seeking to avail duty concessions on shipments to the UK will have to adhere to the new British rules under the Developing Countries Trading Scheme (DCTS).

In a trade notice, the Directorate General of Foreign Trade said that the United Kingdom (UK) has replaced its existing origin declaration process u n d e r G e n e r a l i z e d S c h e m e o f Preferences (GSP) with the UK DCTS effective from June 19, 2023.

The transition period for this change was extended until December 31, 2023. “Starting from January 1, 2024, onwards, Indian exporters to the UK are required to adhere to the new rules under DCTS to avail concessions

on their exports to the UK,” the trade notice to the exporters community said

It added that goods that meet the UK D C T S R u l e s o f O r i g i n ( R o O ) requirements would be eligible to claim a concessional rate of import duty for exports to the UK.

“Consequently, the origin criteria necessary for satisfying the Rules of Origin to avail tariff concessions on exports from India to the UK must be filled in through self-certification,” it added Accordingly, it said, Indian exporters are directed to use origin declaration wording under DCTS scheme, in place of origin declaration wording under GSP

Certain labour-intensive sectors such as leather, carpets, chemicals, iron amd steel and textiles were the major beneficiaries of the GSP scheme.

The US, European Union (EU), Australia, Japan and many other developed countries grant unilateral import duty concessions to developing countries under their GSP schemes.

As per estimates, India’s exports worth USD 2.5 billion were entitled for the GSP benefit in the UK. India and the UK have been negotiating a free trade agreement since January 13, 2021 As many as 14 rounds of talks have been completed & both sides are aiming to conclude the negotiations at the earliest.

APSEZ prepone capacity expansion of Vizhinjam Port to settle dispute with Kerala Government

KOCHI: Adani Ports and Special Economic Zone Ltd (APSEZ) has agreed to expand capacity of the under construction international container transhipment port at Vizhinjam in Kerala by 2028, much earlier than the timeline set by the concession agreement, in return for consenting to

settle arbitration proceedings initiated against the state government over delay in completing the first phase of the new port and to get a five-year extension in the concession period till 2060.

The capacity expansion will allow Vizhinjam Port to handle 3 million twenty-foot equivalent units (TEU’s) from

a 2 km-long berth. On its part, the Kerala Govt has agreed to condone the delay by APSEZ in completing the first phase of the Vizhinjam Port (with a quay or berth length of 800 metres having a capacity to load 8 lakh twenty-foot equivalent units) by five years from the earlier stipulated 3 December 2019 to 3 December 2024.

Global Tank Container Fleet nears 850,000 units: ITCO Annual Survey

LONDON: The International Tank Container Organisation (ITCO) has published its 12th Annual Tank Container Fleet Survey

This year’s Survey estimates that, on 1 January 2024, the global tank container fleet had reached 848,400 units worldwide, compared to 801,800 on 1 January 2023, a year-on-year growth of 5.81%.

Reflecting continued strong d e m a n d f o r n e w e q u i p m e n t , approximately 56,600 new tank containers were built, compared to 67,865 new units in the previous year –and 53,285 in 2022. However, with an increase in the number of tanks being scrapped, or sold out of the industry, the overall growth in the global fleet is 46,600 units.

The Survey shows how, numerically, the industry continues to be dominated (on a global level) by a relatively small number of major tank container operators and leasing companies. The top 10 tank container operators account for over 297,000 tanks, representing over 50% of the global tank container

operators’ fleet The top 10 leasing companies account for 317,740 tanks, representing about 85% of the total leasing fleet.

Commenting on the results of the Survey, Paul Gooch ITCO President, notes: "The global tank container fleet continues to grow, although at a slightly slower rate in 2023 compared with previous years This was to be expected, considering the variety of economic and g e o - p o l i t i c a l h e a d w i n d s b e i n g experienced by the chemical industry, and the weakness in global GDP growth. We also had to reckon with a correction after the record year in 2022, which had been fed by the supply chain disruption resultingfromtheCovid-19pandemic "

He continues: “Our 2023 Report noted the ramping up of production to meet short-term demand was likely to result in an over-supply of tanks, and an adjustment in production rates in 2023. The latest report appears to, at least in part, bear out that prediction, although the adjustment may not have been as severe as expected. However, as was already evident in early 2023, chemical

companies were returning tanks as supply chain bottlenecks eased and the need to hold ‘just-in-case’ inventories declined. Operators were also adjusting their fleet levels and taking tanks offlease.”

Looking ahead to ITCO’s activities in the coming year, Paul Gooch confirms that ITCO’s aim continues to be to ensure that its initiatives, projects, and events are designed to serve the needs of the members, and deliver tangible value.

“ITCO will continue to drive initiatives supporting safe working practices, environmental best practice, and efficiency improvements through global standards and digitalization”, he says. “But we will be more diverse and inclusive in our approach. We will also focus on expanding our geographical footprint - recognizing the need to be more present and active in the Americas, India, and Asia Pacific. The location of our events and agenda c o n t e n t w i l l a l s o r e f l e c t t h i s geographical diversity, and the need to leverage technology advances.”

State-of-the-art Logistics Park to boost Meghalaya’s economic growth

SHILLONG : In a significant move towards the infrastructural development of Meghalaya, Methina Farida Marak, the Nokma of Resu A’king, Resubelpara, donated a land parcel of 106 acres to the Meghalaya Industrial Development Corporation Ltd (MIDC). This land will be utilized for the development of a state-of-the-art logistics park, aimed at boosting the logistics sector of the state and contributing to its overall economic growth.

Mr. James P.K. Sangma, Chairman of MIDC, expressed his gratitude towards the Nokma and the clan for their collaborative spirit.

“This is a great initiative from the Nokma. We are grateful to her and the clan for coming forward a n d e n g a g i n g w i t h M I D C f o r c a r r y i n g o u t d e v e l o p m e n t a l initiatives in her village, which will also be of great importance for Meghalaya,” he said.

“Having a logistics park is the need of the hour This can greatly improve the state’s logistics sector by lowering overall freight costs and time, cutting warehousing costs, reducing vehicular pollution and congestion, and improving the tracking and traceability of consignments through infrastructural, procedural, and information technology interventions I am thankful to the Nokma for her for ward-thinking approach,” he added.

m.v. “MSC FELIXSTOWE

The above vessel has arrived on 20-03-2024 at MUNDRA PORT with Import cargo from HERAKLION. Please note the item Nos. against the B/L Nos. for MUNDRA delivery.

MUNDRA

Consignees are requested to kindly note that the above item Nos. are for the B/L Nos.arrived for Mundra Delivery. Separate IGM will be lodged with Kandla Customs for CFS - Gandhidham. Consignees are requested to collect Delivery Order for all imports delivered at Mundra from our Import Documentation Deptt. at Siddhi Vinayak Complex, 2nd Floor, Off. No.201-208, Opp. Reliance Petrol Pump, Nr. Rotary Circle, on Presentation of duly discharged Original Bills of Lading and payment of relevant charges. The container detention charges will be applicable after 5 days from the GLD for containers meant for delivery at Mundra. The containers meant for movement by ROAD to inland destinations will be despatched upon receipt of required documents from consignees/receivers and the consignees will be liable for paymeant of port storage charges in case of delay in submission of these Documents. Our Surveyors are M/s. Master Marine Services Pvt. Ltd. and usual survey conditions will apply.Consignees are also requested to note that the carriers and their agents are not bound to send individual notification regarding the arrival of the vessel or the cargo.

- Charges enquiry on land line - 619100

- IGM No./Item No./Destuffing point enquiries can also be done at our computerized helpline No.(079) 40072804

As Agents :

MSC AGENCY (INDIA) PRIVATE LIMITED

Gandhidham : Siddhi Vinayak Complex, Plot No. 1, Office No. 201-208, 2nd Floor, Ward - 6, Near Rotary Circle, Gandhidham - Kutch 370 201 Gujarat India. Tel : +91-2836-619100 to 616100 (Board)

E-mail : jatin.hadiya@msc.com, niraj.raval@msc.com, operator.gandhidham@msc.com

H. O. & Regd. Office : MSC House, Andheri Kurla Road, Andheri (East), Mumbai - 400 059 Tel : +91-22-66378000, Fax : +91-22-66378192, E-mail : IN363-comm.mumbai@msc.com • www.msc.com

NOTICE TO CONSIGNEES

m.v. “MSC

Voy : OM411A

I.G.M. NO. 2371835 DT 19-MAR-24 Exch rate 85.39

The above vessel is arriving on 21-03-2024 at MUNDRA PORT with Import cargo from PORT AU PRINCE, UMM QASR PT, BOSTON, HOUSTON, NEW ORLEANS, PORT EVERGLADES.

Please note the item Nos. against the B/L Nos. for MUNDRA delivery.

MUNDRA

Consignees are requested to kindly note that the above item Nos. are for the B/L Nos.arrived for Mundra Delivery. Separate IGM will be lodged with Kandla Customs for CFS - Gandhidham. Consignees are requested to collect Delivery Order for all imports delivered at Mundra from our Import Documentation Deptt. at Siddhi Vinayak Complex, 2nd Floor, Off. No.201-208, Opp. Reliance Petrol Pump, Nr. Rotary Circle, on Presentation of duly discharged Original Bills of Lading and payment of relevant charges. The container detention charges will be applicable after 5 days from the GLD for containers meant for delivery at Mundra. The containers meant for movement by ROAD to inland destinations will be despatched upon receipt of required documents from consignees/receivers and the consignees will be liable for paymeant of port storage charges in case of delay in submission of these Documents. Our Surveyors are M/s. Master Marine Services Pvt. Ltd. and usual survey conditions will apply.Consignees are also requested to note that the carriers and their agents are not bound to send individual notification regarding the arrival of the vessel or the cargo.

- Charges enquiry on land line - 619100

- IGM No./Item No./Destuffing point

CULines New Container Vessel CUL KLANG delivered successfully

BEIJING: The 2400TEU

n e w c o n t a i n e r s h i p

"CUL KLANG", under a partnership between China United Lines （CULines）and Yangzijiang Shipbuilding Group, was successfully named and delivered at the new Yangzi Shipyard on the morning of March 8, 2024.

Guests from SPDB Financial Leasing, SDARI, Lloyd's Register, SINOCREW, BSM, SITC Brokerage, Jiangsu Shipping College, CULines’ global agencies’ partners, representatives of CULines and partners, as well as employee representatives and friends from all circles attended the ceremony

Mawani adds IMS Service to King Abdul Aziz Port in Dammam to connect KSA to Southeast Asia and Indian Ports

RIYADH: The Saudi Ports Authority 'Mawani' announced that VA S I S h i p p i n g P t e L t d h a s introduced the new shipping service 'IMS' at King Abdul Aziz Port in Dammam, connecting the Kingdom to Southeast Asia and India. This ser vice aims to enhance its strategic partnerships with major international shipping lines, support the maritime sector, and contribute to national economic development.

This initiative represents a significant step in bolstering the role of King Abdul Aziz Port in Dammam in enhancing the maritime transport sector and logistics services. It supports the movement of exports and imports, aligning with the objectives of the National Transport and Logistics Strategy (NTLS) to

cement the Kingdom's position as a global logistics hub that bridges three continents.

The new shipping service links King Abdul Aziz Port in Dammam with ve regional and international ports, including Klang in Malaysia, Surabaya and Jakarta in Indonesia, Nhava Sheva in India, and Jebel Ali in the UAE.

These connections are facilitated through regular weekly trips, with a capacity of up to 1,800 TEUs. It is noteworthy that King Abdul Aziz Port in Dammam achieved a record-breaking monthly throughput in its history, handling 235,820 TEUs in February 2024. This milestone reflects its exceptional and comprehensive operational services and modern equipment, enabling it to manage various types of goods with a capacity of 105 million tons of cargo and containers.

BIMCO : 13% of world seaborne trade under attack from Houthis and Somali pirates

OSLO: “Houthi attacks on ships in the Red Sea, coupled with a rise in piracy off the coast of Somalia, are disrupting global trade. In 2023 an estimated 13% of global seaborne trade transited through these areas. However, the attacks have reduced the number of ships transiting the area by 50%,” says Filipe Gouveia, Shipping Analyst at BIMCO

Since November 2023, the threat to shipping has increased as the Houthis started attacking ships in the Red Sea and the Gulf of Aden. Simultaneously, piracy activity off the East coast of Somalia has risen and since December, two bulk carriers and several fishing ships have been hijacked This marks the first successful hijackings by Somali pirates in six years.

As a result, there has been a significant reduction in ships in the region since January 2024. In the first three weeks of March, the number of ships transiting through the Suez Canal was down 51% y/y, accounting for a 63% y/y drop in gross tonnage.

“Ships increasingly avoid the affected areas and sail longer distances around the Cape of Good Hope, delaying cargo, tightening supply and increasing freight rates. The longer distances also boost bunker oil consumption which raises voyage costs and carbon emissions,” says Gouveia.

The ships still sailing through the affected areas also

face higher costs. They risk the loss of life and damages to ships and must pay higher insurance premiums. Consequently, the heightened threat to ships increases trading costs no matter the route selected.

To circumvent the higher cost and limit delays, shippers may try to limit cargo through the area and increase trade from unaffected ones. However, this will likely be only partial and limited to certain commodities. Also, for countries in the affected areas, circumventing the conflict is difficult and their ability to import and export goods has weakened.

Nation states are working to reduce the threat level in the Red Sea, Gulf of Aden and off the coast of Somalia. A US-led coalition and a maritime operation by the EU are attempting to improve ship safety in the Red Sea, so far with limited success. Meanwhile, the Indian Navy has been active in the fight against Somali piracy, recently recovering one of the hijacked bulk carriers.

“Despite efforts to improve safety, both groups remain active, and the Houthis have threatened to expand their attacks to ships in the Indian Ocean. Unless safety in the area improves significantly, ships cannot return to their normal routes. As shipping is responsible for transporting around 80% of world trade, delays and higher costs are expected to continue,” says Gouveia.