





























Cont’d. from Pg. 3
Building further on its strong commitment towards developingarobustrailservicenetworkinIndia,Maersk flagged off yet another weekly, dedicated rail service, the ‘Pratigya Express’, from Sonipat Inland Container Depot (ICD) in NCR to APM Terminals Pipavav Port on thewesterncoastofIndiainGujarat.
“The NCR is abundant with retail and rice exporters whoneedaregularconnectionfromtheirmanufacturing facilities to the consumers in the western market. Through our dialogues with our customers, we realised that they faced two challenges - either they don’t have a fixed schedule for departure from Sonipat ICD, and once they get it, they do not necessarily make it to the right vessel connection at the port,” said Major Jyoti Joshi Mitter, Head of Rail, Maersk India. She added, “Ourambitionwastoaddressboththeseproblemswitha single solution - we launched a dedicated weekly rail service that gives the exporters a fixed visibility on departure from the origin and then connects to a fixed vesselconnectionattheAPMTerminalsPipavavPort.”
The ‘Pratigya Express’ will move cargo from Sonipat ICDtoAPMTerminalsPipavavPortwithatransittimeof two and half days. From there, the cargo will have the option to connect on services such as the Shaheen Express,whichwillbelaunchedinthecomingdaysorthe MECL.Bothoftheseserviceswillthenbeabletotakethe cargo to the Middle Eastern or European markets. Studiesshowthatcargomovedonrailinsteadofroadhas advantages in terms of both cost-savings and time-savings. These two benefits eventually also contributetoreducingcarbonfootprint.
Maersk’s new ‘Pratigya Express’ service on the Western Dedicated Freight Corridor (DFC) will move 90 TEUs (twenty feet equivalent units of containers) every week. APM Terminals Pipavav Port also plays an important role by being the first port to be connected to the DFC and has excellent connectivity to the hinterland through its rail head and road infrastructure.
CJ-I MV Aggelos B Rishi Shpg. 30/11
CJ-II MV Tai Summit ACT Infra 04/12
CJ-III MV Haseen Aqua Shpg. 01/12
CJ-IV MV Safeen AL Amal Interocean 01/12
CJ-V MV Smew Benline 29/11
CJ-VI MV Anthos Dariya Shpg. 30/11
CJ-VII MV Venture Grace Cross Trade 29/11
CJ-VIII MV Berge Snowdon Synergy Seaport 01/12
CJ-IX VACANT
CJ-X MV Tan Binh 135
CJ-XI MV TCI Express TCI Seaways 29/11
CJ-XII MV SSL Kutch Transworld 29/11
CJ-XIII MV Dioni Cross Trade 30/11
CJ-XIV MV Abigail Shantilal Shpg. 01/12
CJ-XV MV Clipper Barola Chowgule Bros. 29/11
CJ-XVA MV Amarnath Aditya Marine 30/11
CJ-XVI MV Khalejia Ana 5 Scorpio Shpg. 30/11
Tuna Tekra Steamer's Name Agent's Name ETD
MV Championship Tauras 30/11
Oil Jetty Steamer's Name Agent's Name ETD
OJ-I MT Silver Belle Seaworld 29/11
OJ-II MT Shandong Zihe
OJ-III MT Devashree Samudra 29/11
OJ-IV MT Chemroute Oasis
OJ-V MT Stolt Lerk J M Baxi 29/11
OJ-VI MT GH Austen Seaworld 29/11
CJ-XIV
2022111261
Stream MV Appaloosa Interocean Sudan 29,090 T. Sugar Bags 2022091338 28/11 MV Bao Shun Rishi Shpg. 18,601 CBM Logs 2022111238
Stream MV Chakravati Chowgule Bros. Cotonou 50,000 T. Rice Bags 2022111169 CJ-XV MV Clipper Barola Chowgule Bros. Vietnam 41,000 T. Sugar In Bulk 2022101373
Stream MV Dawai BS Shpg. Chennai 10,000 T. Silica Sand In Bulk 2022101335 OJ-III MT Devashree Samudra 6,000 T. Chem. CJ-XIII MV Dioni Cross Trade 57,000 T. Salt In Bulk 2022111198
Stream MV Elisar Ocean Harmony Durban 31,750 T. Sugar Bags 2022111243 28/11 MV Habco Aquila BS Shpg. Bangladesh 44,000 T. Salt 2022111316 CJ-III MV Haseen Aqua Shpg. 45,000 T. Sugar In Bulk 2022111121
Stream MV Kapetan Sideris Chowgule Bros. Vietnam 54,000 T. Salt 2022111280 CJ-XVI MV Khalejia Ana 5 Scorpio Shpg. 69,300 T. Laterite 29/11 MV Kosman Arnav Shpg. West Africa 24,500 T. Rice In Bags 2022111274 28/11 MV Meghna Rose BS Shpg. Bangladesh 55,000 T. Sugar Bulk 2022111157
Stream MV My Lama Interocean Sudan 25,000 T. Sugar Bags 2022111127
Stream MV Obe Heart Interocean 25,000 T. Sugar Bags 2022111247
Stream MT Oriental Hibiscus Allied Shpg. Marseille 4,500 T. C. Oil 2022111156 03/12 MV Pac Adhil Tristar Shpg 2,500/1,500 T.M.Chloride/Sulphate & 18
Stream MV Pegasus 01 DBC 8,000 T. Sugar Bags 2022111256
Stream MV PVT Sapphire Cross Trade 55,000 T. Salt 2022111248
CJ-IV MV Safeen AL Amal Interocean Sudan 33,000 T. Sugar Bags 2022111040
Stream MV Sea Champion Aditya Marine West Africa 30,460 T. Rice Bags 2022111178
Stream MV Stentor Interocean 27,450 T. Sugar In Bags 2022111187
Stream MV Suvari Kaptan DBC Somalia 9,500 T. Sugar Bags 2022111148
CJ-II MV Tai Summit ACT Infra 30,250/10,500 T. Rice Bags 2022111089
30/11 MV Theotokos BS Shpg. Madgasakar 28,000 T. Rice Bags 2022111268
69,690 T.
2022111244 30/11
M Baxi Indonesia 53,360 T. Petcoke In Bulk 2022111195 CJ-VIII MV Berge Snowdon Synergy Seaport 36,355 CBM Logs Tuna MV Championship Tauras 1,03,788 T. Coal 2022111201 Stream MV Fan Zhou 6 Mystic Shpg. 343 (90/251/2 Blades/Access./SOC) 2022111123 02/12 MV Jimmy T Tauras 14,388 T. MOP 2022111004 30/11 MV Josco Changzhou GAC Shpg. U.S.A. 52,533 T. Petcoke In Bulk
CJ-XVI MV Khalejia Ana 5 Scorpio Shpg. 69,200 T. GYPSUM In Bulk 2022111257 28/11 MV Moana Infinity TM International Indonesia 52,500 T. INDO Coal 2022111270 05/12 MV Obe Grande Tauras 42,000 T. DAP
Stream MV Panorea Dariya Shpg. 37,010 T. Coal Stream MV Sea Prajna Benline 21,057/10,442 T. HMS/Sh Scrap 2022111263 CJ-V MV Smew Benline 31,497 T. S. Scrap 06/12 MV True Courage Tauras 1,28,470 T. Coal Stream MV True Confidence Seascape 27,079 T. Met Coke 2022111125 CJ-VII MV Venture Grace Cross Trade 43,200 T. MOP 2022111132 Stream MV VGS Dream United Safeway 7,250 T. Lime Stone 2022101371
223632
223714
02/12 09/12 09/12-AM
248W
(MECL) 09/12 TO LOAD FOR FAR EAST, CHINA, JAPAN, AUSTRALIA, NEW
PACIFIC
28/11 28/11-AM
Hong Kong 058 22376
COSCO Shpg. Singapor, Cai Mep,Hongkong,Shanghai,Ningbo,Schekou,Nansha (CI1) 28/11 28/11 28/11-AM Seaspan Chiba 012WE 22377
Feeders Merchant Shpg. Port Kelang, Singapore, Laem Chabang. 28/11 05/12 05/12-AM Wide Juliet 025WE 22390 ONE ONE (India) (TIP) 05/12 30/11 30/11-AM
Commitment 057E 22373
ONE (India) West Port Kelang, Singapore, Leam Chabang, Busan, Sanshan, 30/11 08/12 08/12-AM MOL Creation 086E 22385 Ningbo, Sekou, Cai Mep. (PS3) 08/12 01/12 01/12-AM Aka Bhum 010E 22378 APL/OOCL DBC & Sons/OOCL(I) Port Kelang, Singapore, Hong Kong, Xingang, Dalian, Qingdao, 01/12 06/12 03/12-AM OOCL New York 090E 22393 Gold Star Star Shipping Busan (Ex. Pusan), San Pedro, Kwangyang, Chiwan. (CIXA) 06/12 04/12 04/12-AM Grace Bridge 248E 22379 Maersk Line Maersk India Singapore, Dalian, Xingang, Qingdao, Busan, Kwangyang, 04/12 11/12 11/12-AM BSG Bimini 249E 22387 Ningbo, Tanjung Pelepas. (FM3) 11/12
28/11 28/11-AM SSL Kutch 245 22383 SLS SLS Hazira, Cohin, Mangalore, Tuticorin, Mundra. (PIC 1) 28/11 29/11 29/11-AM SCI Mumbai 552 22370 SCI J. M Baxi Jebel Ali. (SMILE) 29/11 02/12 02/12-AM Santa Rosa 247W 22382 Maersk Line Maersk India Salalah, Jebel Ali, Port Qasim. 02/12 09/12 09/12-AM Maersk Detroit 248W 22381 (MECL) 09/12
TBA X-Press Feeders Merchant Shpg. Jebel Ali, Sohar (NMG)
TBA SLS SLS Mangalore, Kandla, Cochin.(WCC)
28/11 28/11-AM Xin Hong Kong 058 22376 COSCO COSCO Shpg. Karachi, Colombo (CI1) 28/11 28/11 28/11-AM Seaspan Chiba 012WE 22377 X-Press Feeders Merchant Shpg. Karachi, Muhammad Bin Qasim. 28/11 05/12 05/12-AM Wide Juliet 025WE 22390 ONE ONE (India) (TIP) 05/12 01/12 01/12-AM Aka Bhum 010E 22378 OOCL/APL OOCL(I)/DBC Sons Colombo. (CIXA) 01/12 04/12 04/12-AM EM Astoria 248S 22380 Maersk Line Maersk India Colombo, Bin Qasim, Karachi (JADE) 04/12 04/12 04/12-AM Grace Bridge 248E 22379 SCI J. M Baxi Colombo. (FM3) 04/12
28/11 28/11-AM Seaspan Chiba 012WE 22377 X-Press Feeders Merchant Shpg Seattle, Vancouver, Long Beach, Los Angeles, New York, 28/11 05/12 05/12-AM Wide Juliet 025WE 22390 ONE ONE (India) Norforlk, Charleston, Halifax. (TIP) 05/12 30/11 30/11-AM One Commitment 057E 22373 ONE ONE (India) Los Angeles, Oakland. (PS3) 30/11 02/12 02/12-AM Santa Rosa 247W 22382 Maersk Line Maersk Line India Newark, North Charleston, Savannah, Huston, Norfolk. 02/12 09/12 09/12-AM Maersk Detroit 248W 22381 Safmarine Maersk Line India (MECL) 09/12
08/12 Northern Practise 0029 X-Press Feeders/ONE Sea Consortium/ONE(I) (ASX) 08/12 Hapag / CMA CGM ISS Shpg./CMA CGM Ag. (I) 02/12 Xin Yan Tai 224W Hapag / COSCO ISS Shpg./COSCO Shpg. Jeddah, Tanger, Southampton, Rotterdam, Bremerhaven, Antwerp, 02/12 CMA CGM/OOCL CMA CGM Ag.(I)/OOCL(I) Le Havre, Algeciras (EPIC) 03/12 Green Pole 248E Maersk Line/Hapag Maersk India/ISS Shpg Colombo, Port Klang, Singapore, Tanjug, Pelepas, Jebel Ali, Dammam, 04/12 X-Press Feeders Sea Consortium Doha (Arabian Star) 03/12 MSC Eugenia IP248A MSC MSC Agency Mundra, King Abdullah, Gioia Tauro, Tangier, Southampton, Rotterdam, 04/12 10/12 MSC Lisbon IP249A COSCO COSCO Shpg. Antwerp, Felixstowe, Dunkirk, Le Havre, King Abdullah, Djibouti, 11/12 CMA CGM CMA CGM Ag. (I) Karachi-Port Muhammad Bin Qasim. (IPAK)
Cont’d. from Pg. 3
... under the National Monetisation Programme, according to a FICCI (Federation of Indian Chambers of Commerce)release.
The Minister of State for Ports, Shipping and Waterways while highlighting goals of the ministry added that PM Gati Shakti National Master Plan will lead to huge benefits for State Governments. He also
said that Kolkata, which hosts the country’s oldest port, hasapivotalroletoplayinrealisingthegoal.
Additionally, 11 industrial corridors and two defence industrial corridors are planned for development to improve the operational efficiency and capacity utilisation ofexistingportassets.
Addressing the PM Gati Shakti Multimodal Maritime Summit 2022 in Kolkata, he said the Ministry of Ports has themostcriticalroleinGatiShaktiNationalMasterPlan.
The PM Gati Shakti plan, a Rs. 100 lakh-crore project for developing ‘holistic infrastructure’, was unveiled in the lastbudgetbyFinanceMinisterSmt.NirmalaSitharaman.
The plan aims at interconnectivity between road, rail, air, and waterways to reduce travel time and improve industrialproductivity.
“The Government is prioritising maritime development to enable ports to identify and resolve bottlenecks in enhancing multimodal connectivity,” theMinistersaid.
Thegovernment,undertheguidanceofPrimeMinister Shri Narendra Modi, is ensuring seamless movements of people and goods through railways, roads, ports, waterways, airports, and mass transport and logistics, headded.
Speaking on the occasion, Syama Prasad Mookerjee Port Chairman PL Haranadh emphasised harnessing the potential of India’s north-eastern states. He said that multimodal connectivity would be a win-win situation for bothIndiaandBangladesh.
NEW DELHI: India and Iran on Thursday agreed on continued cooperation for the development of the Shahid Behesti terminal of the Chabahar port. The issue came up for discussion during the Foreign Office Consultations between an Iranian delegation led by Deputy Foreign Minister Ali Bagheri Kani and an Indian delegation led by Foreign Secretary Vinay Mohan Kwatra.
“During the delegation-level talks, both sides discussed the entire gamut of bilateral relations, including
political, economic, cultural and consular engagement,” according to a statement issued by the Ministry of ExternalAffairs(MEA).
The statement said the two sides reiterated their commitment to continuing the cooperation for the development of the Shahid Behesti terminal of the Chabaharport.
The two delegations led by Kani and Kwatra also exchanged views on regional and international issues, includingAfghanistan.
PARADIP: Paradip Port has witnessed a surge in coal handling on the back of an increase in Coastal Shipping of thermal coal and imports.
According to P L Haranadh, Chairman of Paradip Port Authority, Coastal Shipping of thermal coal is up by nearly 60 per cent so far this year and expected to cross 40 million tonne (mt) as against 28 mt during last year. Coal imports from countries such as Australia, Indonesia and South Africa has also been happening in a big way.
Paradip Port undertakes Coastal Shipping of thermal coal to gencos in Tamil Nadu, Andhra Pradesh and Karnataka. Coal from Mahanadi Coalfields, which is situated around 200 kms away from Paradip, comes by rail to the port. This works out to be much cheaper as compared to all rail routes, directly upto destinations.
“We have seen a massive jump in coastal shipping of thermal coal because our rates are cheaper and we have been able to create the necessary operational ease. The capacity to handle at our terminals has increased to close to around 55 rakes now as compared to around 20 rakes earlier. This has been possible due to commissioning of new
terminal and improvement of operational procedures at old terminal,” Haranadh said.
This apart, there has been a surge in demand for both coking coal for steel manufacturing units and thermal coal for power plants during the year in anticipation of higher demand . Coking coal from Australia and South Africa and thermal coal from South Africa and Indonesia has been “coming in a big way”, he said.
Paradip Port has brought about substantial improvement in operations, thereby enabling better traffic handling. The overall productivity of the port has gone up to around 30,000 tonnes a day as against close to 25,000 tonnes a day earlier.
“The improved productivity is mainly due to streamlining of processes by improving crane availability, bringing in berth mechanisation and putting in place improved railway loading system. So we are able to handle more traffic. This year we also plan to coastal ship thermal coal to gencos, located on the west coast, for the first time in the history of the Paradip Port,” he said.
Paradip Port which had handled close to 116 mt of cargo in 2021-22, is expecting to be able to handle more than 125 mt of cargo this year on the back of huge surge in coal handling.
NEW DELHI: India has identified five priority issuesgrowth and prosperity, Resilient Global Value Chains, MSMEs, Logistics, and WTO Reform-under its G20 PresidencyfromDecember1,2022toNovember30,2023.
The Commerce and Industry Ministry, which is the nodal agency for the G20 Trade and Investment Working Group (TIWG), is likely to propose a common digital platform for ease of cross-border trade, a legal aid system for developing countries for dispute settlement in WTO, ways to eliminate distortionary non-tariff measures for developing countries and LDCs, and a framework to address crucial issues at the WTO in clearly defined circumstancesliketheCovid-19pandemic.
“Issues are evolving and we want a good outcome in G20,” said an official. Establishing an online digital portal that offers integrated trade and business information for market research by MSMEs is another suggestion on whichdiscussionscouldtakeplace.
“G20 could deliberate upon a possible framework for addressing the issues of global relevance for enabling members to go beyond the general exceptions under the WTO agreements, in very narrow and clearly defined circumstances like the pandemic,” the Ministry has proposed.
It has also proposed evolving common principles to facilitate decentralised trading, an inclusive trade action plan that defines clear objectives for driving inclusion in
goods and services trade, and evolving principles to ensure foodsecuritythroughremunerativepricesoffarmgoods.
Geospatial mapping of global value chains (GVCs) for critical and essential sectors, network restructuring, supply chain management solutions and building awareness of risks of acute supply chain disruptions is anotherpriorityarea.Theemphasisonglobalvaluechains is key as in its issue note for the TIWG, the Ministry has said that the path to recovery from the pandemic has been “slowandfragile”andhasbeen“complicatedbythesupply shocks triggered due to fraught geopolitical tensions, whichhaveledtowidespreadfoodinsecurityandacost-oflivingcrisis”.
NEW DELHI: India’s reliance on trade with China continuestobeontherise–irrespectiveofthepoliticaland diplomaticstand-offbetweenthetwonations.Eventhough Prime Minister, Narendra Modi, did shake hands with China’s President, Xi Jingping, in Bali during the G20 Summit, India is trying its best to shake off its dependence onChina.
“India and China’s trade has increased by 14. 6 per cent during the first nine months of the ongoing year to reach $103.6 billion,” reiterated China’s Foreign Ministry spokesperson, Zhao Lijan. The spokesperson also said that China’s trade with South Asian countries nearly doubled from what it was a decade ago. One of the largest contributors to this increase was India. “India has been trying to boost domestic manufacturing and is also trying tobuyfromothermarkets,buteconomiesofscaleandcost effectivenessgiveChinaanedge,”saysources.
India’s currently has a Free Trade Agreement (FTA) with the United Arab Emirates (UAE); has finalised one
with Australia and one in the pipeline with the United Kingdom (UK) that will lead to a reduction in trade dependenceonChina,butitwilltakeafewyearsbeforethe results begin to show. There is also a trade imbalance as while imports from nations increased, but exports from Indiahavegonedown.LastyearChina’sexportsincreased by over 30 per cent whilst India’s exports declined by over 35 per cent. India exports raw materials to China but importsprimarilyfinishedgoods.
“China’s trade with South Asian countries nearly doubled compared to a decade ago and totalled $187.5 billion in 2021, up by over $50 billion than the pre-COVID number in 2019. In particular, trade between China and India in the first nine months this year reached $103.6 billion, up 14.6 percent year-on-year,” says China’s foreign ministry spokesperson adding that the China-Pakistan Economic Corridor, the Port City Colombo project and the Hambantota Port in Sri Lanka and other connectivity cooperationprojectsareallmakingsteadyprogress.
NEW DELHI: India is well placed to grow at a moderately brisk rate in the coming years on the back of macroeconomic stability, despite the global monetary tightening, it said. So far in the current year, India’s food security concerns have been addressed and will continue to receive the utmost priority from the Government, accordingtothereport.
“A rapid deterioration in global growth prospects, coupled with high inflation and worsening financial conditions, has increased fears of an impending global recession. The global slowdown may dampen India’s exports businesses outlook; however, resilient domestic demand, a re-invigorated investment cycle, along with strengthenedfinancialsystemandstructuralreforms,will provide impetus to economic growth going forward,”
according to Finance Ministry’s latest monthly economic reviewreport.
Merchandise exports declined 16.7% on year in October, the first drop in 20 months and the worst slide since May 2020, when a nationwide lockdown was imposed to contain the Covid outbreak. The World Trade Organisation recently warned of a darkened 2023 and projectedthatglobaltradegrowthwilldroptoonly1%next yearfrom3.5%in2022.
Continued macroeconomic stability, of which fiscal prudence is a part, and execution of various path-breaking policies such as the Gati Shakti, National Logistics Policy andtheProduction-LinkedIncentiveschemestoboostthe manufacturingshareofemploymentlendfurtherupsideto India’sgrowthprospects,itsaid.
FTA will significantly expand and diversify India’s trade with its largest trading bloc GCC
NEW DELHI: Shri Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food, and Public DistributionandTextiles,Government of India, and His Excellency Dr. Nayef FalahM.Al-Hajraf,SecretaryGeneral, Gulf Cooperation Council (GCC), held aJointPressConference,inNewDelhi recently, to announce the intent to pursue negotiations on the India-GCC FTA.
With forward-looking and solution-oriented deliberations, bilateral engagements witnessed significant progress on all matters of mutual interest across the entire gamut of bilateral economic relations betweenIndiaandtheGCCnations.
Both sides agreed to expedite conclusion of the requisite legal and
technical requirements for formal resumption of the FTA negotiations. The FTA is envisaged to be a modern, comprehensive Agreement with substantial coverage of goods and services. Both sides emphasized that the FTA will create new jobs, raise living standards, and provide wider social and economic opportunities in India and all the GCC countries.
Both sides agreed to significantly expand and diversify the trade basket in line with the enormous potential that exists on account of the complementary business and economicecosystemsofIndiaandthe GCC.
It may be noted that the GCC is currently India’s largest trading partner bloc with bilateral trade in
FY 2021-22 valued at over USD 154 billion with exports valued at approximately USD 44 billion and imports of around USD 110 billion (non-oilexportsofUSD33.8Billionand non-oil imports of USD 37.2 Billion). Bilateral trade in services between India and the GCC was valued at around USD 14 billion in FY 2021-22, with exports valued at USD 5.5 Billion andimportsatUSD8.3Billion.
GCC countries contribute almost 35% of India’s oil imports and 70% of gas imports. India’s overall crude oil imports from the GCC in 2021-22 were about $48 billion, while LNG and LPG imports in 2021-22 were about $21billion.InvestmentsfromtheGCC in India are currently valued at over USD18billion.
NEW DELHI: The Indian Sugar Mills Association (ISMA) said India is likely to extend the limit of sugar exports by 2-4 million tonnes in the 2022-23 season. The move will leave total exports at 8-10 million tonnes andbelowlastyear’slevel.
Rahil Shaikh, Vice-President of the All India Sugar Traders Association, talked about the agreements with various mills for the export of a total of 60 lakh tonne of sugar which would be completed by December while the physical deliveries to be executed by March-end.
India, which is the world’s biggest sugar producer and the second biggest exporter after Brazil, exported over 11 million tonnes of sugar in the October-September
seasonof2021-22.
The Government earlier this month approved a first tranche of exports for 2022/23 at 6 million tonnes in a move that helped cap recent upward pressure on benchmark ICE sugarprices.
After last year’s record 112 lakh tonneofexports,Indianmillerstalked about another year of good overseas sales. The Government had issued a mill-wisequotaforexportswithatotal 60 lakh tonne of sugar expected to be shipped out in the first tranche. The industry hopes that the government wouldallowexportsof20lakhtonneof further exports once the first lot is exportedout.
Shaikh, who is also the MD of MEIRcommodities,anexport-import
firm, said they have seen good demand from countries like China, BangladeshandcountriesintheHorn ofAfrica.
“Definitely there will be a second tranche…between2-4milliontonnes, depending on production,” quoted Aditya Jhunjhunwala, President of ISMA, as saying on the sidelines of the International Sugar Organisation seminarinLondon.
He said India would likely produce 36 million tonnes of sugar and 5 milliontonnesofethanol.
Indian consumption is at around 27-27.5 million tonnes, so that leaves 8.5-9milliontonnesforexport,hesaid, adding mills have already signed contracts to export 4 million tonnes of sugar.
NEW YORK: A recession is unlikely in the APAC region in the coming year, although the area will face headwinds from higher interest rates and slower global trade growth, Moody’s Analytics said recently. In its analysis titled ‘APAC Outlook: A Coming Downshift’, Moody’s said Indiaisheadedforslowergrowthnext year more in line with its long-term potential.
On the upside, inward investment and productivity gains in technology as well as in agriculture could accelerate growth. But, if high inflationpersists,theReserveBankof India would likely take its repo rate well above 6 per cent, causing GDP growth to falter. In August, Moody’s
had projected India’s growth to slow to 8 per cent in 2022 and further to 5 per cent in 2023, from 8.5 per cent in 2021.
It said the economy of the AsiaPacific (APAC) region is slowing and this trade-dependent region is feeling the effects of slower global trade. Global industrial production has remained “fairly level” since it peaked in February just prior to Russia’s invasion of Ukraine. “China is not the only weak link in the global economy. The other giant of Asia, India, also suffered a year-to-year decline in the value exports in October. At least India relies less on exports as an engine of growth than does China,” Moody’s Analytics
On the regional outlook, Moody’s said even though India, as well as other major economies of APAC regionareexpandingduetotheirown delayed reopening from pandemicrelated shutdowns, the expected slowdowns in Europe and North America, along with China’s sluggish economy, will cause 2023 to be a slower year than 2022 for economic growth.
“That said, a recession is not expected in the APAC region in the coming year, although the area will face headwinds from higher interest rates and slower global trade growth,”Cochraneadded.
Chief APAC Economist Steve Cochranesaid.MARSEILLE:
The Board of Directors of the CMA CGM Group, a Global player in sea, land, air and logistics solutions, met recently under the Chairmanship of Rodolphe Saadé, Chairman and Chief Executive Officer, to review the financial statements for the third quarterof2022.
Commenting on the results for the period, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said: “The CMA CGM Group once again recorded strong results in the third quarter. Over the past two years, we have significantly strengthened our financial structure and developed our business through the entire supply chain. Declining demand has prompted a return to more normal international trade flows and a significant reduction in freight rates. In this new environment, wewillcontinuetoinvesttostrengthenourpositioningin maritime shipping and logistics, accelerate our energy transition and provide our clients with even more efficientsolutions.”
Major investments to strengthen the CMA CGM Group’sindustrialassets
Maritime shipping: new investments to upgrade and increasefleetsustainability
To meet the energy transition challenges, the CMA CGM Group is pursuing its strategy of upgrading and increasing fleet sustainability, with: Two new 15,000TEU, e-methane ready, dual-fuel container ships during the third quarter, the CMA CGM Galapagos and the CMACGMGreenland,bothFrench-flagged.
The CMA CGM Group is committed to achieving Net ZeroCarbonby2050andintendstoacceleratetheenergy transition in shipping and logistics, led by an enhanced energymix.
The CMA CGM Group has strengthened its position asagloballogisticsproviderandexpandeditsportfolioof servicesfortheautomotiveindustry
The acquisition of GEFCO was approved by the European competition authorities in July 2022. As a European leader in contract logistics, specialized in finished vehicle shipping and other automotive logistics, GEFCO plays a key role in maintaining production line integrity across the European automotiveindustry.
Thanks to several acquisitions completed since the beginning of the year, CMA CGM has strengthened the capabilities of the Group’s subsidiary CEVA Logistics by integrating expertise and skills in e-commerce, last-mile delivery and automotive logistics, adding more than 12,000employees.
The Group owns equity stakes in 50 port terminals in 33 countries. Its port operations are strategically designedtosupportthegrowthofitsshippinglinesandto enhancethequalityofitscustomerservices.
In the third quarter of 2022, CMA CGM bolstered its investment portfolio by winning, in association with its partner J M Baxi, the tender for the privatization of the Nhava Sheva terminal in India. Signed on July 29, the concession agreement will support business development on the west coast of India, while upgrading and expanding a 700-meter-long container terminal
berth at the Jawaharlal Nehru Port to deliver enhanced capacity and quality of service. The investment has strengthened the CMA CGM Group’s position in a fastgrowingregionalandglobalmarket.
Third-quarter 2022 operating and financial performance
Revenue stood at USD 19.9 billion in the third quarter of 2022, mostly driven by the Group’s maritime shipping business.
EBITDA came to USD 9.15 billion, representing an EBITDAmarginof46%.
The Group continued to strengthen its balance sheet, supportedbyitsoperatingperformance.Netdebttotaled USD 78 million as of Sept. 30, 2022, (after accounting for current financial investments), down USD 5.3 billion fromJune30,2022.
Transported volumes stood at 5.7 million TEUs in the thirdquarterof2022,up4.1%year-over-year.
Maritime shipping revenue amounted to USD 15.7 billion, up 25.8% year-over-year, but down 2% compared to the previous quarter, reflecting the decline in spot freight rates that began in the second quarter and continuedintothethirdquarter.
EBITDA stood at USD 8.65 billion in the third quarter. The year-over-year increase in EBITDA margin was supported by an average revenue of USD 2,771 per TEU during the period. Quarterly EBITDA was down 5% on thepreviousquarter.
Inflation, slowing consumer spending and economic uncertainty
The health crisis and the shifting consumer spending patterns that drove strong demand during lockdowns have placed unprecedented strain on the world’s supply chains. These strains are tending to subside in the wake of recent developments in world trade, reflecting a much more uncertain economic environment, which is being deeplyaffectedbygeopoliticaltensions.
The Group expects energy costs to remain high, weighing directly on its operating expenses and, more generally,onconsumerspending,particularlyinEurope. This inflationary environment, combined with monetary policies, is clouding the outlook for economic growth, despite measures to support consumer spending, again notablyinEurope.
• Decliningfreightratesinthefourthquarter
The Group therefore expects to see a faster return to morenormalfreightratesinthefourthquarterandlower margins. The Group is therefore closely monitoring the geopolitical developments and their potential impact on the economic outlook, but nevertheless remains confident in its financial strength and ability to adapt to theuncertainenvironment.