MUM-26-03-2024

Indian Port cargo volumes to grow 6 – 8% in FY25 : ICRA

MUMBAI: Containers and coal shipments are expected to support cargo volume growth at the ports in FY25 by 6 -8 per cent. In the first 10 months of FY2024, cargo volumes witnessed a 7 6 per cent growth

Cargo volumes at the ports are expected to grow by 7-8 per cent in the current fiscal and volumes in FY2025 to grow by 6-8 per cent. This will be driven by healthy growth in the container and coal segments; slowdown in global economic growth and/or geo-political tensions impacting tradevolumesarethekeyrisks,accordingtoICRA

Overall outlook for Trade in 2024 is positive : UNCTAD

GENEVA: After facing declines over several quarters, international trade is poised for a rebound in 2024, according to the latest Global Trade Update from the United Nations Conference on Trade and Development (UNCTAD).

In 2023, global trade saw a 3% contraction, equalling roughly $1 trillion, compared to the record high of $32 trillion in 2022. Despite this decline, the services sector showed resilience with a $500 billion, or 8%, increase from the previous year, while trade in goods experienced a $1 3 trillion, or 5%, decline compared to 2022 Cont’d Pg. 19

Centre makes India’s case to World Bank for Logistics Index ranking push

NEW DELHI: With the World Bank looking to incorporate more data into its decision-making process for the International Logistics Performance Index (LPI), a key indicator of ease of trade, India has made its case for a better score to the multilateral financier citing several reforms.

I n d i a i s c u r r e n t l y r a n k e d 3 8 t h ( u p f r o m 44th earlier) in the LPI 2023, and it shares this rank with Portugal, Saudi Arabia, Turkey, and Lithuania

The Centre has previously expressed its dissatisfaction with the index’s methodology Singapore topped the index in 2023

“The World Bank is now utilising much more granular data and engaging in big data-oriented conversations with countries so that the upcoming index is more grounded in reality than subjectivity and perception, which formed a major part of the methodology,” a Government official aware of the developments said.

PSA International handles 94.8 Mn TEUs in 2023

I N G A P O R E : PSA International Pte Ltd (“PSA”) handled 94 8 million Twentyfoot Equivalent Units (“TEUs”) for the year ended 31 December 2023, representing a growth of 4.3% compared to 2022.

PSA Singapore contributed 38.8 million TEUs, and PSA terminals outside Singapore delivered a total throughput of 56 0 million TEUs, both increasing 4.8% and 3.9% respectively from 2022.

PSA Group revenue decreased by 11.2% due to challenging market conditions and weak trade demand. Profit from operations decreased by 2.6%, while overall net profit for the year decreased by 6.3% partly due to cost inflation and higher finance cost. PSA’s balance sheet remains strong with a gross debt equity ratio of 0.46 times at the close of 2023.

“2023 was a year of transition amidst global trade uncertainty Inflation, rising interest rates, tight labour markets, geopolitical tensions, and ongoing wars impeded economic recovery worldwide. The PSA Group faced a challenging and constantly evolving business environment, but we continued to demonstrate resilience and grit while working alongside our customers, partners and stakeholders to navigate the unchartered waters. The Group delivered a credible performance in 2023 despite numerous challenges, registering 94.8 million Twenty-foot Equivalent Units (TEUs) of containers handled, S$7 billion in overall revenue and a net profit of S$1.5 billion. I would like to

thank our management, staff and unions for their steadfast dedication and commitment to service and operational excellence. I would also like to extend my appreciation to the PSA International Board of Directors for their expert guidance that has served as a compass, providing direction for the Group In 2024, PSA is committed to staying the path and will continue to work closely with our customers, partners and stakeholders to grow our business and deliver sustainable value,” said, Mr Peter Voser, Group Chairman, PSA International.

“Although there was a collective push for economic recovery in many developed countries, the global economy remained fraught with volatility in 2023. Despite the challenges around the world which destabilised the outlook for recovery and disrupted supply chains, the PSA Group achieved a new record of handling 94.8 million Twenty-foot Equivalent Units (TEUs) of containers for the year ended 31 December 2023. I would like to express my deepest gratitude to our management, staff and unions who have worked tirelessly alongside our customers across PSA’s ports, supply chain, marine and digital businesses I am equally grateful for the unwavering support from our partners and stakeholders as we work closely together to keep cargo moving and trade flowing. Looking ahead to 2024, PSA will continue to focus on expanding our core business of ports and enabling more agile and resilient supply chains. In the face of uncertainties in the macroeconomic environment, PSA is committed to strengthening its fabric of port networks and supply chain services to support sustainable global trade flows,” said Mr Ong Kim Pong, Group CEO, PSA International.

AD Ports Group acquires majority stake in Tbilisi Dry Port

ABU DHABI: AD Ports Group (ADX: ADPORTS), a leading facilitator of global trade, logistics, and industry, announced the signing of a purchase agreement with Inveco LLC to acquire 60% ownership in the Tbilisi Dry Port, a new custom-bonded and railconnected intermodal logistics hub in Georgia.

The project, currently owned by Inveco LLC and Wilhelmsen, is expected to be operational by Q4 2024. It is a key logistics hub situated along the strategically important Middle Corridor – an emerging trade lane linking manufacturing hubs in Western Asia to consumer markets in Eastern Europe by leveraging a combination of sea and dry ports located in Kazakhstan, Azerbaijan, Armenia, Georgia, and Türkiye.

As a key logistics facility in Georgia connecting the Caspian Sea and the Black Sea, which are at the heart of the Middle Corridor, the project consists of different integrated facilities such as a container freight station, warehouses and a car storage park. It will act as the point of entry and exit as well as a regional transit point for manufacturers, shippers and consignees moving containers, vehicles and other goods for distribution and storage. The project offers direct westward railway links to Türkiye and to Georgian Ports of Poti and Batumi, which further connect to European Black Sea ports in Bulgaria and Romania, while its eastern connectivity links with different ports located along the Caspian Sea via a railway corridor to Azerbaijan.

The development offers significant intermodal

logistics capabilities given its location within the Tbilisi airport’s industrial zone which will be backed by state-ofthe-art warehousing facilities as well as a cargo and vehicle logistics hub. The project consists of two land parcels and will be developed in phases. To future proof the project, an additional 88,000 sqm of land is available to cater for further volume growth.

The project will be completed in three phases. By the end of the initial phase, the handling capacity is expected to reach 96,500 TEUs, with 10,000 sqm of warehouse and a car storage yard. Upon the completion of phase three, the project will have a handling capacity of 286,000 TEU, 100,000 sqm of warehouse and a significantly expanded car storage yard. Further land plots have already been secured and can be developed as and when needed.

Noatum Logistics, part of the AD Ports Group, will operate and manage the facilities while leveraging capabilities offered by the Group’s cross-Cluster portfolio and drawing on expertise and capacities of Inveco LLC and Wilhelmsen.

MAWANI : KSA strengthens its International achievements in Liner Shipping Connectivity Index of UNCTAD in Q1 2024

RIYADH: The Kingdom, represented by the Saudi Ports Authority "Mawani," recorded 248 points according to the new methodology in the liner Shipping Connectivity Index, within the report of the United Nations Conference on Trade and Development "UNCTAD" issued during the first quarter of 2024. This achievement confirms the continuity of goods flow, ensuring supply chains, and logistic services. This step aligns with Mawani's keenness to maintain the achievements that have been made, as 31 new maritime shipping services have been launched with major global shipping lines during 2023. Since the beginning of 2024, adding 7 new shipping line services have been launched, and nine integrated logistics parks and hubs at Jeddah Islamic Port, King Abdul Aziz Port in Dammam, and King Fahd Industrial Port in Yanbu have been established and inaugurated, in cooperation with leading national and international companies, with investments exceeding 6 billion riyals. "Mawani" is developing the infrastructure of its ports by laying the cornerstone for the development and operation projects of the two container terminals at

King Abdul Aziz Port in Dammam, with an investment value of seven billion riyals, according to the (BOT) system. In addition to developing the Jeddah Islamic Port’s North Container Terminal, with investments of one billion riyals, to enhance the operational capabilities of the port, in line with the targets of the National Transport and Logistics Strategy (NTLS), to solidify the Kingdom’s standing as a global logistics hub bridging the three continents. Additionally, it enhances the efficiency of operational services, launches initiatives to automate port operations, uses modern operational equipment, and facilitates import and export procedures; to encourage national exports, support global maritime trade, reduce operational costs at ports, and attract regional and international shipping lines and giant ships. Notably, the United Nations Conference on Trade and Development "UNCTAD" recently made amendments to the "LSCI" index in 2024 to better reflect the current characteristics of container ports. This adjustment is applied to the approved previous calculation methodology to keep pace with the changes in the maritime transport and global shipping industry, and the growth of the logistics services sector.

DCSA : 2024 is Year of Adoption, Collaboration and Smart Containers

AMSTERDAM: TPM24 was held

3-6 March this year and DCSA was delighted to attend. The theme of the event, organised by the Journal of Commerce as the premier conference for trans-Pacific and global container shipping and logistics, was ‘extreme normalisation fallout’. Extreme normalisation being a reversion to pre-pandemic freight rates and port fluidity in the first half of 2023, after the market impact of COVID-19; fallout being the false sense of security that has since been dashed by below normal schedule reliability, Panama Canal restrictions and attacks on shipping in the Red Sea.It is a clear reminder, if one is ever needed, that there will always be disruption. That in response, we need more agility in the supply chain. That inherent processes must be more resilient and flexible. For that, supply chain partners need actionable data and by actionable, we mean timely and communicated in ways and formats that all systems can process, to be shared unhindered between links in the supply chain.Digitalisation is central to achieving this vision So too is standardisation Digital standards in container shipping help overcome communication hurdles for more efficient and sustainable processes and a better overall customer experience.

The era of digital standards adoption

The great news coming out of TPM is that DCSA standards adoption is happening. Awareness of the standards is good, and there is demand and support from within the ecosystem for digitalisation and interoperable data exchange. This is the era of adoption, with DCSA at the forefront of it, and if the panel discussions, keynote speeches and our networking are anything to go by, key industry stakeholders are willing and committed to implementing DCSA standards At TPM, DCSA had encouraging conversations about the electronic bill of lading (eBL), track and trace, and vessel schedules (both commercial and operational) Between them, these standards address significant communications challenges that we see today.An universal eBL uses open source Application Programming Interfaces (APIs) to enable straight-through processing of bill of lading (B/L) data so physical documents don’t have to be exchanged, paper and manual intervention can be eliminated from B/L processes, and interoperability can be achieved Track and trace (T&T) standards establish a technological foundation for continuous visibility into container whereabouts and operational events along the

end-to-end container journey. Current methods for generating and communicating operational data are antiquated, manual, unaligned and unpredictable, so data is often exchanged inconsistently, with delays or not at all. With all DCSA members now positioned to offer the T&T standard, it is imperative that the industry now moves towards a better, reliable and interoperable data format for key events and milestones. This will be enhanced further with the introduction of PUSH API, which was singled out as a key enabler for scaling adoption of DCSA standards.Vessel schedule standards enable the standardised sharing of vessel schedule data and exception-related information between carriers, operational and commercial partners, and their solution providers Leveraging a common structure for schedules, defined data attributes, and an API, DCSA standards clarify which information is associated with a vessel at service, voyage, and port call levels. Meanwhile, point-to-point multimodal routings for commercial schedules provide the means to exchange that information.

The era of intelligent containers

TPM also taught us that there is appetite for the internet of things (IoT) to make containers intelligent and usher in an era of smart containers. IoT can provide visibility at the holistic level – for compliance and inter modal transport Smart containers open up opportunities for enhanced supply chain management through sensors that can feed real-time data back to shippers and carriers so they can take appropriate action. Data can include location, status and events, such as containers being accessed en route IoT standards support an uninterrupted flow of information on container whereabouts and the status of their contents at any point along container journeys.

The era of collaboration

We are confident, from conversations at TPM, that stakeholders recognise their roles in digitalisation and in adopting digital standards Last year, our mission at TPM was to gain support for standards implementation, this year we see it happening, and next year we expect to see benefits realisation as the industry gets data flowing.It will take collaboration, and everyone taking responsibility to make logistics better There will always be disruption, and challenges to keep addressing, including sustainability The industry must strengthen its communication and processes to take on these challenges and it will do so by collaborating on digitalisation and standardisation.

(INDUS) Hind Terminals

28/0329/03 28/03 1100 MSC Thais IS411A P2845 293618-18/03 MSC MSC Agency U.K., North Cont., Scandinavian, Red Sea & Med Ports. Hind Terminals

08/0409/04 08/04 1100 MSC Irene IS412A SCI CMT Barcelona,Felixstowe,Hamburg,Rotterdam,Gioia Tauro

11/0412/04 11/04 1100 MSC Aries IS413A U. K. North Continent & Other Mediterranean Ports.

Himalaya Express

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

Allcargo Allcargo Log. U.K., North Cont., Scandinavian & Med. Ports. Dron. 2 & Mul.

ICC Line Neptune Felixstowe, Hamburg,Rotterdam & other Inland Dest. GDL-3 & Dron-3

GLS Global Log. U.K., North Continent & Scandinavian Ports. JWR Team Leader Team Leader Felixstowe, Rotterdam, Antwerp, Hamburg, Barcelona, JWR CFS Le Havre, Istanbul, Genoa.

Team Global Team Global Log. U.K., North Continent & Scandinavian Ports. Pun.Conware 29/0330/03 29/03 0900 MSC Maeva IP413A P2849 293622-18/03 MSC MSC Agency Antwerp, Le Havre, Rotterdam, Dunkirk, Felixstowe, Southampton, Hind Terminals 05/0406/04 05/04 0900 MSC Tokyo IP414A

Helsingborg, Gothenburg & Red Sea, Med, Gioia Tauro (D). 12/0413/04 12/04 0900 MSC United VIII IP415A

SCI CMT Southampton, Rotterdam, Antwerp, Dunkirk, Felixstowe, Le Havre (EPIC / IPAK)

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.

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

USA, East

West

29/0330/03 29/03 0900 MSC Maeva IP413A P2849 293622-18/03 MSC MSC Agency Boston, Philadelphia, Miami, Coronel, Guayaquil, Cartagena, Hind Terminals 05/0406/04 05/04 0900 MSC Tokyo IP414A

Indial Indial Shpg. San Antonio,Arica,Buenaventura,Callao,La Guaira,Paita, 12/0413/04 12/04 0900 MSC United VIII IP415A

Globelink Globelink WW USA,Canada,Atlantic & Pacific,South American & West Indies Ports.

Puerto Cabello, Puerto Angamos, Iquique Santiago De Cuba, Mariel (EPIC / IPAK)

AMI Intl. AMI Global South American Ports Via Antwerp

TO LOAD FOR WEST ASIA GULF PORTS From NSICT

27/03 28/03 TBATBA Maersk Virginia 413W P2745 292530-01/03 Maersk Line Maersk India Jebel Ali, Salallah (Blue Nile) Maersk CFS

28/0329/03 28/03 1800 Wadi Duka 2405W P2752 292815-06/03 Asyad Line Seabridge Salalah

31/0301/04 31/0323:59 Tonsberg(NSIGT) OYS11W1 P2799 293251-12/03 Emirates Emirates Shpg. Jebel Ali, Damman, Sohar. (West Bound)

10/0411/04 TBATBA Tessa 2402W RCL/CUL Line RCL/Seahorse

13/0414/04 TBATBA RDO Favour 02365W KMTC KMTC (India) Dronagiri-3

18/0419/04 TBATBA ESL Kabir 02414W CMA CGM CMA CGM Ag. Dron-3 & Mul

23/0424/04 TBATBA Zhong Gu Chang Sha 2415W SeaLead SeaLead Shpg

29/0330/03 TBATBA Inter Sydney 152 P2821 293381-14/03 Interworld Efficient Marine Bandar Abbas, Chabahar (BMM) Alligator Shpg. Aiyer Shpg. Bandar Abbas, Chabahar.

30/0331/03 TBATBA Maersk Sentosa 412W P2742 292536-03/03 Maersk Line Maersk India Salallah. (MECL) Maersk CFS

30/0331/03 TBATBA X-Press Mekong 24003W P2813 293332-13/03 X-Press Feeders Sea Consortium Jebel Ali

04/0404/04 TBATBA Hansa Rotenburg 936 P2807 293301-13/03 Wan Hai Wan Hai Lines (I) (RGI)

08/0408/04 TBATBA Addison 004 UnifeederUnifeeder

31/0301/04 TBATBA Norderney 083W P2828 ONE Line ONE (India) Jebel Ali.

10/0411/04 TBATBA Celsius New Orleans 925W P2869 293830-20/03 UnifeederUnifeeder Jebel Ali. (MJI) Dronagiri 05/0406/04 TBATBA Touska 1323W P2871 293835-20/03 HDASCO Armita India Bandar Abbas, Chabahar. (IIX) 06/0407/04 TBATBA AS Clarita 2406W Asyad Line Seabridge Sohar, Jebel Ali, Hamad, Dammam. (IEX) 06/0407/04 TBATBA Abrao Cochin 016W P2783 293057-09/03

TO

FOR WEST ASIA GULF PORTS From NSIGT

TO

TO

FOR WEST ASIA GULF PORTS From BMCT

Cordelia Cordelia Cont. Jebel Ali, Sharjah, Abu Dhabi, Ajman, Dammam, Jubail, Hamad, Bahrin, Shuaiba, Shuwaikh, Sohar, Umm Qasr.

BSS

TO LOAD FOR INDIAN SUB CONTINENT from BMCT

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

LOAD FOR FAR EAST, CHINA & JAPAN PORTS from NSICT

27/0328/03 26/03 23:59 Ever Sigma (NSIGT) 125E P2770 292916-07/03

Evergreen Evergreen Shpg. P.Kelang, Tanjun, Pelepas, Singapore, Xingang, Balmer Law. CFS Dron. 01/0402/04 TBATBA Celsius Naples 901E P2789 293101-11/03

UnifeederUnifeeder Qingdao, Shanghai, Ningbo. Dronagiri 08/0409/04 TBATBA TS Ningbo 24002E P2837 293578-18/03 PIL/ONE PIL India/One(I) —/— 15/0416/04

TBATBA Ever Excel 173E

Hapag ISS Shpg. P.Kelang, Singapore, Xiangang, Qingdao, Shanghai, Ningbo, Da Chan Bay. ULA CFS 22/0423/04

TBATBA Ever Ethic 167E

KMTC KMTC (I) P.Kelang,Singapore,Tanjung Pelepas,Xiangang,Qingdao,Laem Chabang. Dronagiri-3 29/0430/04 TBATBA Seattle Bridge 090E

06/0507/05 TBATBA Shimin 20E

TS Lines TS Lines (I) P.Kelang,Singapore,Tanjung Pelepas,Xiangang,Qingdao,Laem Chabang. Dronagiri-2

HMM HMM Shpg. P.Kelang(S), Singapore, Xiangang,Qingdao, Kaohsiung. Seabird CFS (CISC Service)

Samudera Samudera Shpg. P.Kelang,Singapore,Tanjung Pelepas,Xiangang,Qingdao,Laem Chabang. Dronagiri

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

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

01/0402/04

(I) South East Asia, Far East, China. Dronagiri-2 In Port 26/03 X-Press Phoenix 24013E P2726

01/0402/04 TBATBA Maersk Florence 414E P2895

08/0409/04 TBATBA GSL Nicoletta 415E

15/0416/04 TBATBA Tina I 416E

27/0328/03 27/03 0600 Wan Hai 502 E121 P2786

292693-04/03 Maersk Line Maersk India Port Kelang, Tanjung Pelepas, Singapore, Hongkong, Maersk CFS

X-Press Feeders Sea Consortium Kwangyang, Pusan, Hakata, Shanghai. (NWX/FI-3)

Sinokor/Heung A Sinokor India Port Kelang, Singapore, Qingdao, Xingang, Pusan Seabird CFS

293087-11/03 Wan Hai Wan Hai Lines Port Kelang, Singapore, Kaohsiung, Hongkong, Shekou. Dronagiri-1 02/0403/04 TBATBA Wan Hai 507 E221 P2875

293860-21/03 Evergreen Evergreen Shpg. BalmerLaw.CFSDron. 11/0412/04 TBATBA Ever Unity E198

16/0417/04 TBATBA Wan Hai 521 E022

Hapag/RCL ISS Shpg./RCL Ag. ULA-CFS/

TS Lines TS Lines (I) South East Asia, Far East, China. Dronagiri-2 23/0424/04 TBATBA Argolikos E160 (CIX)

28/0330/03 TBATBA Seaspan Adonis 074E P2815

ONE Line ONE (India) Port Kelang, Singapore, Leme Chabang, Kaimep, 06/0408/04 TBATBA One Altair 064E

Yang Ming Yang Ming(I) Shanghai, Ningbo, Shekou. Contl.War.Corpn. 11/0413/04 TBATBA One Arcadia 0068E

18/0420/04 TBATBA Conti Conquest 0027E

25/0427/04 TBATBA Conti Crystal 0136E

HMM HMM Shpg. Seabird CFS

Samudera Samudera Shpg. (PS3 Service) Dronagiri

Gold Star Star Ship Port Kelang, Singapore, Hong Kong, Ningbo, Shanghai Ocean Gate

29/0331/03 29/03 1200 Wan Hai 311 E231 P2826 293453-15/03 Wan Hai Wan Hai Lines Penang, Port Kelang, Hongkong, Qingdao, Shanghai, Dron-1 & Mul CFS

05/0407/04 TBATBA Wan Hai 512 E104 P2880 293861-21/03 COSCO COSCO Shpg. Ningbo, Shekou.

12/0414/04 TBATBA Wan Hai 501 E246

19/0421/04 TBATBA Interasia Progress E082

InterasiaInterasia

HMM HMM Shpg. Port Kelang, Singapore, Hongkong, Kwangyang, Pusan, Shanghai, Ningbo Seabird CFS (CI2)

CU Lines Seahorse Ship Port Kelang(N), Hongkong, Qingdao, Shanghai.

30/0331/03 TBATBA X-Press Bardsey 24002E P2768 292926-07/03 ONE Line ONE (India) Port Kelang, Singapore, Laem Chabang, 03/0405/04 TBATBA Wide Alpha 245E P2812 293327-13/03 X-Press Feeders Sea Consortium Port Kelang, Singapore, Laem Chabang.

08/0410/04 TBATBA Clemens Schulte 031E Samudera Samudera Shpg. Port Kelang, Singapore, Laem Chabang. Dronagiri

18/0420/04 TBATBA Cap Andreas 010E RCL RCL Ag. Port Kelang, Singapore, Laem Chabang. (TIP Service)

21/0423/04

LOAD FOR FAR EAST, CHINA & JAPAN PORTS from BMCT

27/0328/03 26/03 2100 Jeju Island E402 P2731 292740-05/03 Sinokor Sinokor India Port Kelang, Shekou, Dalian, Shanghai, Ningbo, Seabird CFS 05/0406/04 TBATBA Interasia Enhance E033 P2853 293657-18/03 Heung A Line Sinokor India Hongkong

Feedertech/TSA Dronagiri 28/0329/03 28/03 0600 Xin Hongkong 069E P2774 292958-07/03 COSCO COSCO Shpg. Singapore, Hongkong, Shanghai, Ningbo, Shekou, 11/0412/04

TBATBA Xin Beijing 144E P2894

APL CMA CGM Ag. Nansha, Taichung, Kaohsiung. Dron.-3 & Mul 16/0417/04

TBATBA Xin Fei Zhou 093E

OOCL/RCL OOCL(I)/RCL Ag. GDL/— (CI 1)

CU Lines Seahorse Ship Singapore, Shanghai, Ningbo, Hongkong, Taichung,

05/0406/04 TBATBA Rotterdam 76E P2824 293417-14/03 Evergreen Evergreen Shpg. Port Kelang, Singapore, Haipong, Qingdao, Shanghai, Balmer Law. CFS Dron.

In Port 26/03 Marathopolis 413S P2712 292482-29/02 Maersk Line Maersk India Mombasa, Victoria. Maersk CFS 31/0301/04 TBATBA Kyparissia 414S P2741 292542-01/03 (MWE SERVICE)

In Port 27/03 Neshat 1116SP2811 293271-12/03 HDASCO Armita India Mombas, Dar-Es-Salaam. 26/0327/03 26/03 1300 Maersk Zambezi 412W P2746 292529-01/03 Maersk Line Maersk India Durban, Luanda, Pointe Noire, Aapapa, Tincan, Maersk CFS 02/0403/04 TBATBA CMA CGM Lekki OMSIJW1 P2859 293734-19/03 CMA CGM CMA CGM Ag. Cotonou (Direct), Port Elizabeth, Port Louis (MESAWA) Dron.-3 & Mul. 28/0329/03 28/03 0600 Fayston Farms 411S P2715 292480-29/02 CMA CGM CMA CGM Ag. Reunion, Durban, Pointe Desgalets, Walvis Bay, Luanda, Dron.-3 & Mul. 29/0330/03 28/03 1500 CMA CGM San Antonio 0MTH5W1 P2838 293573-18/03

P2898 294007-22/03

Indian Port cargo volumes to grow 6 – 8% in FY25 :

Cont’d from Pg. 3

In 10M FY2024, cargo volumes witnessed a 7.6 per cent growth after growing 8.3 per cent in FY2023. Coal and container volumes have grown at a healthy pace of 8.4 per cent and 10.5 per cent respectively, although container volumes have witnessed slowdown amid the Red Sea crisis in the last couple of months. Petroleum product volumes witnessed modest growth.

Going forward in FY2025, volume growth of 6-8 per cent is expected, supported by continued healthy coal imports, while container segment growth is expected to moderate amid the Red Sea crisis resulting in elevated freight rates.

Further, new projects are also being awarded in line with growth envisioned in Maritime Vision 2030. A large capex has been planned for the next decade to augment port capacity and infrastructure. Project execution is expected to pick up pace, going forward Aggressive capacity additions may lead to supply-demand mismatches in a few clusters leading to increased competition and pricing pressure for ports in those clusters. The sector witnessed consolidation in the last few years with acquisition of smaller or standalone players by larger groups and this consolidation trend in the sector is expected to continue.

Overall outlook for Trade in 2024 is positive : UNCTAD

• Internaonaltradeisexpectedtoreboundin2024aerexperiencingdeclinesforseveralquarters.

• Preliminaryfiguresindicatea$1trillioncontraconinglobaltradein2023,drivenprimarilybysubdued demand indevelopednaonsandweakertradewithinEastAsiaandLanAmericanregions.

• While trade in goods decreased during 2023, trade in services connued to grow, signalling resilience amidstchallengingcondions.

Cont’d from Pg. 3

The fourth quarter of 2023 marked a departure from previous quarters, with both merchandise and services trade stabilizing quarter-over-quarter Developing countries, especially those in the African, East Asian and South Asian regions, experienced growth in trade during this period.

Regional dynamics

While major economies generally saw a decline in merchandise trade throughout 2023, certain exceptions emerged, like the Russian Federation, which exhibited notable volatility in trade statistics. Towards the end of 2023, trade in goods saw growth in several major economies, including China (+5% imports) and India (+5% exports), although it declined for the Russian Federation and the European Union.

Regionally, trade between African economies bucked the global trend by increasing 6% in 2023, whereas intraregional trade in East Asia (-9%) and Latin America (-5%) lagged behind the global average.

Prospects for 2024

Available data for the first quarter of 2024 suggests a continued improvement in global trade, especially considering moderating global inflation and improving economic growth forecasts. Additionally, rising demand for environmental goods, particularly electric vehicles, is expected to bolster trade this year.

However, geopolitical tensions and supply chain disruptions persist as pivotal factors influencing bilateral trade trends and require ongoing scrutiny Disruptions in shipping routes, particularly those related to security issues in the Red Sea and the Suez Canal, as well as adverse climate effects on water levels in the Panama Canal, carry the potential to escalate shipping costs, prolong voyage times and disrupt supply chains.

Continued Red Sea crisis pose risk to ination, growth: Finance Minister

NEW DELHI: Continued shipping disruptions due to the ongoing crisis in the Red Sea pose upside risk to inflation and may also hit economic growth, Union Finance Ministry said in its monthly economic review

Around 80% of India’s merchandise trade with Europe passes through the Red Sea, with key products such as crude oil, auto & auto ancillaries, chemicals, textiles, and iron & steel being affected. The combined impact of higher freight costs, insurance premiums, and longer transit times could make imported goods significantly more expensive.

The Finance Ministry noted that the ongoing conflict in the Middle East and the Red Sea has impacted India’s import of fertiliser from the Middle East India’s import of the Muriate of Potash from Jordan and

Israel has also been affected

“The combined impact of higher freight costs, insurance premiums, and longer transit times could make imported goods significantly more expensive,” it said.

“Asian economies such as China, Japan, India, and South Korea are among the largest net oil importers globally Hence continued shipping disruptions could hit Asia. A rise in oil prices may pose upside risks to inflation and, consequently, to growth,” the report stated.

Due to the ongoing crisis in the Red Sea shipping route, container ships are forced to take a longer route through the Cape of Good Hope in southern Africa. By the first half of February 2024, container tonnage crossing the Suez Canal fell by 82%, while vessel tonnage passing through the Cape of Good Hope increased by 60%.

Recovery in tourism, higher electronics exports to drive growth in India, South Asia: Moody’s

MUMBAI: A recovery in tourism and higher electronics exports will give India and other South Asian economies an additional lift from the pandemicinduced slowdown and its aftershocks, Moody’s Analytics said in a recent report.

“India and Southeast Asia have seen some of the largest output losses globally,” said the report, titled ‘Global Outlook: Taking Stock’, “but stronger growth in the latter half of 2023 has allowed them to make back some lost ground”.

Electronic goods, which account for 6% of India’s total export value, clocked significant growth in April-January of FY24, coming in at $22.64 billion from $18.78 billion a year ago. But India’s export values across all commodities declined to $351 billion during AprilJanuary from $366 billion a year ago, underlining the impact of the global economic slowdown and the tightening of interest rates in Western countries. Challenges such as the geopolitical tensions in Ukraine and West Asia, and trade route disruptions in the Red Sea

region have exacerbated the situation by increasingoilpricesandtransportcosts Meanwhile, the Indian hotel i n d u s t r y i s e x p e c t e d t o r e p o r t 7-9% revenue growth in FY25, with occupancy likely to be at decadal highs, ratings agency ICRA said in a recent report The report added that the sustenance of domestic leisure and business travel, and demand from meetings, incentives, conferences, and exhibitions (MICE) are likely to drive demand in FY25 despite a lull during the Lok Sabha elections.

DGFT imposes cap of 2.5 Cr per IEC from 1st April to 30th June 2024

NEW DELHI: The Centre has notified an interest subsidy cap of Rs. 2.5 crore for individual export units in the first quarter of the forthcoming fiscal 2024-25 under the popular interest equalisation scheme (IES) for identified sectors and MSMEs. This is in continuation of its capping policy, introduced this fiscal, to ensure that more units can benefit from the scheme, sources said.

But the government is not yet ready to consider the demand made by exporters to increase the subsidy rates despite several submissions by exporters, an official tracking the matter said.

The DGFT issued a notification on Wednesday clarifying that a cap of Rs. 2.50 crore per IEC is imposed till June 30, 2024, for the quarter starting from April 1, 2024.

“Last May, the government introduced a cap of Rs. 10 crore

per importer exporter code (IEC) on the annual net subvention amount. All disbursements made from April 1, 2023, onwards were counted towards the IEC for the current financial year. The latest notification is to clarify that the cap will continue in the new fiscal as well As the extension of the scheme is till first quarter of 2024-25, t h e c a p h a s b e e n c a l i b r a t e d accordingly,” the official said. Subsidy cap

The subsidy cap for individual exporters would ensure that a greater number of eligible exporters can benefit from the scheme instead of the amount getting concentrated in the hands of few, per the government.

The IES was first implemented in April 2015. Under the scheme, exporters are extended credit by banks at a reduced rate (the rate of interest subsidy is determined by the government). The banks are later

reimbursed by the government for their lower interest earnings.

In December last year, the Union Cabinet approved an additional allocation of Rs. 2,500 crore for continuation of the scheme beyond the current fiscal, till June 30, 2024. The scheme would continue for all the targetted beneficiaries which include merchant exporters of the identified 410 tariff lines and all manufacturer exporters from MSME sectors.

The rates of subsidy were at 3 per cent for MSME sectors and 2 per cent for the rest.

Last month, the Reserve Bank of India officially extended the scheme through a notification “Although exporters have been making a case for increased rate of subvention, due to low global demand owing to economic slowdown and geopolitical problems, an immediate increase seems unlikely,” the official said.

Adani, PSA, JSW Infra and J M Baxi attend pre-bid meet for Outer Harbour Box Terminal project at VOC Port

MUMBAI: Some of the potential bidders participated in a Roadshow held by the pre-bid meeting called by V O Chidambaranar Port Authority on 18 March in Mumbai to build a 4 million twenty-foot equivalent units (TEUs) capacity container terminal in the port’s outer harbour with an investment of Rs 7,055.95 crores.

Adani Ports and Special Economic Zone Ltd (APSEZ), Singapore’s PSA I n t e r n a t i o n a l P t e L t d , J S W Infrastructure Ltd and J M Baxi Ports and Logistics Ltd were among the four major port operators that participated in the pre-bid meeting.

Potential bidders are calling for “re-working” the project cost estimated by the Port Authority in a

global tender which some say was lesser by “at least 50 percent.”

The port authority has sought bids based on the lowest viability gap funding (VGF) quoted by bidders for developing the project, marking a departure from the model followed so far by the Union government owned major ports wherein cargo handling contracts are finalised on the basis of the highest royalty per twenty-foot equivalent unit (TEU) or per ton of cargo quoted by the bidders.

“The VGF shall constitute the sole criteria for evaluation of bids: The project shall be awarded to the bidder quoting the lowest VGF,” the port authority wrote in the tender documents.

The VGF has been capped at Rs1,950 crores or actual quote, whichever is lower

With the Cabinet clearing the project in the last week of February, re-working the cost estimates looks unlikely

M r. T K R a m a c h a n d r a n , Secretary, Ministry of Ports, Shipping and Waterways who was instrumental in pushing the muchdelayed project during his time as Chairman of VOC Port Authority, assured potential developers during the Mumbai road show that the government has “built in necessary provisions in the sanction orders which enables us to be more flexible” to make the project work.

Kerala to frame SOPs against overloading of vehicles to Vizhinjam port

THIRUVANANTHAPURAM: The guidelines and standard operating protocols (SOPs) would be framed to prevent overloading of tipper lorries ferrying construction materials t o t h e V i z h i n j a m s e a p o r t Thir uvananthapuram District Collector Geromic George said that the decision was taken pursuant to a meeting of all the stakeholders, including representatives of various political parties George told reporters after the meeting, that everyone was of the view that strengthening of enforcement was most important.

As part of that, the Motor Vehicles Department, the police and the Excise department will work together to examine vehicle fitness and prevent overloading of the lorries used for ferrying construction materials to the port, he said.

George said that Adani Group, which is constructing the port, will have to give the list of vehicles contracted by it for transporting materials.

He also said that one of the suggestions in the meeting was to consider some alternative routes for transport of the materials. This shall

be considered after discussions with the traffic police, the Collector said. He further said that a special squad will be constituted to check the vehicles transporting materials to the port for overloading.

“This monitoring would be done both at the loading and unloading sites,” George said, adding that guidelines for it would be framed by the police and the district administration together The International port is being developed by Adani Ports and Special Economic Zone Ltd, (APSEZ), India’s largest port developer and part of the Adani Group

m.v. “X-PRESS CAPELLA” V- 24002W I.G.M. No. 2372091 DTD. 21.03.2024

The above vessel has arrived at NHAVA SHEVA (BMCT), INDIA on 23-03-2024 with import cargoes from ports BUSAN NEW PORT, INCHEON, JIUJIANG (JIANGXI), KWANGYANG, NAGOYA, NINGBO, OSAKA, PORT KLANG NORTHPORT, SHANGHAI, SHEKOU, ZHANGJIAGANG also transshipment cargo of following Ex. Mother vessels:

VESSEL Voy No. VESSEL Voy No. VESSEL Voy No.

VICTORY

POS TOKYO 1271W

ZHONG GU JI NAN 24001W

SKY VICTORIA 2403W

KMTC LAEM CHABANG 2404S

SKY CHALLENGE 24002S

353

354

355

356

357

358

359

360

361

VESSEL Voy No.

Consignees are requested to present Original Bills of Lading duly discharged and obtain Delivery Order on payment of all charges as applicable. Detention charges where applicable will be charged as per tariff.

Our Surveyors are M/s. Pinnacle Marine Surveyors Pvt Ltd. Usual

Consignees are also requested to note that

Note

India’s trade dependence on China and the EU increased in 2023 : UNCTAD

NEW DELHI: India’s trade dependence on China and the EU increased in 2023 while it reduced on Saudi Arabia, the United Nations C o n f e r e n c e o n T r a d e a n d Development (UNCTAD) said. In its Global Trade Update, it said that trade in goods resumed growth in some of the major economies such as India and China in the fourth quarter of 2023 even as trade in services may have reached a plateau.

As per the report, India’s trade dependence on China and the EU increased 1.2% each in 2023 while it reduced 0 6% on Saudi Arabia

Trade interdependence between China and the US decreased further in 2023.

“Quarter-over-quarter statistics indicate return to growth in some major economies, including China and India,” UNCTAD said.

As per the report, towards the end of 2023, trade in goods saw growth in several major economies, including China with a 5% rise in imports) and India with a 5% growth in exports.

The fourth quarter of 2023 marked a departure from previous quarters, with both merchandise and ser vices trade stabilizing

quarter-over-quarter

“Developing countries, especially those in the African, East Asian and South Asian regions, experienced growth in trade during this period,” UNCTAD said.

In 2023, global trade saw a 3% contraction, equaling roughly $1 trillion, compared to the record high of $32 trillion in 2022. Despite this decline, the services sector showed resilience with a $500 billion, or 8%, increase from the previous year, while trade in goods experienced a $1.3 trillion, or 5%, decline compared to 2022.

Banks’ export credit surges at Rs 20489 cr

NEW DELHI: Bank loans to exporters reached its highest level in the past 12 months in line with renewed global demand for Indian goods despite the Red Sea crisis, which attracted military response from several countries, impacting trade.

Outstanding export credit for Indian banks was seen at Rs 20489 crore at the end of January 26, rising 5% this financial year, data from Reserve Bank of India showed This was the highest sinceFebruarylastyear.

“Export growth will be largely driven by global demand and as we do expect global growth to be steady, we can expect a recovery here. This will be reflected also in growth in export credit,” Bank of Baroda chief economist Madan Sabnavis said.

India’s merchandise exports surged 11 9% year- on-year in February to $41.4 billion – the fastest growth since June 2022 – after growing 3.1% in January With this, exports grew for the third consecutive m o n t h , i n d i c a t i n g s u s t a i n e d momentum, Crisil said.

“The near-term challenge to India’s exports due to the Red Sea crisis has been limited so far,” the rating company observed.

The Red Sea crisis started on 19 October 2023, when Yemen’s Houthi launched missiles and armed drones at cargo vessels operated by Israeli companies, demanding an end to the invasion of the Gaza Strip.

“How the crisis impacts prices when export contracts are renewed will be a key monitorable. Barring this

hiccup, the recent healthy export momentum and forecasts by major multilateral organisations of better trade growth this year over last year are encouraging,” it said.

This is also good news for India’s current account, as with robust services trade surplus and healthy remittances.

E x p o r t s o f d r u g s a n d pharmaceuticals rose 22.2% year-onyear in February against 6.8% in January while exports of engineering goods grew 15.9%, organic and inorganic chemicals 33% and readymade garments 4.9%. Exports of petroleum products showed a slight slowdown in growth as it rose 5.1% in February against 6.6% in the previous month). Exports of gems and jewellery however shrunk by 11.3%.

Telangana explores new Dry Ports amidst the rising logistics industry

HYDERABAD: The Federation of Telangana Chambers of Commerce and Industry (FTCCI) with the support of the MSME Department of the Govt of India hosted a second edition of the International Conference on Shipping and Logistics (ICSL) at HICC in Madhapur recently

Dr Vishnu Vardhan Reddy, IFS, Special Secy (Investment Promotion & External Engagement), VC & MD Te l a n g a n a S t a t e I n d u s t r i e s Infrastructure Corporation (TSIIC), Government of Telangana; Mr. Sanjay S w a r u p , I R T S , C h a i r m a n & Managing Director, Container Corporation of India Limited; Mr. Pradeep Panicker, Chief Executive O f  c e r , G M R H y d e r a b a d International Airport Ltd graced the inaugural function.

Giving his keynote address, Dr Vishnu Vardhan Reddy said cities and civilisations rise, grow, and fall because of one thing that controls global trade. And Logistics is a lifeline of global

trade New centres of power are emerging In the complex world of supply chain management, the geopolitical situations are creating disruption, causing ripples across industries. These shifts are affecting the availability, cost, and reliability of essential goods and services, he said. Besides this, he spoke about two other disruptions, the impact of Technology and Climate Change on the sector

He further said the Government of India is focusing on reducing the cost of logisticsfromdoubledigitsto8to9%tobe globally competitive. Accordingly, the government has planned major projects such as Bharatmala which aims for road connectivity across the country while the other hand Sagarmala Project aims for the development of modernised ports along the coastline. And still, there is a lot tobedone

The industry must support the adaptation of technology and encourage startups in Logistics. Startups play a c r u c i a l r

Vishnuvardhan said Speaking about the status of the sector in Telangana, he said besides facing the above three challenges, Telangana also faces the challenge of being a landlocked state. We are focusing on infrastructure while closely working with the union government. Being a landlocked state, Telangana is coming out with a Dry Port in the northern corridor of the state. The land required for it is procured. We are also working on two to three additional dry ports to come up in future.

M r. S a n j a y S w a r u p , I R T S Chairman & Managing Director, Container Corporation of India (CCI) Limited said we have introduced LNG trucks for the first and last-mile movement of containers and EVs (Electric Vehicles) for inter nal movement in terminals. Telangana doesn’t have an LNG pump. Once LNG pumps come up, we will deploy LNG vehicles in Telangana. We are keen to be part of Telangana’s growth story and will increase our presence.

m.v “MSC BENEDETTA XIII” V- XA406R I.G.M. No. 2372097 DT 21-MAR-24 Exch rate 85.5

The above vessel has arrived on 24-03-2024 at NHAVA SHEVA (BMCT) with import cargo from VARNA, POTI, THESSALONIKI, HAIFA, TRIESTE, AL 'AQABAH, KLAIPEDA, CONSTANTA, NOVOROSSIYSK, JEDDAH, KING ABDULLAH PORT, KOPER, LATTAKIA, ALIAGA, ANTALYA, DERINCE, GEMLIK, ISKENDERUN, ISTANBUL, MERSIN, TEKIRDAG (ASYAPORT), TRABZON, CHARLESTON, HOUSTON, NEW YORK, SAVANNAH.

Please note the item Nos. against the B/L Nos. for NHAVA SHEVA (BMCT) delivery.

NHAVA SHEVA

Consignees are requested to kindly note that the above item nos. are for the B/L Nos. arrived for Nhava Sheva delivery.

Consignees are requested to collect Delivery Order for all imports delivered at Nhava Sheva from our Import Documentation Dept. at Nhava Sheva - DN210 / DN211 / DN212, D-Wing, 2nd Floor, NMSEZ Commercial Complex, Plot No. 6, Sector - 11, Opp. JNPT Township, Dronagiri Node, Navi Mumbai - 400 707 , India and Mumbai - 1st Floor, MSC House, Andheri Kurla Road, Andheri (East), Mumbai - 400059 on presentation of duly discharged Original Bill of Lading and payment of relevant charges.

The container detention charges will be applicable after standard free days from the discharge of containers meant for delivery at Nhava Sheva. The containers meant for movement by road to inland destinations will be dispatched upon receipt of required documents from consignees/receivers and the consignees will be liable for payment of port storage charges in case of delay in submission of these documents. Our Surveyors are M/s. Zircon Marine Services Private Limited. and usual survey conditions will apply. Consignees are also requested to note that the carriers and their agents are not bound to send individual notification regarding the arrival of the vessel or the cargo.

Incase of any query, kindly contact Import Customer Service - (022) 66378123; IN363-imports.mumbai@msc.com

Get IGM No. / ITEM No. /CFS details on our 24hrs computerized helpline No. (IVRS No.) 8169256872

You can also visit our website: www.msc.com/ind/help-centre/tools/import-general-manifest-information

As Agents :

CJ-VIII

CJ-IX

CJ-X Princess Layla BS Shipping 28/03

CJ-XI Neshat (IIX) Armita India 27/03

CJ-XII Hansa Europe (IG1) Hapag Llyod 27/03

CJ-XIII VACANT

CJ-XIV Borkum JMBaxi 27/03

CJ-XV Yangze 7 Aditya Marine 01-Apr

CJ-XVA Bentley Cross Trade 30/03

CJ-XVI Figec Mihir & Co. 30/03

TUNA VESSEL'S NAME AGENT'S NAME ETD

VESSELS IN PORT & DUE FOR EXPORT LOADING

OJ-III

OJ-IV

OJ-V VACANT

OJ-VI VACANT

OJ-VII Nord Miyako GAC Shpg. 27/03

Arzin 20/03 Bandar Abbas

AS Alexandria 20/03 Jebel Ali

Pegasus 02 20/03 Somalia

Eider S 21/03 Iran

GF Trader 21/03 Yemen

Crested Eagle 21/03 China

TCI Express 22/03 Manglore/ Cochin/Tuticorin

Safeen Power 22/03 Abu Dhabi

Princess Mariam 22/03 Somalia

Obession 22/03

T Procyon 22/03

BBC Russia 22/03 USA

Jaador 22/03

Jairan 23/03 Bandar Abbas

TCI Anand 23/03 Manglore/ Cochin/Tuticorin

ER Maden 23/03 Tanzania

Jupiter 24/03 Sudan

PVT Aroma 23/03 Mina Saqr

Obession 23/03 China

Suvari Kaptan 25/03 Somalia

Vega Stetind 25/03 China

SHIPS

WITH EXPORT CARGO

NSICT

CMA CGM Lebu (V-02SHIS1)

Ningbo Express (V-2407W)

Tabea (V-02410W)

Kotka (V-IU411A)

Little Worrior (V-2409W) ALX Shipping 2371895 19/03

Wan Hai 513 (V-E091)

NSIGT

Vessel

Maersk

BMCT

Tampico (V-IV411A) 17-03-2024 Colombo

Athenian (V-4111) 18-03-2024 ACMTPL

Grace Bridge (V-24002E) 20-03-2024 MICT

Little Worrior (V-2409W) 21-03-2024 Sohar

MSC Shay (V-IP412A) 23-03-2024 Hazira

MSC Ariana (V-IS410A) 25-03-2024 Mundra

APL Southampton (V-OINGHW1) 25-03-2024 ACMTPL

Argolikos (V-E159) 21-03-2024 Port Kelang

X-Press Cassiopeia (V-2401E) 21-03-2024 Pipavav

Wan Hai 513 (V-E091) 23-03-2024 Cochin

Ningbo Express (V-2407W) 24-03-2024 AICT

Celsius Nairobi (V-0905) 24-03-2024 Jebel Ali

ESL Kabir (V-02408E) 25-03-2024 Port Kelang

APL Salalah (V-OPE8LW1) 21-03-2024 ACMT

Wan Hai 505 (V-E173) 21-03-2024 MICT

Sprinter (V-050W) 21-03-2024 Khalifa

Maersk Karun (V-412W) 21-03-2024 Mundra

MSC Daria (V-FA406A) 22-03-2024 Sohar

Safeen Prism (V-007W/E) 22-03-2024 Mundra

Sunny Phoenix (V-59E) 22-03-2024 Hazira

ACX Diamond (V-323W/E) 23-03-2024 Mundra

Safeen Power (V-065W) 23-03-2024 Khalifa

X-Press Capella (V-24002E) 24-03-2024 Karachi

KMTC Colombo (V-2402E) 24-03-2024 AICT

Cape Fulmar (V-24010) 24-03-2024 Mundra

MSC Rania (V-GA411R) 25-03-2024 Colombo Majd (V-24007W) 26-03-2024 MICT

Drewry: World Container Index Down by 5% Last Week

LONDON: Drewry ’s World Container Index decreased by 5% to $3,010 per 40ft container this week.

D e t a i l e d a

Thursday, 21 March 2024

The composite index decreased by 5% to $3,010 per 40ft container this week and has increased by 71% when compared with the same week last year

The latest Drewry WCI composite index of $3,010 per 40ft container is 112% more than average 2019 (pre-pandemic) rates of $1,420.

The average composite index for the year-to-date is $3,453 per 40ft container, which is $752 higher than the 10-year average rate of $2,701 (which was inflated by the exceptional 2020-22 Covid period).

Freight rates from Shanghai to Rotterdam and Shanghai to Genoa decreased 8% to $3,209 and $3,882 per 40ft box Similarly, freight rates from Shanghai to Los Angeles dropped 4% or $148 to $3,934 per feu respectively Followed by rates on Rotterdam to Shanghai which reduced 2% or $18 to $827 per 40ft container

Likewise, rates on Los Angeles to Shanghai and Shanghai to New York declined 1% to $701 and $5,376 per feu respectively While rates on Rotterdam to New York and New York to Rotterdam increased 2% or $2,281 and $658 per 40ft container. Drewry expects a continuing decrease inspotfreightratesfromChinainthecomingweek

Houthis reportedly strike Deal with Russia, China for safe passage

YEMEN: Houthi rebels here who have been attacking ships passing through the Red Sea in an apparent show of support for Hamas in the IsraelHamas War have reached a deal with Russia and China to allow safe passage for their ships, according to Bloomberg, which cited people familiar with the discussions

In exchange for the safe passage, it’s likely Russia and China will provide some sort of political support for the Houthis, potentially before the United Nations Security Council—though the specifics of that support are not clear, Bloomberg reported.

The Houthis had already signaled they weren’t targeting Chinese or Russian vessels, but Bloomberg

reports Russia and China may have been seeking a more concrete deal after the Houthis reportedly misidentified ships they targeted.

That includes the March 6 attack on the “True Confidence” ship, which yielded the first casualties in the Houthis’ campaign, killing three crew members— a Houthi spokesperson claimed the ship was American, but the ship’s owners denied any connections to any American entity, and the ship was reportedly sold by an American company to a Liberia-registered company last month.

In another incident, Houthi missiles exploded close to a ship loaded with Russian oil, just days after the Houthis had signaled Russian ships were safe to pass.

India-UK FTA to be signed post formation of new Government in India

NEW DELHI: The India-UK free trade agreement is likely to be signed post the formation of new government at the Centre.

“The legal vetting of the trade deal is on. Even if we iron out the last few issues, the deal cannot be announced till elections are over and a new government is formed” a senior government was quoted as saying recently.

The last round of negotiations on pending issues between India and United Kingdom concluded this month, but the negotiating teams of both sides are continuing to holdvirtualdiscussionsonafewvitalissues.

Intense negotiations were held for last two months to iron out the contentious issues.

India and the UK launched the talks for a free-trade agreement (FTA) in January 2022 and there have been 14 round of talks so far Chapter wise textual negotiations are almost over and schedules on Goods and Services are being finalised.

On March 12, PM Shri Narendra Modi and his counterpart UK PM Rishi Sunak had a telephonic discussion for early conclusion of the FTA. This gives the negotiating team a final push to finalise the deal at the earliest.

The two leaders also affirmed their commitment to further bolster the bilateral Comprehensive Strategic Partnership between the two nations.

MUMBAI: India’s foreign exchange reserves rose for a fourth straight week to hit a record high of $642.49 billion as of March 15, central bank data showed The reserves rose by $6.4 billion in the reporting week, after rising $20 billion in the previous three weeks. The Indian economy is seen growing at 7.6% this year, one of the fastest among major global economies. This helped draw $20.7 billion in overseas equity flows in 2023 and $1.85 billion so far this year. In addition,

India’s inclusion on global bond indexes has drawn over $10 billion since late September

The Reserve Bank of India (RBI) has chosen to absorb most of these flows to avoid a sharp appreciation in the rupee, adding to its reserves, analysts said. A large reserves pilegivesthecentralbanktheabilitytomanagethecurrency during periods of market volatility. India’s forex reserves, includingthecentralbank’sforwardholdings,cannowcover more than 11 months of imports, a nearly two-year peak.