Milaha reports QAR 300 million net profit for H1 2020 ..See Back Pg.
YEARS
Vol. LX No. 132 th THURSDAY 30 JULY 2020
E-Mail: dailyshipping@gmail.com
See Pg. 3
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Cochin Port helps FACT to look East; First Coastal Shipment of FACT flagged off COCHIN: In a move that redefines the partnership between Governments owned corporates, Cochin Port Trust (CPT) and Fertilizers and Chemicals Travancore Ltd (FACT), two of the leading PSUs in Kerala, flagged off the first containerized consignment of fertilizers meant for coastal shipping from Cochin to Haldia, West Bengal on 28th July, 2020. Since 2019, FACT was planning to look beyond South and to enter the Eastern Markets as part of their plan to build up a pan-India presence. They were gearing up to market Ammonium Sulphate in West Bengal and was looking for a viable mode of transport. At this point, the Business Development Team of Cochin Port stepped in and offered them a solution by way of ‘door to door’ movement using coastal shipping which has lot of advantages like avoidance of multiple handling, elimination of any chance of contamination & pilferage, less Cont’d. Pg. 2 damage to the cargo etc.
Samudera Shipping triples H1 profit Commerce Ministry not accepting with cost control measures MEIS applications from exporters INDONESIA: Samudera Shipping Line has more than tripled its profit in the first half amid the coronavirus (COVID-19) pandemic as the line managed to control operating costs, even as revenue fell. The Company said it downsized its fleet, dropped unprofitable services and reduced frequencies where justifiable during the very challenging market conditions to control costs. Cont’d. Back Pg.
NEW DELHI: The Commerce Ministry has blocked the online system for exporters to apply for availing tax incentives under the MEIS scheme from July 23 as the department of revenue (DoR) decided to limit the benefits under the scheme at Rs 9,000 crore for April-December 2020. According to an office memorandum of the Directorate General of Foreign Trade (DGFT), the Department of Revenue in May had conveyed that it may not be feasible to exceed MEIS (merchandise export from India scheme) allocation beyond Rs 9,000 crore for 2020-21 (up to December 2020). Cont’d. Pg. 2