MUM-12-06-23

Allcargo Logistics completes acquisition of 30% stake from KWE in Gati subsidiary

Surface express distribution, Air express distribution and Supplychainmanagementsolutions.

MUMBAI: Allcargo Logistics Limited, a part of The Allcargo Group and a global leader in multimodal logistics solutions, has completed acquisition of 1.50 lakh shares, or 30 percent stake, in Gati-Kintetsu Express (GKEPL) for Rs 406.71 crore. Allcargo’s subsidiary, Gatialreadyholds70%stakeinGKEPL,whichisaleading express logistics player in India, with presence in

Asyad Line adds Jeddah to REX Freight Service

The deal includes purchasing 1.3 lakh shares (26 percent) from KWE-Kintetsu World Express (S) and 20,000 shares (4 percent) from KWE Kintetsu Express India.

With the conclusion of this transaction, Allcargo, along with Gati, now holds 100% stakes in GKEPL and assumes complete control. The consummation of this transactionisalongthelineoftheSPAsignedbetweenthe partiesearlierinMarch2023.

Ocean Network Express celebrates 5th Anniversary

Cont’d. Pg. 6

RI YA DH : Th e Saudi Ports Authority (M aw an i) h as an no un ce d th e addition of Jeddah Islamic Port to the REX shipping service operated by Asyad Line, a part of Oman’s global integrated logistics provider Asyad Group. Introduced in May, the new cargo route utilizes two vessels with a capacity of 2,800 TEUs to connect Jeddah to the ports of NhavaSheva,Mundra,Salalah,andSokhna.

PESB picks Sanjay Swarup as next CMD of CONCOR

..Refer Pg. 6

SINGAPORE: Ocean Network Express (ONE) ce le br at ed i ts 5th anniversary at itsONEGreenoffice in Singapore on 7June. Cont’d. Pg. 29

Allcargo Logistics completes acquisition of 30% stake from KWE in Gati subsidiary

Cont’d. from Pg. 3

In addition t o t h i s , t h e company had earlier bought out minority stake of its partner in the contractlogisticsbusinessunderAllcargoSupplyChain.

Allcargo’s Contract logistics business is engaged in managing inventories and providing third party supply chain solutions to marquee Indian and international customersacrosschemical,auto,e-commerceandother industries.

These acquisitions are in line with the company’s strategytosharpenthefocusonhighgrowthopportunities in express and contract logistics business in India This move will also facilitate simplification of the corporate structure Allcargo is well positioned to derive synergiesfromcontractlogisticsandexpressdistribution.

Commenting on the development, Shashi Kiran Shetty, Founder & Chairman, Allcargo Group said,

"It has been a fruitful association with KWE. The Share Purchase will offer Allcargo Logistics, along with its subsidiary Gati, full ownership and control and facilitate strategic decision-making in the company This will help us enhance service delivery capabilities to make further progress and usher in the next phase of growth. Going forward,weexpectastrongersynergybetweencontract logistics and express distribution to further strengthen group’spositioninthedomesticlogisticsspace.”

Yasuyuki Tani, Regional Managing Director, Southeast Asia and Oceania Region, KWE said, "KWE as a group and more specifically KWE India shared excellent relationship with Gati and Gati-Kintetsu over the past 10 years. This relationship will now be more strategic partnerships in domestic logistics operations in India. As a international freight forwarder,willcontinuetoengagewithAllcargoGroupin various areas and explore new opportunities as it may presentinthefutureinIndiaandoverseas."

Asyad Line adds Jeddah to REX Freight Service

Cont’d. from Pg. 3

The latest call will boost Mawani’s aims to enhancethecompetitiveedgeoftheKingdom’s busiesthubanditscontaineroperatorsbesides expanding the Kingdom’s maritime connectivity and trade output in line with the objectives of the National Transport and LogisticsStrategy(NTLS).

With an eye on positioning Jeddah among the world’s top ten hubs, the Red Sea port is undergoing a series of infrastructure upgrades, which include the deepening of approach channels and turning basins, and building new berths, to enable greater maritime traffic and

bolster its best-in-class logistics offerings in support of the nation’s economic development and diversificationdrive

PESB picks Sanjay Swarup as next CMD of CONCOR

NEW DELHI: The Public Enterprises Selection Board (PESB) has picked Sanjay Swarup for the role of Chairman and Managing Director of Container Corporation of India Ltd (CONCOR) Swarup is currently Director (InternationalMarketingandOperations)atIndia’sbiggest rail hauler of containers. Swarup was selected from a short listofeightcandidates,sixofwhomwerefromCONCOR.

Sanjay Swarup has been recommended for the post of Chairman and Managing Director, CONCOR, the PESB saidonitswebsiteafteraninterviewheldonWednesday

PESB’srecommendationwillhavetobesignedoffbythe Appointments Committee of the Cabinet (ACC). Swarup is an Indian Railways Traffic Service (IRTS) officer from the 1990batch.Inacareerspanningthreedecades,Swaruphas held assignments in the public sector and Government. He had a four-year stint with Bharat Heavy Electricals Ltd (BHEL) before moving to Indian Railways and worked in areas such as operations, commercial, safety and informationtechnology

In CONCOR, he has looked after operation and

management of dry ports, international marketing, commercial and operations

He has been involved in the designing of dry ports and multi modal logistics parks, as well as strategic planning functions in thecompany.

Swarup holds a B. E. (Hons) –Electronics and Communications Engineering – from IIT Roorkee and PGDM (Public Policy andManagement)fromIIMBangalore

He is also a life member of the Chartered Institute of Logistics and Transport, Asian Institute of Transport Development, Centre for Transportation Research and ManagementandAllIndiaManagementAssociation.

V Kalyana Rama, the incumbent CMD, will set down from the role on 30 September CONCOR has been lined up for privatisation by the government but the formal process isyettostart.

Mr. Sanjay Swarup

Sarbananda Sonowal launches ‘SAGAR SAMRIDDHI’ to bring transparency & efficiency

NEW DELHI: Union Minister of Ports, Shipping & Waterways (MoPSW) and Ayush Shri Sarbananda Sonowal launched ‘SAGAR SAMRIDDHI’ - the online dredging monitoring system - in order to accelerate ‘Waste to Wealth’ initiative of the Ministry here today. SecretaryofMoPSWSudhanshPantalongwithothersenior officials of the Ministry, Major Ports and Organisations also attendedthisprogramme.

ThissystemhasbeendevelopedbyNationalTechnology Centre for Ports, Waterways and Coasts (NTCPWC) the technological arm of MoPSW. The new technology brings in marked improvement against the old system of Draft & Loading Monitor (DLM) system. The system will bring in synergy among multiple input reports like daily dredging report, the pre and post dredging survey data before processing and producing real time dredging report. The ‘Sagar Samriddhi’ monitoring system will also allow Daily and monthly progress Visualisation, Dredger performance and downtime monitoring, easy location track data with snapshot of loading, unloading and idle time. This system strengthens the Atmanirbhar Bharat and MakeinIndiavisionofPMModi.

Speaking on the occasion Shri Sonowal said, “Hon’ble Prime Minister Shri Narendra Modi gave us the mantra of ZERO DEFECT and ZERO EFFECT and MoPSW is following his vision. In the era of advanced technology, it is essential to apply technology for monitoring the system so that human error can be minimised. From now onwards the Major Ports would be able to utilise the Online Dredging Monitoring System and bring about significant change in project implementation and bring down cost of dredging through use of the dredged materials. This will help in environment sustainability and will bring down the operational costs of the ports, bringing in more transparencyandefficiency’.”

“The monitoring system is expected to enable better productivity,bettercontractmanagementandalsoeffective reuse of dredged material with waste to wealth concept”, said SudhanshPant,Secretary,MoPSW.

Capabilitiesof‘SagarSamriddhi’include:

1.Realtimedredgingprogressreport

2.DailyandmonthlyprogressVisualisation

3.Dredgerperformanceanddowntimemonitoring

4. Easy location track data with snapshot of loading, unloadingandidletime

To address the objective of carrying out dredging with essential technical investigation the MoPSW issued ‘DredgingGuidelinesforMajorPorts’in2021.TheDredging Guidelines outlined the procedure for planning and preparation, technical investigations, dredged material management,estimatingthecostofdredgingetc.,toenable the Major Ports to formulate the dredging projects in order to complete in time. In March 2023 Ministry issued Addendum to the Dredging Guidelines 2021 for Major Ports for disposal of dredged material by incorporating a necessaryprovisioninbiddingdocumentswhichwillhelpin reducing the dredging cost in form of 'Waste to Wealth’. Itoutlinesawiderangeofbeneficialuseofdredgedmaterial including engineering use for construction purposes, environmental enhancement including beach nourishment etc.tobringdownthecostofthedredging.

The annual maintenance dredging at Major Ports and Waterways is around 100 million cubic meters, for which about Rs.1000 crores are spent each year by the Ports and

IWAI. Now with implementation of the Addendum of the Dredging guidelines and by using the Sagar Samriddhi, online dredging monitoring system, the dredging cost will be greatly reduced along with bringing in more transparencyandefficiencyintheoverallsystem.

TheMIV2030enablespreparationofroadmapfortaking up projects including dredging projects. The MIV also envisages developing Major Ports as transshipment hubs wherever possible and increasing their capacity by way of deepeningtheirchannelsandnearberths.Hence,dredging requirementwillincreaseduringthenextdecadewithdeep draftPortsofmorethan18meters’draft.

Presently Cochin Port and Mumbai Port, have adopted thesystemandonNewMangalorePortandDeendayalPort it is running on trial basis. Now, MoPSW has mandated all Major Ports and lWAl to monitor the dredging activity through this system with customisation from NTCPWC. Accordingly, new dredgers will be using this system along with the old dredgers, which will be upgraded and equipped withthenewsystem.

The NTCPWC was established under the Sagarmala Programme of MoPSW with the total investment of Rs. 77 Crores at IIT Madras which was inaugurated by the Minister on 24th April 2023. The aim of the centre is to enable research & development for the marine sector, enabling solutions towards achieving the ultimate goal of building a robust marine industry in the country. This state-of-the-art centre has world class capabilities for undertaking the 2D & 3D investigations of research and consultancy nature for the Port, Coastal, and Waterways sector across all disciplines. Modelling of Ocean, determining the Coastal & Estuarine Flows, Sediment transport and morph dynamics, planning of Navigation and Manoeuvring, estimation of Dredging & Siltation, consultancy in Port and Coastal Engineering – designing the Structures and Breakwaters, Autonomous Platforms & vehicles, Experimental & CFD modelling of flow & Hull interaction, Hydrodynamics of multiple hulls, Ocean renewable energy coupled with port facilities are some of the areas where NTCPWC has already contributed to optimise capability of marine sector of India. The laboratories created are among the best in comparison with other International Labs in the specific domain.

NOTICE TO CONSIGNEES

containers.

Consignees are requested to obtain DELIVERY ORDERS on presentation of ORIGINAL BILLS of LADING 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 movement due to port congestion Line/Agent are not responsible for the same.

Consignees will please note that the Carriers and/or their Agents are not bound to send Individual Notifications regarding the arrival of the vessel or the goods.

For detailed information on cargo availability please contact our office.

For any charges enquiries, Please contact on our Import Hotline No. : 4252 4444 Container Movement to : OCEAN GATE CONTAINER TERMINAL PVT. LTD.

As Agents :

Item Nos. B/L NOS.

AT NSFT/NSICT/NSIGT/GTI/BMCT FOR EXPORT LOADING

SCANDINAVIAN, RED SEA & MED. PORTS from NSICT

Helsingborg, Gothenburg & Red Sea,

Rotterdam,Antwerp,Dunkirk, Felixstowe, Le Havre COSCO COSCO Shpg. U.K., North Cont., Scandinavian, Red Sea & Med. Ports. Indial Indial Shpg. U.K., North Cont., Scandinavian, Red Sea & Med. Ports. Seahorse Ship U.K., North Continent, Scandinavian Ports & Riga, Klaipede, Tallim, St.Petersburg, Genoa, Valencia, Fos

SCI

Globelink Globelink WW U.K., North Continent, Scandinavian Ports & Ashdod, Piraeus, Thessaloniki, Athens,

Unifeeder Group Unifeeder Ag. U.K., North Continent & Scandinavian Ports. Dron.2 & TLP

TSS L'Global Ag. U.K., North Continent & Scandinavian Ports. Dronagiri-2

AMI Intl. AMI Global U.K., North Cont., Scandinavian, Red Sea & Med. Ports. Dronagiri-3 Kalko Faredeal U.K., North Continent & Scandinavian Ports. Dronagiri-3

Team Leader Team Leader Felixstowe, Rotterdam, Antwerp, Hamburg, Barcelona, JWR CFS Le Havre, Istanbul, Genova.

Safewater Safewater Lines U.K., North Continent, Red Sea & Med. Ports. Team Global Team Global Log.

North Continent & Scandinavian Ports.

NORTH CONT., SCANDINAVIAN, RED SEA & MED. PORTS from NSIGT

TO LOAD FOR BLACK SEA, EAST EUROPE & C.I.S PORTS from NSICT

TO LOAD FOR USA, CANADA, ATLANTIC, PACIFIC, SOUTH AMERICAN & WEST INDIES PORTS from NSIGT

TO LOAD FOR USA, CANADA, ATLANTIC, PACIFIC, SOUTH AMERICAN & WEST INDIES PORTS from GTI

TO LOAD FOR USA, CANADA, ATLANTIC, PACIFIC, SOUTH AMERICAN & WEST INDIES PORTS from BMCT

VESSELS DUE AT NSFT/NSICT/NSIGT/GTI/BMCT FOR EXPORT LOADING

TO LOAD FOR WEST ASIA GULF PORTS From NSICT

COASTAL

TO LOAD FOR INDIAN SUB CONTINENT from BMCT

TO LOAD FOR FAR EAST, CHINA & JAPAN PORTS from NSFT

TO LOAD FOR FAR EAST, CHINA & JAPAN PORTS from NSICT

Pelepas,Xiangang,Qingdao,Laem Chabang.

Xiangang,Qingdao, Kaohsiung.

Lines Seahorse Ship Port Kelang, Singapore, Haiphong, Qingdao, Shanghai, Ningbo.

Bhavani Shpg. Port Kelang, Singapore, Jakarta, Yangoon, Surabaya, Belawan, Ashte

VESSELS DUE AT NSFT/NSICT/NSIGT/GTI/BMCT FOR EXPORT LOADING

PORTS from GTI

TO LOAD FOR FAR EAST, CHINA & JAPAN PORTS from BMCT

TO

TO

FOR AUSTRALIA & NEW ZEALAND PORTS from NSFT

& NEW

PORTS from GTI

TO LOAD FOR AUSTRALIA & NEW ZEALAND PORTS from BMCT

TO

WEST & SOUTH AFRICAN PORTS from

TO LOAD FOR EAST, WEST & SOUTH AFRICAN PORTS from NSIGT

TO LOAD FOR EAST, WEST & SOUTH AFRICAN PORTS from BMCT

JAIGARH PORT LIMITED

VESSELS DUE AT MUMBAI FOR EXPORT LOADING

NOTICE TO CONSIGNEES

ZIM INTEGRATED SHIPPING SERVICES

m.v. “SEAMAX WESTPORT” V-087 (YTE-11/W) I.G.M. No. 2346187 Dtd. 09-06-2023

The above vessel has arrived at NHAVA SHEVA (BMCT) on 11/06/2023 with Import Cargo in containers. Item Nos. B/L NOS. 62. ZIMUSNT8072668

Consignees are requested to obtain the DELIVERY ORDERS on presentation of ORIGINAL BILLS OF LADING 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 movement due to port congestion Line/Agent are not responsible for the same.

Consignees will please note that the Carriers and/or their Agents are not bound to send individual notifications regarding the arrival of the vessel or the goods. For detailed information on cargo availability please contact our office. For any charges enquiries, Please contact on our Import Hotline No. : 4252 4444 Container Movement to OCEANGATE CONTAINER TERMINAL PVT. LTD.

As Agents

ZIM INTEGRATED SHIPPING SERVICES (INDIA) PVT. LTD.

Raheja Centre-Point, 3rd Floor, 294, C.S.T. Road, Near Mumbai University, Kalina, Santacruz (East), Mumbai - 400 098. Maharashtra, India. Tel : 91-22-4252 4301 Fax : 91-22-4252 4142

NOTICE TO CONSIGNEES

VESSEL VOYAGE ARR/ETA

NORTHERN DEDICATION 2309W NSICT 14/06/2023

CELSUIS NAPLES 896E NSICT 14/06/2023

VESSEL VOYAGE ARR/ETA

NORTHERN PRACTICE 0042 BMCT 10/06/2023

The above vessels are expected has arrived at NSICT/BMCT on above mentioned dates with Import Cargoes in containers.

Consignees are requested to obtain the Delivery Order by surrendering ORIGINAL BILLS OF LADING duly discharged on payments of relative charges as applicable within 5 days or else detention charges will be applicable.

Consignees will please note that the carriers of their agents are not bound to send individual notification regarding arrival of the vessel or the goods. For detailed information on cargo availability, please contact our office.

*Note: The importers having AEO status and those who are availing DPD facility for containerized cargo are allowed to pay Terminal Handling Charges (THC) directly to Ports/Terminal through their P.D Accounts. Upon making THC payment importers are requested to submit proof of payment duly stamped and acknowledged by Port/Terminal to Avana Global FZCO for issuance of Delivery Order (DO) without Avana Global FZCO’s THC Invoice and Receipt. Visit our Website : www.avanalogistek.com for Import Vessel arrival & IGM details

UNIFEEDER AGENCIES INDIA PVT. LTD.

As Agents of : UNIFEEDER FZCO

D:301-305, Level 3, Tower -II, Seawoods Grand Central, Plot No. R1, Sector 40, Nerul Node, Navi Mumbai 400706 • Email : dhirendra.singh@unifeeder.com

Robust trade finance ecosystem important to achieve

$2 trillion exports target by 2030: DGFT official

NEW DELHI: A robust and easy trade finance ecosystem is important for India to achieve the USD 2 trillion exports target by 2030, a senior Government official said recently. Additional Director General of Foreign Trade (DGFT) S C Aggarwal said easy availability of affordable trade finance helps promote export competitiveness.

TradersandtheGovernmenthave to work on issues like obtaining easy finance both for domestic and crossborder trade, he said. "A robust and easy trade finance ecosystem is very important for moving us to achieve thisgoal(ofUSD2trillion),"Aggarwal saidinNewDelhiatanevent.

India has set an ambitious target to take its total goods and services

exportstoUSD2trillionby2030.

According to the commerce ministry's data, exports of goods and services in 2022-23 rose 14.68 per cent to USD 775.87 billion as against USD 676.53billionin2021-22.

Hesuggestedtheindustrytofocus on how to make it easier to get the finance and ways to strengthen this ecosystem.

DGFT offices for investment, trade promotion only : Piyush Goyal

NEW DELHI: Commerce and Industry Minister Piyush Goyal recently said that the Directorate General of Foreign Trade (DGFT) offices will be only investment promotion and trade facilitation offices,andnotsortouttheday-to-day problemsofindustry.

The industry problems will be addressed through recorded

video conferencing.

Speaking at a Federation of Freight Forwarders Associations in India (FFFAI) event, he asked the industry to stop practices such as adding non-transparent and miscellaneous charges to their bills, try and break the queue or avoid qualityinspections.

He asked the industry to either

"participate in this journey of change andreformorleave".

"(We are) gradually moving everything out of the offices of DGFT. Everything will be only online. I think probably already most things-90 odd percent-are online," he said, adding that no one should pollute the environment by visiting the DGFT offices.

Quantum jump in the Export of electronic goods

NEW DELHI: Exports of Electronic goods witness a quantum jump of more than 400% from Rs 38,263 crores in 2014 to Rs 1,92,527 crores in January 2023. During FY2022-23(April-March)electronic goods exports were recorded at USD23.57billionascomparedtoUSD 15.66billionduring

FY 2021-22 (April-March), registering a substantive growth of 50.52%.

The National Policy on Electronics 2019 (NPE 2019) aims to position India as a global hub for Electronics System Design and Manufacturing (ESDM) by encouraging and driving capabilities in the country for developing core components and creating an enabling environment for the industry to compete globally. Four schemes namely the Production Linked Incentive Scheme (PLI) for

Large Scale Electronics Manufacturing, the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), Modified Electronics Manufacturing Clusters Scheme(EMC2.0),andthe Production Linked Incentive Scheme (PLI) for IT Hardware (2.0) have been introduced to boost to the electronics sector and establish the necessaryecosystem.

UP all set to emerge as India’s warehousing and logistic hub

LUCKNOW: The Uttar Pradesh Government is taking decisive steps to kickstart the proposed investment projects worth over Rs 35 lakh crore thatwereattractedtothestateduring the Global Investors Summit. In line with this effort, the government organised the Warehousing & LogisticsSummit2023inLucknow.

The Confederation of Indian Industry (CII) collaborated with the Uttar Pradesh State Industrial Development Authority (UPSIDA) to host the UP Warehousing & Logistics Summit 2023 at the CII office. The objective was to tap into the vast land bank of Uttar Pradesh and understand the intricacies of the recently introduced UP Warehouse and Logistics Policy 2023. Chief Minister Yogi Adityanath’s directive toestablishthestateasalogisticshub and boost exports prompted the introductionofthepolicy.

During the summit, discussions revolved around key challenges faced by the warehouse and logistics sectors, such as the shortage of skilled manpower, limited use of technology, and regulatory

infrastructure. Additionally, the panelists highlighted the advantages that UP offers for this sector, including a large land bank, an extensive network of highways and expressways, investment intents, a single window clearance policy, and a dedicated framework for the growth ofthewarehouseandlogisticssector.

Mayur Maheshwari, CEO of the UP State Industrial Development Authority, revealed that the warehouse and logistics sector in Uttar Pradesh alone received memorandum of understanding (MoU) proposals equivalent to 10 per cent of the total investment proposals during the Global Investor Summit. He also announced the upcoming establishment of a warehouse hub around the expressways, with Dadri in Gautam Buddha Nagar housing an 800-acre multimodal logistical hub that integrates land, water, and air transportation. He mentioned the existence of a single window clearance system for the sector on NiveshMitraPortal.

Akash Goenka, Chairman of the CII UP State Council, emphasised

the growing importance of the warehousing and logistics sector due to e-commerce growth, technological advancements, and the ‘Make in India’initiative.

Smita Agarwal, ViceChairperson of the CII UP State Council, expressed confidence in the Uttar Pradesh Warehousing and Logistics policy, emphasising its potential to contribute significantly to thestate’seconomicgrowth.

Vikram Jaisinghani, MD & CEO of Adani Logistics Limited, shared the company’s vision to construct over 60 million square feet of warehousing facilities across India, with 30,000 crore square feet planned forUPalone.

He expressed confidence in transforming the logistics and warehouse management in the state withthegovernment’ssupport.

The summit featured technical sessions on Logistics & Warehousing —TheNextBigRevolutioninUPand Green Logistics and Sustainable Supply Chain Management. More than 120 representatives attendedthesummit.

RBI MPC meeting: Policy rate unchanged with Real GDP growth for FY24 projected at 6.5%

MUMBAI: At the end of the June 2023 Monetary Policy Committee (MPC) meeting on Thursday, 8th June, the Reserve Bank of India Governor Shaktikanta Das announced that real GDP growth for FY24 has been projected at 6.5% — first quarter at 8% , second quarter at 6.5%, third quarter at 6% and fourth quarterat5.7%.

Domestic demand conditions remain supportive of growth, the Governor said. Rural demand is growing while urban demand remainsresilient,headded.

In the run-up to the MPC's latest meeting, leading forecasters projectedthenumbersintherangeof 5.5% to 6.3% — OECD saw FY24 real GDP at 6%, the World Bank at 6.3%, JPMorganat5.5%andUBSat6.2%.

The MPC, at its meeting, unanimously decided to keep the policy rate unchanged at 6.5 per cent,

Dasannounced.Itwasastatusquoat theprevious(April)too.

The committee also decided to focus on withdrawal of accommodative, with a 5-1 vote in favourofthisstance,Dasinformed.

The MPC in its February meeting hadpeggedrealGDPgrowthforFY24 at 6.4%. The first advance estimate peggedFY23GDPgrowthat7%.

The Indian economy had clocked Q4 GDP print of 6.1% in March quarter (Q4). This stronger-thanexpected performance lifted India's growth to 7.2% in FY23. It exceeded the 7% growth cited in the second advance estimates released in February.

In Q4, GDP growth also increased sequentially from the (revised) 4.5% in the comparable quarter last year. The stellar performance helped India retain its status as the fastestgrowingmajoreconomyintheworld.

The economy had grown 9.1% in FY22. That, however, was on a lower base of a Covid-ravaged FY21. The strong growth makes India the fastest-growing major economy again.

Mr. RajivAgarwal

Mr. Rajiv Agarwal, MD & CEO, Essar Ports in his reaction said, “Today’s announcement of the RBI Monetary Policy is a result of the overall positive outlook of the Indian economy and that the inflation is under control. This reflects that India has decoupled from the rest of the world in terms of inflation and growth rates. We should expect a downward reduction in the rates in coming times.”

Maintaining status quo in policy rates by RBI, to further provide boost to growth momentum and contain inflation: Dr A

NEW DELHI: Reacting to RBI’s policy rates being kept unchanged at 6.5%, goes to show the resolve of the Reserve Bank of India to further provide growth momentum to the economy and contain inflation, said Dr A Sakthivel, President, FIEO. WithUSFedalsoexpectedtokeeptheir policy rates unchanged, the trade and industry was of the view that RBI will continue to follow the same path of maintaining the status quo on policy rates front, added Dr Sakthivel. RBI feels that the MPC decision is focused towards the objective of achieving medium-termtargetofconsumerprice index(CPI)inflationof4percentwithin

Sakthivel, President, FIEO

abandof+/-2percent,whilesupporting growth,reiteratedFIEOChief.

The decision to keep policy rate unchanged will further give boost to growth through increasing investments. While most Central banks have given more weightage to inflation as compared to growth, RBI stroke a nice balance between the two, giving primacy to growth, thereby maintaining the GDP growth forecastforFY24at6.5percent.

President, FIEO said that the increasing investment will lead to further production and easing of supply thus reducing inflation in coming months. Dr A Sakthivel also

added that the status quo in rates will help exporting community, whose cost of credit has gone up substantially due to upward revision in rate during last one and half year leading to the demand to increase the interestsubventionfrom2%and3%to 3% and 5% respectively. The resilient external sector growth backed by financial sector push has further giventhrusttotheeconomy.

Dr Sakthivel said that our goods and services exports will touch US$ 900 Bn in 2023-24, exhibiting a growth of about 15% growth, which is a huge achievement looking at the current globalchallenges.

US Container imports leave the pandemic behind

WATWERLOO:UScontainerimport volumes continued to track closely with 2019 levels in May 2023, falling well belowinflated2021and2022volumes.

According to a report from Descartes, May 2023 US container imports were 2.1 mn TEU, up 3.8% on April 2023 volumes. The figure was 20% lower than May 2022, but 0.5% above May 2019; 2023 volumes have so far tracked2019levelswithina1.3%margin forJanuarythroughMay.

Among the top 10 US container ports, Tacoma had the largest proportional on-month increase in imports, up 33.3%, while in TEU terms, LA had the largest increase, up 56,226 TEUon-month.

Acrossthetop10ports,importswere up 68,742 overall compared to April 2023, although only half of the ports recorded an increase in volumes. Long Beach, Savannah and Houston all recorded drops of around 6,000 TEU, there was a 1,100TEUdropatCharlestonanda4,900 TEUdropatBaltimore.

The five largest West Coast ports took 41.5% of US imports, while the top East Coast and Gulf Coast ports took 42.8%,anincreaseof1.8%forWestCoast ports and drop of 1.2% for the East and Gulf Coasts. Port transit times increased across all of the top 10 US ports in May, compared to April, reachingfiguressimilartothoseseenat theendof2022,saidDescartes.

The company further warned that the return of Asia-origin container to the West Coast ports could be delayed bytheongoingnegotiationswithunions, and the actions by workers that are impactingcontainerprocessing.

China continued to account for over a third of US container imports in May, with 780,684 TEU, up 5.1% on month. The figure represented 37.2% of US box imports coming from China, up 0.4% fromApril2023.

China topped the list of container origins and the had the largest increase in imports on-month, followed by Vietnam. Imports from Japan slipped 14.3% due to the Golden Week holiday in earlyMay.

Q1-2023 EBIT drops 81% YoY to USD 7bn : Sea-Intelligence

COPENHAGEN: There were indications of a weakness in the market in the second half of 2022, whichhasmanifestedfullyin2023-Q1. Revenues declined quite sharply, in the range of 35%-70% Y/Y. In terms of EBIT, there was a stark difference for 2023-Q1 versus the previous two years. Overall, 2023-Q1 EBIT was USD 7.00bn versus a staggering USD 43.93bn in 2022-Q1, and even lower than the USD 16.28bn EBIT of 2021-Q1. That said, it is still markedly higher than the USD 621M EBIT of 2019-Q1. In fact, the combined EBIT drop Y/Y was a staggering -81.0% (acrossthesamesetofcarriers).

This can also be seen in the EBIT/TEU figures, where none of the shippinglineswereableto sustain their 2022-Q1 EBIT/TEU figures into 2023. On average, the shipping lines recorded EBIT/TEU of 330 USD/TEU in 2023-Q1, down 81% from 2022-Q1’s average of 1,829 USD/TEU, butstillvastlyabovethejust53USD/TEU averageof2010-2021.

The only silver lining, if you can even call it that, is that while Y/Y comparisons with 2022-Q1 will show a horrifying picture due to the

unnaturally high numbers in that year,therealityisthattheprofitability of the shipping lines has increased considerably compared to the pre-pandemic levels, and looking at the current market indicators, it does not seem that the shipping lines are going to drop back down to those low levelsintheshortterm.

India open to FTA negotiations bilaterally or individually with Africa: Piyush Goyal

NEW DELHI: The Minister for Commerce and Industry, Piyush Goyal, discussed with the visiting Ambsaddors from Africa how New Delhi plans to work towards making Africa a top priority for trade and said India is open for Free Trade Agreements (FTA) with African nations.

"This is the beginning of a new engagement and reaffirmed that Indiawouldactasatrustedpartnerto expand trade, commerce, business, investment and opportunities betweenthetwonations.Indiaisopen to FTA negotiations bilaterally or individually with African countries or Africaasawhole,"saidGoyal.

UnionMinisterforCommerceand Industry Piyush Goyal hosted 15 ambassadors from African countries on Thursday to discuss ways to strengthen trade and investmenttiesbetweenIndiaandthe Africancountries.

The bilateral trade between India and 48 African countries was USD 74.86 billion in 2021-22, witnessing a growthof59.91%comparedto2020-21.

Ambassadors from key African nations namely Algeria, Botswana, Egypt, Ghana, Republic of Guinea, Kenya, Malawi, Mozambique, Morocco, Rwanda, South Africa, Tanzania, Togo, Uganda and Zimbabwediscussedwaystoimprove

their partnership with India, thereby promoting bilateral trade, registering newpartnerships.

According to data available at the Ministry of Commerce and Industry, India’s exports to Sub Saharan Africa (SSA)regionwereatUSD33.08billion and recorded a growth of 44.31% in 2021-22 vis a vis 2020-21. Whereas India’s imports from SSA region registered a growth of 74.87%, and were valued at USD 41.77 billion duringthesameperiod.

India primarily exports petroleum products and pharmacueticals to Africa. While on the other hand India importsgold,crudeoil,coalandother mineralsfromit.

Delhi-Mumbai Expressway expected

to be completed by Dec 24

NEW DELHI: Construction of the Delhi-Mumbai Expressway is expected to be completed by December 2024, a senior Union Governmentofficialsaidrecently.

The travel time between the two cities will be reduced to 12 hours with the completion of the Expressway from the present 24 hours, said Anurag Jain, the newly-appointed Secretary of the Road Transport and HighwaysMinistry.

Vehicles would be able to run at a speed of 120 kmph on the road, he added. Before speaking to reporters, Jain reviewed the National Highway projects worth Rs 26,000 crore being executed in MP. Some 7,700 km of roads have been constructed in the state under theseprojectssofar.

Ofthe1,350-kmlongDelhi-Mumbai Expressway, a stretch of 245 km passes through Madhya

Pradesh, Jain told reporters. Of nine ‘columns’ in the state, work has been completedineightcolumns,headded.

ThefirstofthefourplannedMultiModal Logistics Parks in the country would come up in Indore, the official said. Acquisition of 300 acres of land for the facility would be completed by September and thereafter construction would start under the Public-Private Partnership (PPP) mode,hesaid.

Forex reserves snap 2-week decline, jump $5.9 bn to $595 bn

MUMBAI: Snapping a two-week falling streak, India's foreign exchangereservessawariseof$5.929 billion and stood at $595.067 billion as on June 2, 2023, as per Reserve Bank ofIndiadataupdated.

India's forex reserves hit a onemonth low as they declined $4.339 billion to $589.138 billion in the week thatendedonMay26,2023.

India's foreign currency assets, thebiggestcomponentoftheforex..

India's gold reserves rose by $655 million, taking the overall levels to $45.557 billion. Meanwhile, SDRs fell by $6 million, to $18.186 billion. India's reserve position in the IMF improved by$10millionto$5.123billion.

SHIPPING MOVEMENTS AT DEENDAYAL PORT

TODAY’S

SHIPS SAILED WITH NEXT EXPORT CARGOS DESTN.

VESSELS IN PORT & DUE FOR EXPORT LOADING

I.G.M. Nos. filed at Kandla Customs

VESSELS IN PORT & DUE FOR IMPORT DISCHARGE

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KANDLA INTERNATIONAL CONTAINER TERMINAL (KICT)

SHIPPING MOVEMENTS AT ADANI PORT

ADANI PORTS & SEZ LTD. (APSEZ) MUNDRA

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ADANI MUNDRA CONTAINER TERMINAL (AMCT)

ADANI INTERNATIONAL CONTAINER TERMINAL (AICT)

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ADANI CMA MUNDRA CONTAINER TERMINAL PVT LTD (ACMTPL), MUNDRA

CONTAINER

ADANI MUNDRA CONTAINER TERMINAL (AMCT)

ADANI INTERNATIONAL CONTAINER TERMINAL PVT LTD. (AICT)

TO LOAD FOR EAST, SOUTH & WEST AFRICAN PORTS

SHIPPING MOVEMENTS AT GUJARAT PORTS PORT PIPAVAV

SHIPPING MOVEMENTS AT ADANI HAZIRA PORT

OTHER PORTS OF GUJARAT

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I.G.M. FILED AT JAWAHAR CUSTOMS FOR NSFT/NSICT/NSIGT/BMCT/GTI VESSELS

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NSIGT

PSA Chennai celebrates 10 million TEUs Milestone

CHENNAI: PSA Chennai, which commenced operations in 2009, recently achieved a significant milestone by handling 10 million TEUs in May 2023. Despite facing fierce competition from neighboring terminals and private ports, PSA Chennai consistently performed well due to its state-of-the-art infrastructure and exceptional customer service. The terminal’s success was also recognized by the industry through multiple Export Import achievement awards and winning the prestigious Southeast Cargo and Logistics Awards-ContainerTerminaloftheYearinmultipleyears from2013to2022.

Looking ahead PSA Chennai has outlined its visions to enhance its customer base, expand its services, and solidifyitspositionasaleadingcontainerterminalinthe region by attracting new services from Shipping Lines and migrating volumes from leading Beneficial Cargo Owners (BCOs) in the region and nearby states. The emphasis will be on developing rail connectivity to connect all major Inland Container Depots (ICDs) from PSAChennai.

expressedhisgratitudetowardsallthestakeholdersand the entire PSA Chennai team for their valuable contributions in achieving a significant milestone despite operating in an exceptionally challenging environment. He specifically commended the team for their outstanding service levels, which played a crucial roleinthecompany’sgrowth.

Mr.GobuSelliaya,-CEOofPSAIndia, attendedthe 10 million TEU accomplishment celebrations at PSA Chennai. He expressed his appreciation to the entire Chennai team for their momentous achievement andcommendedtheteamforovercomingthechallenges and hurdles to achieve this milestone. He congratulated theteamandencouragedthemtobuildonthissuccessto continue serving the industry with the highest standards.

Ocean Network Express celebrates 5th Anniversary

Cont’d. from Pg. 3

There were more than 150 guests at the anniversary celebration, including government officials, valued partners, and customers. As part of the celebration, a traditional Japanese ceremony, called Kagami-Biraki, wasperformed.Inthisceremony, a sake barrel is opened with a wooden mallet. It is believed that breaking the sake barrel will bring goodluckandprosperity.

ONE CEO Jeremy Nixon, Maritime and Port Authority of Singapore (MPA) Chairman Niam Chiang Meng, and Ambassador Extraordinary and Plenipotentiary of Japan to Singapore Hiroshi Ishikawa, performedtheKagami-Birakiinhappicoats–traditional Japanese coats worn during festivals and ceremonies.Aspartofthecelebration,guestswerethen invitedtoasaketoast.

Inhisopeningspeech,ONECEOJeremyNixonsaid, "Iamhonouredtowelcomeyoualltoour5thanniversary celebration. It has been an incredible journey for ONE over the past five years. We have faced many challenges, but we have also achieved many successes. Iamproudofwhatwehaveaccomplishedtogether."

MPA Chairman Niam Chiang Meng said, "Congratulations to ONE on this significant milestone. ONE has grown steadily over the years and is one of the largest liner operators in Singapore today, contributing in areas of maritime decarbonisation, innovation and digitalisation, and manpower development. We thank ONE for their vote of confidence in Singapore and lookforwardtoourcollaborationintheyearstocome.”

Ambassador of Japan to Singapore Hiroshi Ishikawa said,"Iwouldliketoextendmywarmestcongratulations to Ocean Network Express on its 5th anniversary. ONE has played a vital role in the global economy, and I am confident that it will continue to do so in the years to come. Thank you for your continued contributionstoSingaporeandtheworld."

ONEwasfoundedinApril2018throughthemergerof three Japanese container shipping companies: MOL, NYK, and K Line. The company has a fleet of over 200 vessels, plying about 170 routes across more than 120countries.

ONE has faced a number of challenges over the past five years, including the COVID-19 pandemic and the global supply chain disruptions. Despite these challenges, the company has continued to grow. As part of its efforts to become net zero by 2050, it is investing in new technologies and solutions to enhance its operation efficiency and sustainability. ONE is also expanding its network of services to better serve valued customers and reach out to new markets.

ONE’s strong track record of growth and innovation, positionsittoplayasignificantroleinthedevelopmentof theglobaleconomyinyearstocome.

Mr. Deep Kishore Reddy, CEO of PSA Chennai,