Virgin Hyperloop and Bangalore International Airport announce Ground-Breaking Partnership to Conduct Feasibility Study ..See Back Pg.
Demand rises for making VOC Port as International Container Transhipment hub ..See Pg. 13
Food Ministry extends sugar export deadline by 3 months till December ..See Pg. 13
YEARS
Vol. LX No. 173 th TUESDAY 29 SEPTEMBER 2020
See Pg. 5
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Cargo Ferry Service to strengthen Maldives-India Bilateral relation : PM Narendra Modi NEW DELHI: The Prime Minister Narendra Modi recently said that the Maldives-India Cargo Ferry Service would boost the economies and strengthen the friendship between the two countries. Prime Minister Modi said this while replying to a tweet from the Maldivian President Ibrahim Mohamed Solih. “Our thanks to Prime Minister @narendramodi and Government of India as the Maldives-India Cargo Ferry Service goes on its maiden voyage between Kulhudhuffushi, Male and South India. The ferry would further strengthen Maldives-India friendship and bring greater prosperity to our communities,” President of the Republic of Maldives tweeted. Prime Minister Modi replied that it was “indeed a happy day” adding that the dream of direct ferry service is now a reality. “It is indeed a happy day, President @ibusolih (Ibrahim Mohamed Solih)! Our dream of a Direct Ferry Service
between India and Maldives is now a reality,” read the Prime Minister’s tweet. “I have no doubt that it will promote bilateral trade and boost our economies. The Maldives-India friendship will continue to strengthen,” the tweet read further. Narendra Modi Foreign Minister Abdulla Shahid said that the ferry service would bring “monumental benefits to the people of the Maldives, especially the Northern islands” adding that it was “A new road for age-old friends.” “A new road for age-old friends is what we embark upon. We marked the historic maiden voyage of the Maldives-India Cargo Ferry Service. The establishment of this ferry will boost #MaldivesIndia trade, as well as revitalise the economy of northern Maldives,” he added.
Global Trade recovers to 75% of pre-pandemic levels as monthly exports rise LONDON: Global trade has recovered to about 75 per cent of its pre-Covid-19 crisis levels as every region recorded a rise in monthly exports, although at varying degrees of speed and strength, according to Capital Economics. China and the US recorded the biggest increases in monthly exports among all regions, Capital Economics said in its Global Monitor report on September 25.
Container cargo handling at Major Ports drops about 25% in April-August: IPA NEW DELHI: Container cargo handling at India’s Major Ports fell about 25 per cent during April-August amid the COVID-19 pandemic, according to ports body IPA data. Container cargo in ter ms of TEUs (twenty-foot equivalent unit) at India’s 12 Major Ports dropped 25 per cent to 3.25 million in the the April-August period of the current fiscal, showed the latest data from the Indian Ports’ Association (IPA). In terms of tonnage, the container cargo declined 22.45 per cent to 49.26 million tonnes (MT) during the period. These ports had handled containers to the tune of 4.34 million TEUs and 63.53 MT in terms of tonnage in the April-August period of the previous financial year. The IPA, which maintains cargo data handled by these ports, in its latest report said “percentage variation from the previous year” in container handling in terms of TEUs and tonnage was 25.01 per cent and 22.45 per cent, respectively. Ratings agency ICRA had earlier said that while all cargo segments are vulnerable, container segment is expected to be more adversely impacted. While general cargo throughput may witness 5-8 per cent contraction for the full year 2020-21, the container segment may drop 12-15 per cent, it had said. Total cargo traffic includes container cargo, coal, fertilisers, petroleum products and other segments. These ports have registered 16.56 per cent dip in cargo handling to 245.04 MT between April and August this fiscal. Cont’d. Back Pg.
However, while China’s exports had returned to their pre-virus levels by the end of July, exports from the US were still 13 per cent lower, it said, citing world trade data from the CPB Netherlands Bureau for Economic Policy Analysis. More recent data, including Purchasing Managers Index readings for September, indicate the recovery has continued throughout the third quarter. Cont’d. Pg. 13