There will be No Issue of Daily Shipping Times on Monday, 19th February, 2024 on account of Chhatrapati Shivaji Maharaj Jayanti.
APPOINTMENTS See Pg. 2
Vol. LXIV No. 32 FRIDAY 16th FEBRUARY 2024
India, UAE sign pact on Trans-Continental Trade Corridor • India and UAE sign framework accord on trade corridor • Route would connect India with Europe, via the Middle East • Accord will foster India, UAE coopera on, Foreign Ministry says DUBAI/NEW DELHI: India and the United Arab Emirates has signed an agreement on a trade corridor that aims to connect Europe with India through parts of the Middle East by sea and rail, an ambitious plan backed by the U.S. and the European Union. The announcement of the framework agreement, reached during a visit by Prime Minister Narendra Modi to the Gulf state, was released in a statement by the Indian Foreign Ministry. "This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity," the Ministry statement said. Cont’d Pg. 5
HMM remains profitable despite market uncertainty in 2023 SEOUL: The operating profit was KRW 585 billion, with a margin of 7% in 2023. The net profit came to KRW 1,006 billion, with a margin of 12% in 2023. The revenue stood at KRW 8,401 billion in 2023. The financial str ucture has remained solid. The company’s debt-to-equity ratio slightly improved to 20% in 2023 from 25% in 2022.
• Overall, the slowdown in demand and the influx of new containerships led to the normalization of the container shipping market, putting the freight rates in key trade lanes under downward pressure during 2023. The Shanghai Containerized Freight Index (SCFI) in 2023 was 1,006 points on average, significantly down 71% from 3,410 points in 2022. Cont’d Back Pg.