MUM-24-04-2024

Aamara Logisticzs opens office in Mumbai

MUMBAI: AAMARA

L o g i s t i c z s i s a n e w

S t a r t - U P c o m p a n y, having its Head Quarter in Mumbai, registered with various certification of MSME, LEI, IEC, GEM etc

AAMARA will be expanding its services into various verticals like NVOCC, Freight Forwarding & Logistics, Agency, Container Depot with M&R facility, Transportation, Warehousing, Customs Clearing, Project etc.

AAMARA Management comprises experienced personals in the industry Mr. Sabu Varghese –

Major Ports’ see 4.45 % cargo volume growth in FY24 : IPA

NEW DELHI: India’s 12 Major Ports handled 819.227 million tonnes (mt) of cargo in FY24, some 4.45 percent more than the 784.305 mt handled during last year on the back of strong growth in iron ore, raw fertiliser, coking coal and container shipments, according to data received from Indian Ports Association (IPA).

Managing Director, Mr. Suresh Menon – Promoter Director & Mr. Sushil Srivastava – Director who all brings in more than 3 decades of experience in Shipping&Logisticsandrichstrategicleadershipqualities

AAMARA is starting its operation of Container Depot with M&R Facility in Nhava Sheva and Mundra from 1st May 2024 AAMARA is expected to expand its operation across India in a phased manner

AAMARA is looking forward to all its Friends, Well-wishers and Customers for their support, guidance and the trust.

The Company is located at 205, Meraki Arena, Chembur, Mumbai.

Small exporters looking for continuation of Amnesty scheme till September

NEW DELHI: Several small exporters have requested the government to continue the amnesty scheme for one-time settlement of default in export obligation till September, an industry body said.

MoPSW data showed that the shipments of iron ore including pellets surged 32.68 percent to 61.031 mt in FY24 from 45.997 mt in FY23.

Cont’d Pg. 19

Ludhiana-based Hand Tools Association President S C Ralhan said the number of small exporters have not been able to avail of benefits of the scheme due to fulfilling their obligations to make make payments to MSMEs within 45 days.

Cont’d Pg. 19

Asyad Shipping and OQ8 successfully complete First-of-its-kind blended Crude Oil Delivery from Mina Al Fahal to Duqm Refinery

MUSCAT: Asyad Shipping, part of Asyad Group, has achieved a first in Oman's maritime and energy history with the successful delivery of the first blended crude oil by an entirelyOmani supply chain. This inaugural shipment, embarked by Asyad Shipping’s fleet, VLCC Saiq, set sail from Mina Al Fahal to Ras Markaz, destined to the Duqm Refinery (OQ8), a promising economic project in Oman.

Dr. Ibrahim Al-Nadhairi, CEO of Asyad Shipping, expressed “Our partnership with OQ8, a burgeoning refinery within our own nation and a valuable addition to the global energy market, mirrors the pioneering nature of our innovative maritime solutions in delivering efficient competitive services.

Our success in delivering the first blended crude oil shipment managed entirely by an Omani company underscores our commitment to raising the local supply chain and creating sustainable logistic solutions that support the diversification goals of the nation and solidifies Oman’s position on the global trade map.”

He added, “This accomplishment is a testament to Asyad Shipping’s comprehensive service capabilities and our role in transforming the region’s logistics landscape and driving socio-economic growth.

Highlighting the importance of the partnership, David Bird, CEO of OQ8, said: “We deeply value Asyad Shipping’s technical expertise and advanced infrastructure Their skillfulness and exceptional operational capabilities are in perfect harmony with OQ8's goals, forging a strong partnership that sets new standards in the industry. This joint effort reflects our shared commitment to advancing Oman's maritime and energy sectors to unprecedented levels.”

With a fleet of over 83 diverse vessels, boasting a total Deadweight capacity (DWT) of over 9 million, Asyad Shipping is a major player in maritime transportation services. This extensive fleet, encompassing a variety of carriers, ensures high-quality, efficient shipping solutions to a distinguished and global clientele, ensuring reliability and excellence in maritime operations.

“Mawani”: Adding “East Africa Express” to King Abdul Aziz Port in Dammam to Link the Kingdom to East African Ports

RIYADH: The Saudi Ports Authority “Mawani” has announced the addition

o f t h e n e w s h i p p i n g s e r v i c e

“ E a s t A f r i c a E x p r e s s ” b y t h e Mediterranean Shipping Company “MSC” to King Abdul Aziz Port in Dammam, connecting the Kingdom to the ports of East Africa. This initiative r e f l e c t s “ M a w a n i ’ s ” e f f o r t s t o e n h a n c e t h e competitiveness of the Kingdom in both investment and logistics services, and to consolidate the Kingdom’s standing in accordance with the targets of the National Transport and Logistics Strategy (NTLS), aiming to solidify 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 Mundra Port in India, Qasim Port in Pakistan, and Abu Dhabi and Jebel Ali Ports in the United Arab Emirates through regular weekly trips, offering a capacity of up to 11,000 TEUs

It is noteworthy that King Abdul Aziz Port in Dammam boasts several leading operational and logistical capabilities, with 43 fully serviced and equipped berths, capable of handling up to 105 million tons of cargo and containers In March 2024, the port continued its operational efficiency by setting a new record, handling 289,787 TEUs, confirming its ability to support trade movement and enhance global supply chains

Cosco Shipping and Shenzhen port partner for automobile exports

BEIJING: Shenzhen Port Group and Cosco Shipping have inked MoU to deepen cooperation on shipping, logistics and automobile exports.

The two parties will enhance automobile transport service capabilities and accelerate construction of Shenzhen to be a hub ro-ro port for high-efficient exports of China-made automobile. This collaboration will also be extended to improve Shenzhen’s competitiveness in international shipping market.

Earlier this year, Shenzhen issued program to promote automobile exports, including opening up new ro-ro services, providing subsidies for acquiring new ro-ro vessels and attracting more shipping lines to berth at Shenzhen port for automobile transportation.

In the first quarter, Xiaomo port, the major automobile export port at Shenzhen has exported 14,415 units of new-energy vehicles (new energy vehicles are primarily electric cars), reaching 72% of the total automobile export volume in 2023.

YOUR QUERIES - OUR SOLUTION

by Dr. Pramod Sant, A distinguished Industry Expert

Question: We have imported the Machine from Taiwan and one of the parts has gone faulty. The original manufacturer of M/C has supported us immediately by sending a new part and now M/c is working, however, we need to send the faulty part back to Taiwan for repairs and get the same back after repairs. The repair will be carried out FOC by the supplier. Can you explain the process and what care to be taken to avoid challenges especially when the repair part is received back?

PS: M/C imported was new and by paying full duty on merit(NoEPCGorunderanyscheme)

SOLUTION: Thanks for asking this question before the startoftheprocess,Iamsurewithbelowdetailedprocess and suggestions will help you to get these repairs done smoothly

REGULATION

Regulation Explanation

FTP As per FTP -2023 para 2.28Re Import of goods repaired abroad Capital goods, equipment, components, parts, and accessories is allowed (except restricted under ITC HS) may be sent abroad for repairs and reimported without authorization

Customs As per Notification No. 94/96 (amended 47/2017) sr 2 complete Custom duty on material is exempt at the time of Re-Import but customs duty will be leviable if the value of re-imported goods after repairs were made up of the fair cost of repairs carried out including cost of materials used in repairs (whether such costs are actually incurred for not), insurance and freight charges, both ways

RBI As per RBI Master circular Part C-4 you need to get EDF approval (GR Waiver) forExportofGoodsforre-imports.

Importantsteps

1. Coordinationwithsupplier

• A letter from the Supplier confirming that they are readytoaccepttheshipmentforrepair

• Even if repair is free of cost as per Customs appropriaterepaircostisrequired,pleaseinformthis regulationtosupplier

• Please align with supplier INCOTERMS, he may take all costs - freight both ways, insurance, customsclearance,etc

• Select a freight forwarder and single Customs broker in India who can handle both export clearance and import after repairs

• Obtain the price of defective parts from a supplier (itshouldbethesamepricementionedintheimport invoice against which you have already received)

• Please align with the supplier to condition

After repairs “Do not dispatch till specific Dispatch clearance” (this will help you to check the re-export invoice draft from the supplier)

2. ExportInvoiceshould havethe following details.

• Valueofdefectivepart

• A declaration that the “Defective goods being sent for repair”

• Details of earlier imports like Supplier Import Invoice Number & Date and Bill of Entry number & Date

• Description, Part Number, SerialNumberofproducts

• Any visible identification marks / numbers over the product

Dr. Pramod Sant

3. Obtaining a“GRWaiver”fromthe Bank-

A GR Waiver is to be obtained from the bank for the re-export of part.

4. Physical Examination (at your factory) to verify make/ model/ serial numbers/ part numbers beforedispatch.

To handle shipments without any errors and to avoid delay in Customs clearance, physical verification of make/ model/ serial numbers /part numbers is necessary before dispatch. It is advisable to invite a custom broker’s representative to verify/correlate the make/ model/ serial numbers/ part numbers mentioned on documents and physically on the part before packing. Take a photo of the part where sr no is visible This will help smooth export clearance and import clearance after repairs.

5. ExportClearanceofgoodsatCustoms

The Customs officer will conduct a physical examination and check all the marks and numbers on the export invoice/ packing list with a physical product. Such examination report will help at the time of import clearance after repairs

6. Re-importofgoodsbySupplierafterRepair

The Supplier must prepare the draft invoice as per the instructions given below

• Mentioning“GoodsreturnedafterRepair.”

• ExportInvoice(Invoiceagainstwhichpartisreceived forrepairs)Numberanddate.

• The make/ model/ serial number/ part number should be the same as the Export Invoice and must be the same physically on the equipment.

• The repair cost must be shown separately on the InvoiceevenifitisFOC

• The value of the part declared after Repair should be the same as the Export Invoice

7. Scrutiny of advance set of dispatch documents & Dispatchclearance

Ensure that all details mentioned are correct and then give dispatch clearance to the supplier Share details /documents with the Customs broker

8. CustomsClearanceofre-importshipments

It takes a little more time than normal shipments as customs examination is involved. Please provide an Export S/B copy, export invoice, and examination report (If available) to the customs broker for clearance

Right from the first step of export care has been taken to ensure correctness and correlation to ensure smooth customsclearance.

9. ClosureofGRwaiver

After customs clearance ensure that you submit Bill of entry to the bank and close the GR Waiver

Conclusion: I am sure if you follow these steps, it will be a smooth operation

PHDCCI projects USD 34.7 trillion size of the economy by 2047: suggests 10 key enablers to become a developed economy by 2047

NEW DELHI: The Indian economy is displaying robust growth post Covid pandemic despite continued global headwinds. India’s economy will attain the size of USD 34.7 trillion by 2047 with per capita income of USD 21000, says industry body PHDCCI.

India is adopting modern practices including artificial intelligence, enhancing internet penetration, adopting World class logistic techniques among others India’s rank will be among top 5 countries in Government AI Readiness Index, size of exports (merchandise + services) will be USD 10 trillion and India will be among top 5 countries in the Global Innovation Index by 2047, said Mr. Sanjeev Agrawal. We have identified ten key enablers that are leading the economy to “ V i k s i t B h a r a t b y 2 0 4 7 ” , s a i d Mr Sanjeev Agrawal. These include:

1. Percolate ease of doing business at factory level. Reduce cost of doing business including costs of capital, costs of power, costs of logistics, costs of land and availability of land, costs of labor and availability of s k i l l e d l a b o r, a n d c o s t s o f compliance.

2. Enhanced global scalability of the promising sectors to become MNCs - the promising sectors include Automobile Sector, Fast-Moving Consumer Goods (FMCG), FinTech, Information Technology (IT), P h a r m a c e u t i c a l S e c t o r a n d Renewable Energy

3. Special focus to the development of semiconductor industry — India’s semiconductor industr y will enhance its prominence as a leading manufacturer globally

4. Continued handholding to Startup ecosystem – to become the 2nd largest startup ecosystem in the World by 2030

5. Capacity building for exports — potential 75 products to be focused to enhance export volumes in the global trade

6. Reform measures for agriculture and food processing sector – – the best practices of leading states should be adopted by others

7. Filling the vacant positions at the National and State levels, including Judiciary, Police, Medical and Paramedicals, Military and paramilitary and education among others

8. G r e a t e r p u s h t o d i g i t a l transformation – – to become top 5 ranking country in the Government AI Readiness Index by 2047

9. Bolster the renewable energy segment – – to enhance the renewable energy installed capacity to 1500 GW by 2047

10. Physical infrastructure including road, rail, port, airport, education intuitions and hospitals should be focused along with targeted outcomes annually

Major thrust needs to be laid on percolation of ease of doing business at factory level boosted by reduced cost of doing business and global scalability of the promising sectors to become MNCs including the Automobile Sector, Fast-Moving Consumer Goods (FMCG), FinTech, Infor mation Technology (IT), Pharmaceutical Sector and Renewable Energy among others, said Mr. Sanjeev Agrawal.

Capacity building for exports must be focused We have identified potential 75productstoenhanceexportvolumesin the global trade and reform measures for agriculture and food processing sector mustbestrengthened,hefurther said.

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.

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

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. U.K., North Continent & Scandinavian Ports. Pun.Conware

Himalaya Express

NBCL Axis Shpg. Felixstowe, Rotterdam, Hamburg, Antwerp & All Inland Desti. Dronagiri-1 Service

Allcargo Allcargo Log. U.K., North Cont., Scandinavian

from NSIGT

(IMX)

Emirates Emirates Shpg. Jebel Ali, Sohar.

X-Press Feeders Sea Consortium Jebel Ali, Bandar Abbas. Dronagiri

Cordelia Cordelia Cont. Jebel Ali, Sharjah, Abu Dhabi, Ajman, Dammam, Jubail,

Ashte CFS Seahorse Ship Gulf Ports.

India's Business Activity surges to 14-year high in April: PMI data

MUMBAI: Business activity in April expanded at its fastest pace in nearly 14 years, propelled by strong demand, said a private report recently

The HSBC Flash India PMI indicated positive job growth and a decline in input inflation, suggesting India is positioned to maintain its status as the fastest-growing major economy this year

The flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global and HSBC, climbed to 62.2 in April compared to March's final reading of 61 8 A reading above the 50, which separates expansion from contraction, has been observed since August 2021.

Pranjul Bhandari, chief India economist at HSBC, said the strong performance in manufacturing and service sectors, driven by increased new orders, had resulted in the

highest composite output index since June 2010.

Bhandari said, “In particular, services growth accelerated further in April as new orders in both domestic and international markets rose Meanwhile, both composite input and output prices moderated in April, albeit remaining robust Manufacturing margins improved in April as firms were able to pass on higher prices to customers due to strong demand conditions In fact, manufacturing industries sharply increased their staffing levels and input buying activity Overall future business outlook improved further in April, buoyed by robust demand.”

Services activity led the expansion, with the index reaching a three-month high at 61.7, driven by accelerated new business, indicating robust demand Separately, manufacturing PMI remained strong at 59 1 in April, with

output and new orders for goods continuing to grow, albeit at a slightly slowerpacethanlastmonth

International demand remained strong during the month which contributed to the highest composite sub-index since its addition to the survey in September 2014. Strong sales have also bolstered the business outlook for the next 12 months, after a four-month low in March.

Manufacturing, particularly, saw efforts to meet the rising job demands However, employment generation among services firms slowed compared to March.

While input costs cooled for both goods producers and ser vice providers, strong demand allowed businesses to pass on expenses to customers. Manufacturing margins improved in April as firms were able to pass on higher prices due to robust demand conditions.

Offshore wind farm project at VOC to cost

Rs 450cr, to produce 500MW in Phase-1

CHENNAI: With the Union Shipping Ministry planning to develop an offshore wind terminal at VOC Port in Thoothukudi, the estimated project cost has been pegged at Rs. 450 crore, according to official sources. Sources told TNIE that VOC Port is planning to build infrastructure to produce 500MW from offshore wind under the first phase.

According to the India Offshore Wind Ports Study conducted by Centre of Excellence for Offshore Wind and Renewable Energy, the total cost involved in building the new terminal was initially estimated to be Rs 965 crore. This includes dredging and shore protection among other works. But VOC Port authorities said a cost analysis carried out by the port

found that the cost involved is around Rs 450 crore.

A VOC port official said that the tender to develop the offshore wind farm would be floated in July or August after the elections.

Although the port is already working with shipping of components for on-shore wind turbines, catering to offshore wind is not a part of the current masterplan, but a top shipping ministry official said that necessary action is being taken in this regard.

According to the study conducted by the Centre of Excellence for Offshore Wind and Renewable Energy, VOC Port was found to make a very ideal location for establishment of an offshore wind terminal owing to

its relatively close proximity to the Tamil Nadu offshore wind zone

“Port infrastructure plays a critical role in supporting the offshore wind industry and the Government of India should play a role so that works are completed in a timely manner. Indian Port Authorities and port operators can take a page from European ports that already have a vision and a brand as offshore wind ports,” the study said.

“Providing an opportunity for exchange of best practices, know-how and to jointly discuss opportunities and challenges that ports face would be helpful for Indian ports For example, a twinning partnership between Indian Ports and the Port of Esbjerg could be a first step,” it added.

Major Ports’ see 4.45 % cargo volume growth in FY24 :

Cont’d from Pg. 3

The 12 Major Ports’ growth is a compound of 12.310 million twentyfoot equivalent units (TEUs) in FY24 from 11 392 million TEUs in FY23, showing a growth of 8.06 percent. Jawaharlal Nehru Port Authority handled 6.43 million TEUs or more than half of the total container volumes.

Raw fertiliser shipments rose 13.56 percent in FY24 to 9.406 mt from 8.283 mt in FY23. Petroleum, oil and lubricants (POL) cargo jumped 5.06 percent to 245.990 mt in FY24 from 234.137 mt the previous year

Coking coal and PCI shipments (including metcoke) coming in increased by 10.24 per cent to 65 mt last fiscal against the 59 mt reported in the year-ago-period, primarily on the back of strong demand in the country and an increased production. S t e e l c o n s u m p t i o n i n c r e a s e d 14 er cent to 136 mt, while finished steel production was up 12.4 per cent to 138.5 mt. Coking coal is a key steelmaking raw material and India is amongst the largest importers globally

On the other hand, iron ore shipments was up at 61 mt, up 33 per cent y-o-y over the 46 mt in Fy23 Increased buying from China, especially till January, took outbound shipments to a three-year-high.

The other segment that saw i n c r e a s e d m o v e m e n t w a s petroleum offerings, which stood at 246 mt, up 5 per cent y- o -y . Shipments – inbound and outbound both – in the petroleum, oils and lubricant category was at 234 mt a year back

India’s Major Ports – run by the Shipping Ministry – include Syama Prasad Mookerjee Port (formerly Kolkata Port Trust) that includes both the Kolkata and Haldia dock systems together, Paradip, Vishakhapatnam, K a m a r a j a r ( o r E n n o r e p o r t ) , Chennai, VO Chidambaranar, Cochin, N e w M a n g a l o r e , M o r m u g a o , Mumbai, Jawaharlal Nehru Port Authority (JNPA) and Deendayal.

Port-wise performance

Mormugao saw the highest increase in traffic in percentage terms, by nearly 19 per cent to 21 million in FY24. It was at 17 mt in

FY23. The rise came on the back of increased iron ore exports to 5 mt, up 117 per cent y-o-y Traffic across all other categories, like petroleum, coking coal and thermal coal saw a decline.

Paradip Port Authority achieves first position in cargo handling among Major Ports with 145.379 mt in FY24 compared to 135.362 mt last year, showed a growth of 7 40 percent, whereas Deendayal Port Authority, was the biggest state-owned port by cargo handling till last year, showed a 3 77 percent decline in volumes during FY24 in 132 374 mt from 137.561 mt in FY23.

Haldia Dock, part of the Syama Prasad Mookherjee Port, saw the highest shipment of coking coal at 21 mt, same as last year’s levels. Coking coal shipments at the port (Haldia and Kolkata together) remained flat at 23 mt levels.

Other cargo registered a decline of 4.94 percent in FY24 to 30.871 mt from 32.476 mt a year earlier, finished fertiliser cargo decreased by 5.14 percent to 8.269 mt in FY24 from 8.717 mt a year ago.

Small exporters looking for continuation of Amnesty scheme till September

Cont’d from Pg. 3

According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an MSME on time within 45 days in case of written agreements it cannot deduct that expense from its taxable income, leadingtopotentiallyhighertaxes.

“Due to this, we diverted our funds to make payments and several of us were not able to apply for the amnesty scheme. We urge the government to continue the scheme till September,” Ralhan said.

The last date for payment of

customs duty plus interest ended on March 31, 2024.

In the new foreign trade policy (FTP), the scheme was announced for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG (export p r o m o t i o n f o r c a p i t a l g o o d s ) authorisations.

Under the scheme, all pending cases of the default in meeting export o b l i g a t i o n ( E O ) o f c e r t a i n authorisations can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled

EO and interest at 100 per cent of such duties exempted.

Ralhan added that they will soon send a communication regarding this to the commerce ministry.

A n o t h e r e x p o r t e r s a i d t h e e x t e n s i o n o f t h e s c h e m e t i l l September will help them apply and avail the benefit.

Meanwhile, a government official said the commerce ministry is compiling the data with regard to availing of benefits of the scheme.

“We are compiling the figures to see the total value. It will take a few more days,” the official said.

Indian medical device exports to Russia can be tripled in 5 years

NEW DELHI: India’s exports of medical devices to Russia can be tripled in the next five years through c o l l a b o r a t i v e e f f o r t s b y b o t h

c o u n t r i e s , a c c o r d i n g t o t h e Association of Indian Medical Device Industry (AiMeD).

The push to shore up Indian medical device exports to Russia comes after players from both countries recently held an online meeting to explore opportunities in the areas of manufacturing and marketing life-saving medical equipment and devices.

“They stressed the need for a

dynamic and multifaceted economic engagement, guided by shared interests and a commitment to further deepen bilateral cooperation. The two organisations will contribute in their own humble manner in line with that objective,” AiMeD said in an official statement. Speaking on the state of India’s medical device exports to Russia, Rajiv Nath, forum coordinator at AiMeD, said that medical device exports to Russia currently stood at Rs 625 68 crore (around $75 million) in FY 2022-23.

“This figure can possibly increase to Rs 2,000 crore (around $239 million)

in the next five years if there is a coordinated strategy between both countries and regulatory approvals are fast-tracked,” he said.

The region has seen an increased focus in recent years, with Russia being among the top destinations of India’s medical device exports in the Commonwealth of Independent States (CIS) region.

According to a report by the Engineering Export Promotion C o u n c i l o f I n d i a ( E E P C ) , Russia accounts for 60 per cent of India’s medical device exports in the CIS region.

RoDTEP : Verification mechanism to help establish payouts are input duty remissions, not subsidies

NEW DELHI: As the Antisubsidy duties imposed last year by the US and the EU on certain Indian exports benefiting under the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme especially designed to be WTO compatible, the government is putting in place a verification process to establish that only input duties have been remitted under the scheme whenever investigations are sought by an importing country on alleged payout of subsidies, officials have said

“A verification team with officials from the Department of Revenue and DGFT will hold random inspections of manufacturers when any complaint is made by an importing country, for instance the US, on alleged subsidy payouts for particular products. All input taxes paid by the selected manufacturer will be tallied with the RoDTEP payments received to satisfy the importing country that only duties and taxes paid during production have been remitted,” an

official tracking the matter told.

The Merchandise Export from India Scheme (MEIS) was replaced by RoDTEP scheme in January 2021 as the former had had faced several challenges from partner countries at the WTO as it did not clearly establish the connection between the amount paid to exporters and the input taxes paid by them.

RoDTEP was designed carefully by a team of senior officials and experts to ensure that it was totally transparent and the refund rates were based on embedded duties and taxes, such as VAT on fuel used in transportation, mandi tax and duty on e l e c t r i c i t y u s e d d u r i n g manufacturing of the exported items. Anti-subsidy duties

Despite the clear connection established between the remission rates and the input taxes, the US and the EU imposed countervailing (anti-subsidy) duties on some Indian products against RoDTEP payments availed These include paper file folders, common alloy

aluminium sheet and forged steel fluid end blocks by the US and certain graphite electrode systems by the EC

“The anti-subsidy duties were imposed not because there is a problem with the RoDTEP scheme. It is mainly because exporters were not able to clearly establish the connection between the RoDTEP benefits received and the input taxes they had paid when exporting countries came for inspection. The verification committee will be in a better position to establish the connection in its random checks and hopefully satisfy the importing countries,” the official added

The DGFT is simultaneously working with the Directorate General of Trade Remedies (DGTR) on familiarising exporters with the entire process of documentation so that they can on their own prove that RoDTEP payments are in lieu of input taxes not remitted under any other s c h e m e a n d w e r e n o t e x p o r t subsidies, the official said.

Russia nudges Azerbaijan to play active role in INSTC that would boost trade with India

MOSCOW: Russia has nudged Azerbaijan to play an active role to boost t h e I n t e r n a t i o n a l N o r t h S o u t h Transport Corridor (INSTC) that is a key trade link between India and Russia.

INSTC is the key transport corridor between Mumbai and St Petersburg via Iran. There are plans to link INSTC with the North Sea Route of the Arctic and the Chabahar Port in future.

Azerbaijan has been slow in full implementation of INSTC, which has otherwise contributed to increase in India - Ru ssia t r a de sinc e 2 0 2 2 A r m e n i a i s a l s o i n t e r e s t e d i n developing a branch of INSTC. While the Kazakhstan-Turkmenistan route is another branch of INSTC, another branch is the Iran-Caspian Sea route Russia invited all the interested

countries to participate in development of the INSTC, President Vladimir Putin saidatthejointmeetingwithPresidentof AzerbaijanIlhamAliyevinMoscowsoon.

"Just as the Baikal-Amur Mainline (BAM), which became indeed the allUnion construction project, was called to serve interests of all the [Soviet] Union republics, the North-South transport corridor should become an example of the broadest international cooperation," Putin said. "We invite all the interested countries to take part in this project," he noted.

The INSTC resembles the BAM by its scale, Putin said. "It actually links the Northern Sea Route to the Persian Gulf," the Russian leader said, adding that the route is being laid "for purposes of expedited economic and social d e v e l o p m e n t o f E u r a s i a n a

Global South countries.".

Russia’s partners in BAM and Trans-Siberian Railway upgrade can receive access to growing Asia-Pacific markets, Putin told Aliyev indicating Russia’s role in giving Eurasian states in South Caucasus access to the Pacific.

"We are ready to offer access to quickly growing markets of the AsiaPacific Region to our partners. To this end we intend to implement plans of expedited upgrade of BAM, the Trans-Siberian Railway, development of the entire eastern range of railroads on the basis of advanced technologies," the Russian President said.

"Implementation of these plans is also of paramount importance to strengthen the connectivity of our country, for our political and economic sovereignty," Putin added.

India’s polished diamond exports drop 27.5% as key markets falter

MUMBAI: India’s cut and polished diamond exports in 2023/24 plunged 27.5% from a year ago to a $15.97 billion due to sluggish demand from the United States, China and the United Arab Emirates, a leading trade body said.

The fall in exports forced the world’s biggest diamond polisher to reduce imports of rough diamonds by 18% from a year ago to $14 27 billion in the financial year ended March 31, the Gem and Jewellery Export Promotion

Council (GJEPC) said.

In response to lower demand for exports, the industry voluntarily suspended rough diamond imports for two months from Oct. 15, 2023.

The suspension of rough diamond imports helped address demand-supply imbalances, leading to a positive impact on polished diamond prices in the March quarter, said Vipul Shah, Chairman of the GJEPC.

“GJEPC is discussing with global

d i a m o n d m i n e r s t o i n c r e a s e investments in enhancing generic promotion of diamonds and diamond jewellery in the United States, China, Middle East including India,” Shah said.

India’s plain gold jewellery exports surged nearly 62% in 2023/24 to $6.79 billion as shipments to United Arab Emirates (UAE) more than doubled due to the Comprehensive Economic Partnership Agreement, signed between India and the UAE, Shah said.

CJ-II

CJ-VII

CJ-VIII VACANT

CJ-IX Admiral Jimmu Arnav Shpg. 26/04

CJ-X Agrafa Dariya Shpg. 27/04

CJ-XI VACANT

CJ-XII VACANT

CJ-XIII African Grouse Synergy 01-May

CJ-XIV KSL Chaoyang Cross Trade 27/04

CJ-XV VACANT

CJ-XVAVACANT

CJ-XVI VACANT

TUNA VESSEL'S NAME AGENT'S NAME ETD VACANT

OIL JETTY VESSEL'S NAME AGENT'S NAME ETD

OJ-I VACANT

OJ-II Chemroad Hawk JMBaxi 25/04

OJ-III Viva Interocean 25/04

OJ-IV Serene Monaco

OJ-V Stolt Breland JMBaxi 25/04

OJ-VI Regency Malara shipping 25/04

OJ-VII Thanasis James Mackintosh 25/04

VESSELS IN PORT & DUE FOR IMPORT DISCHARGE

GENERAL CARGO VESSELS

CJ-IX Admiral Jimmu Arnav Shpg. Australia 80,608 T. Coking Coal In Bulk 2024041213

CJ-XIII African Grouse Synergy Montevideo

VESSELS DUE / IN PORT FOR IMPORT DISCHARGE

(V-1323W)

Maersk Genoa (V-415W) 20-04-2024 Salalah

Cap Andreas (V-010E) 21-04-2024 Colombo

Terataki (V-2405E) 21-04-2024 Haiphong

X-Press Odyssey (V-24018E) 22-04-2024 Pipavav

OOCL Hamburg (V-149E) 23-04-2024 Pipavav

Interasia Progress (V-E082) 24-04-2024 Cochin

Haian East (V-24013W) 17-04-2024 Elega

Northern Gaurd (V-E922) 18-04-2024 MICT

CSCL Neptune (V-079W) 18-04-2024 AMCT

Advance (V-051W) 18-04-2024 Hazira

Maersk Cuanza (V-416W) 19-04-2024 Colombo

Xin Beijing (V-144E) 19-04-2024 Pipavav

Xin Fei Zhou (V-093E)

X-Press

W. E. F. 19-04-2024

DG Shipping’s 2022 order for Certification of Accommodation Barges inapplicable to non-Indian vessels : Bombay HC

MUMBAI: The Bombay High Court held that the order passed by the Director General of Shipping in 2022 for the Certification of Accommodation Barges is inapplicable to vessels which are not Indian Ships registered under the Merchant Shipping Act of 1958.

In that context, the Bench of Justice GS Kulkarni and Justice Firdosh P Pooniwalla observed that, “we are of the prima facie opinion that ex facie the provisions of 1958 Act are not applicable to the petitioner’s vessels which are subject matter of the impugned detention orders. This, considering the clear provisions of the Merchant Shipping Act, 1958 which we have referred hereinabove, and more particularly on a cumulative reading of Section 2 read with provision of Section 3 (18) and 3 (45) which

defines “Indian ship” and “ship” respectively, as also the provisions of Section 405 and 406 as sought to be applied under Clause 30 of the impugned order The reason being that it is not in dispute that the vessels / barges of the petitioner are of the category which are fitted with mechanical means of propulsion as Section 405 would ordain. It appears that even the rule making power as conferred by Section 288 of the 1958 Act applies to the rules to be made prescribing life saving appliances to be carried by every “Indian ship” going to the sea from any port or place in India. Thus, necessarily no rules can be framed under Section 288 in regard to a ship or vessel which is not of the category of an Indian ship as defined under Section 3 (18) of the 1958 Act.”

BIMCO : SHIPMAN 2024 available for use

OSLO: The updated 2024 version of BIMCO’s widely used ship management contract SHIPMAN is now available for use in SmartCon and on the BIMCO website accompanied by explanatory notes.

SHIPMAN 2024 was adopted by the Documentary Committee meeting on 22 March in Hamburg. More information is available here.

The accompanying explanatory notes give insights into the clauses of the form and the reasoning for the changes made compared with SHIPMAN 2009.

BIMCO will shortly finalise and publish a new third party management agreement based on SHIPMAN 2024. AUTOSHIPMAN is the industry’s first purpose designed standard contract aimed initially at the growing inland waterway sector operating remotely controlled vessels. The new contract adds options for managers to provide remote operation and, ultimately, fully autonomous services for owners within the framework of the new SHIPMAN 2024.

Separately, BIMCO is developing a standard template for mandating compliance with Emission Trading

Scheme (ETS) obligations under Commission Implementing Regulation (EU) 2023/2599. The template will be made available as an independent, supporting document to the freestanding ETS Allowances Clause for SHIPMAN and SHIPMAN 2024. The mandate template is expected to be published in May Work to revise BIMCO’s standard crew management agreements CREWMAN A and B is also set to commence in the coming months.

Drewry: World Container Index down 3% last week

LONDON: Drewry’s World Container Index decreased by 3% to $2,719 per 40ft container last week.

Detailed assessment for Thursday, 18 April 2024

• The composite index decreased by 3% to $2,719 per 40ft container last week and has increased by 53% when compared with the same week last year

• The latest Drewry WCI composite index of $2,719 per 40ft container is 91% more than average 2019 (prepandemic) rates of $1,420.

• The average composite index for the year-to-date is $3,295 per 40ft container, which is $586 higher than the 10year average rate of $2,709 (which was inflated by the exceptional 2020-22 Covid period).

• Freight rates from Shanghai to New York decreased 5% or $257 to $4,453 per 40ft container Similarly, rates from Shanghai to Los Angeles dropped 4% or $147 to $3,487 per 40ft box. Likewise, rates on Shanghai to Rotterdam and Shanghai to Genoa declined 2% to $2,989 and $3,577 per feu respectively

Conversely, rates from Rotterdam to New York increased by 3% or $67 to $2,291 per 40ft container Also rates from Los Angeles to Shanghai increased 2% or $15 to $708 per feu. While rates from Rotterdam to Shanghai and New York to Rotterdam remained stable. Drewry expects a minor decrease in spot rates in the coming week.