Charting a New Course: Gaurav Saini’s Vision for a Sustainable Maritime Future
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Are We on the Right Track to Become a $7 Trillion Economy by 2030?
India, now the world’s fourth-largest economy, has made a remarkable progress in infrastructure development over the past decade driven by its many ‘Make in India’ initiatives.
Recognising that world-class infrastructure is the backbone of economic progress, the government of India launched a series of transformative projects to strengthen transportation, logistics, and urban facilities. In the Union Budget 2025-26, capital investment outlay for infrastructure had been increased to Rs.11.21 lakh crore (US$ 128.64 billion), which would be 3.1% of GDP.
While, the Bharatmala Pariyojana is enhancing road connectivity with expressways and economic corridors, the Sagarmala Programme is revolutionising port-led development. The Smart Cities Mission is reimagining urban centres with modern amenities and digital integration, and PM Gati Shakti is streamlining multimodal connectivity for seamless movement of goods and people. These initiatives are laying the foundation for a more efficient, interconnected, and sustainable India.
The National Industrial Corridor Development Programme (NICDP) is meanwhile creating world-class manufacturing hubs, while PM Gati Shakti enhances multimodal connectivity through data-driven planning. These initiatives are fostering seamless logistics, boosting competitiveness, and positioning India as a global economic powerhouse.
One could always discuss the much-hyped number crunching data but then the question is: are we investing enough in infrastructure development to become a $7 trillion economy by 2030?
While India has made significant strides in infrastructure development, experts suggest that more investment is needed to achieve its economic goals and address existing challenges. The country needs a substantial increase in both public and private investment to support its projected growth trajectory. According
to a report, India needs USD 2.2 trillion investment on infra to become a USD 7 trillion economy by 2030.
Also, in addition to physical infrastructure, India needs to invest in social and digital infrastructure to support its long-term goals and achieve sustainable growth.
To achieve its goal, India’s economy is required to grow at a CAGR of 10.1 per cent between 2024-2030, as compared to 6.3 percent anticipated in 2025, which is quite less from its earlier 7.1 per cent registered in 2024.
Like it or not, Infrastructure projects in India often face challenges like delays and cost overruns, requiring careful planning and execution to ensure successful implementation.
To bridge the infrastructure financing gap, India needs to explore various funding mechanisms, including government support, public-private partnerships, and perhaps global financing as historically, more than 80% of the country’s infrastructure spending has gone toward funding for transportation, electricity, and water, and irrigation.
As India’s environment and demographics are evolving there is a compelling need for enhanced and improved delivery across the whole infrastructure spectrum, from housing provision to water and sanitation services to digital and transportation demands, which will assure economic growth, increase quality of life, and boost sectoral competitiveness.
Needless to say, the government needs to encourage private sector participation in infrastructure development that has shied away for some time now, for it can help balance government budgets, decrease the deficits, and accelerate project timelines.
Jagdamba Pandey Manager, Business and Promotion jagdamba@marexmedia.com
Kamal Chadha
IWAI Sets-up Office in Jammu & Kashmir
The Inland Waterways Authority of India (IWAI) under the Ministry of Ports, Shipping and Waterways, has set up its new office in Srinagar’s Transport Bhawan. While the office space has been provided by J&K government, this office will be central to all the IWT works being undertaken by the Authority in the region. The partnership between IWAI and Jammu and Kashmir government is a significant step that promises to promote eco-tourism in the union territory while also stimulating local economy. The IWAI has signed a Memorandum of Understanding (MoU) with the government of Union Territory of Jammu and Kashmir to
develop river navigation infrastructure in three national waterways in the Union Territory i.e. NW-26 (River Chenab), NW-49 (River Jhelum), NW-84 (River Ravi). The Authority will now start the development works under the framework of the MoU. These works include setting up of floating jetties at ten locations in Jammu and Kashmir, development of navigational fairway by dredging wherever required, night navigational aids and regular hydrographic surveys for safe plying of vessels in
these waterways. With proactive steps like developing IWT terminals and related infrastructure, IWAI is working towards utilizing the immense potential of rivers across the country.
Nagpur’s Multi Modal Logistic Park Commences Commercial Operations
The Multi Modal Logistics Park, Nagpur (MMLP Nagpur) in Sindi near Wardha, Maharashtra, has officially commenced commercial operations under the PM GatiShakti initiative, with its first rake of 123 Maruti cars arriving from Farukhnagar. Spanning over the area of 150 acres, the MMLP Nagpur is established by National Highway Logistics Management Limited (NHLML), a 100% owned company of National Highways Authority of India (NHAI). According to a statement by the Ministry of Road Transport and Highways (MoRTH), NHLML has signed an agreement with a private developer for the Multi Modal Logistics Park (MMLP) in an area of 150 acres in three phases under Public-Private Partnership model with Concession Period of 45 years, at an estimated cost of Rs.673 crore. Phase-I will be developed with an investment of Rs. 137 crore. Further, Maharashtra
MMLP Pvt. Ltd., an authority SPV, is formed between National Highways Logistics Management Limited (NHLML) and Jawaharlal Nehru Port Authority (JNPA) that has to provide land, external rail and road connectivity along with water and power supply for development of MMLP. Once fully operational , the MMLP will provide facilities such as warehouses, cold storages, intermodal transfers, handling
facilities for container terminals, bulk / break-bulk cargo terminals along with Value Added Services such as sorting / grading and aggregation / desegregation areas, bonded warehouse and customs facilities as well as support logistics facilities such as offices for freight forwarders and transporters and truck terminals enabling efficient inter-modal freight movement to lower overall freight costs and time.
Invest U.P. and Indian Railways Sign MoU to Build Logistics Hubs
UP state government has entered into a strategic partnership with Indian Railways to establish multi-modal logistics hubs across the state, enhancing connectivity and facilitating efficient movement of goods. The MoU was signed between Invest UP, the state’s investment promotion agency and the Northern Railway’s Lucknow division. The agreement outlines the development of logistics hubs, dry ports and multi-modal parks, positioning Uttar Pradesh as a leading industrial state. A key provision of the MoU mandates that at least one leg of transportation either raw materials or finished goods must utilise railways. This initiative promotes cost-effective and sustainable logistics, reducing dependency on road transport and minimizing carbon emissions. To incentivise private investment, Indian
Railways will offer its land to logistics and warehousing investors on a 35year lease at a concessional rate of 1.5% of the prevailing industrial or circle rate. This move aims to attract significant private sector participation in the development of logistics infrastructure. The partnership also
focuses on integrating available railway land data into the Pradhan Mantri Gati Shakti National Master Plan Portal. This integration will simplify investor access to land-related information, streamlining the approval process and encouraging investment in logistics projects.
India’s Exports Hit Record, Registers
USD 821 Billion in FY25
India has recorded exports worth of over $821 billion in 2024-25 on the back of healthy merchandise shipments and robust services exports despite global headwinds. Announcing provisional trade data for the month of March and the full financial year of 2024-25, commerce secretary Sunil Barthwal said that services data for the month of March is a “conservative” estimate, and India’s actual exports in FY25 may exceed $821 billion. According to the data, India’s overall exports (merchandise and services combined) in 2024-25 were $820.93 billion as compared to $778.13 billion
in 2023-24, registering 5.5% growth. Overall imports in FY25 saw 6.85% growth to $915.19 billion against $856.52 billion in FY24, leading to a higher trade deficit. The trade deficit rose from $78.39 billion in 2023-24 to $94.26 billion in 2024-25, a jump in excess of 20%. India’s overall exports were led by services in FY25 as the growth in merchandise shipments almost remained flat at $437.42 billion compared to $437.07 billion in FY24.
Goods imports, however, jumped by 6.2% to $720.24 billion in FY25 against $678.21 billion in FY24. Services were the bright spot with exports exceeding
imports. India exported services worth $383.51 billion in FY25 as compared to $341.06 in FY24, a 12.45% jump. Imports, however, saw a 9.33% annualised increase to $194.95 billion in FY25 from $178.31 billion in FY24.
CSL’s Steel-cutting Ceremony for Third Ro-Ro Vessel in Kochi
The CSL (Cochin Shipyard Limited) held a steel cutting ceremony for the construction of a Double-Ended Ro-Ro Ferry for the Kochi Municipal Corporation on April 30, 2025. The ceremony, a symbolic start to the vessel’s construction, was attended by various dignitaries, including the Kochi Mayor and CSL officials. The construction will be completed within a year. This vessel, the third Ro-Ro ferry being built by CSL for Kochi, will improve inter-island connectivity within the city. The vessel is designed to be 28.43m long and 8.25m wide, with a speed of six knots. This service is part of the Kochi Smart Mission Ltd (CSML) project and is designed to carry 4 trucks,12 cars, and 50 passengers. The Kochi Corporation
is actively working to redevelop the Vypin Ro-Ro jetty and has also been urged to reintroduce the ferry service between Fort Kochi and Vypeen. The Ro-Ro (Roll On, Roll Off) ferry service connecting Fort Kochi and Vypin in
IIFT Establishes Education Centre at Gift City
The Ministry of Education has approved the establishment of an off-campus center of the Indian Institute of Foreign Trade (IIFT) at GIFT City, Gandhinagar, Gujarat. This center will be located on the 16th and 17th floors of GIFT Tower 2 and will offer IIFT’s flagship MBA (International Business) program, specialized short-term courses, and research opportunities in international trade. IIFT’s off-campus center at GIFT City will operate under the UGC (Institutions Deemed to be Universities) Regulations, 2023. The approval under Section 3 of the UGC Act, 1956, comes after IIFT’s successful compliance with the conditions laid out in the Letter of Intent (LoI) issued in January 2025. This included
submission of a development roadmap to establish a multidisciplinary institution with over 1,000 students, availability of qualified faculty, detailed academic programmes, plans for a permanent campus, and creation of a
state-of-the-art library. This move aims to strengthen India’s trade education ecosystem and support export-led growth.
Kochi, Kerala, significantly shortens the travel distance. The 25 km road journey between the two locations is reduced to a 2 km ferry ride.
India’s Major Ports Break Records in FY25; Driving Growth & Global Competitiveness
India’s Major Ports have delivered their strongest performance in FY 2024-25, achieving recordbreaking cargo throughput, improved efficiency, and heightened private sector investment, marking a major leap toward global competitiveness.
In FY 2024-25, Major Ports registered an impressive annual growth rate of 4.3% in cargo handling, increasing from 819 million tonnes in FY 2023-24 to ~855 million tonnes in FY 2024-25. This growth highlights the resilience and capacity of Major Ports in accommodating rising trade volumes. The increase in traffic was driven by higher container throughput (10%), fertilizer cargo handling (13%), POL cargo handling (3%), and handling of miscellaneous commodities (31%) compared to the previous fiscal year. Among commodities handled at Major Ports, Petroleum, Oil, and Lubricants (POL)—including crude, petroleum
products, and LPG/LNG—led the charts with a volume of 254.5 million tonnes (29.8%), followed by container traffic at 193.5 million tonnes (22.6%), coal at 186.6 million tonnes (21.8%), and other cargo categories such as iron ore, pellets, fertilizers, and more in FY 2024-25. For the first time in the history of Major Ports, the Paradip Port Authority (PPA) and Deendayal Port Authority (DPA) surpassed the 150-million-tonne cargo handling mark, reinforcing their status as key hubs of maritime trade and operational excellence. Meanwhile, Jawaharlal Nehru Port Authority (JNPA) set a record by handling 7.3 million TEUs, reflecting a 13.5% year-on-year growth.
In FY 2024-25, Indian ports collectively allocated 962 acres of land for portled industrialization, projected to generate an income of ₹7,565 crore in FY 2024-25. Furthermore, lessees are expected to make future investments
of ₹68,780 crore on the allotted land, reaffirming investor confidence in port-led development. Private sector participation has been instrumental in this transformation, with investments in PPP projects at Major Ports increasing threefold, from ₹1,329 crore in FY 2022-23 to ₹3,986 crore in FY 2024-25, highlighting strong investor confidence. Operational performance continued to improve in FY 2024-25, with Pre-Berthing Detention (PBD) Time (on port account) improving by ~36% compared to FY 2023-24. Financially, Major Ports witnessed an 8% increase in total income in FY 2024-25, rising to ₹24,203 crore from ₹22,468 crore in FY 2023-24. Similarly, operating surplus grew 7% to ₹12,314 crore in FY 2024-25 from ₹11,512 crore in FY 2023-24.
MMT
The ‘Historic’ India-UK Free Trade Agreement Set to Drive Mutual Economic Growth
The India-UK FTA aims to create a more open and competitive trade environment, benefiting both countries through increased trade, investment, and economic growth
With over three and a half years of negotiations, India and the United Kingdom finally concluded talks for a free trade agreement (FTA) that could reshape the way Indians work and do business in Britain for, over 99% Indian exports will benefit from zero duty while those (Indian employees) working in the UK shall have threeyears exemption from social security payments.
The UK and India concluded a Free Trade Agreement (FTA) on May 6, 2025, marking a significant step in their bilateral relations. Hon’ble Prime Minister of India Shri Narendra Modi and Hon’ble Prime Minister of the United Kingdom Sir Keir Starmer announced the successful conclusion of a mutually beneficial India – UK Free Trade Agreement (FTA).
The FTA, which covers strategic and economic ties between the fifth- and sixth-largest economies, ensures comprehensive market access for goods in all sectors, aligning with India’s export interests and will be implemented on a mutually agreed upon date following the administrative process by the respective countries.
India will benefit from import duty elimination on around 99 per cent
of tariff lines (or product categories), covering nearly 100 per cent of trade value that offers huge opportunities to increase bilateral trade between India and the UK. It also includes an agreement on social security contributions that is expected to benefit thousands of Indians working in the UK on a temporary basis.
India in turn, reciprocated with eliminating tariffs on 99% of UK tariff lines. The engagement builds upon the discussions held between the two Prime Ministers on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil, in November 2024.
Following the meeting between the two Prime Ministers, intense FTA negotiations resumed in February 2025 marked by several engagements between the Commerce and Industry Minister Shri Piyush Goyal and the U.K. Secretary of State Mr. Jonathan Reynolds and their teams.
Prime Minister Shri Narendra Modi stated in his social media post on X (formerly twitter) “In a historic milestone, India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement, along with a Double Contribution Convention. These
Key Highlights of the India-UK FTA:
• The FTA with the UK is a modern, comprehensive and landmark agreement which seeks to achieve deep economic integration along with trade liberalisation and tariff concessions.
• The FTA ensures comprehensive market access for goods, across all sectors, covering all of India’s export interests. India will gain from tariff elimination on about 99% of the tariff lines covering almost 100% of the trade value offering huge opportunities for increase in the bilateral trade between India and the UK.
• The FTA provides positive impact on manufacturing across labour and technology intensive sectors and opens up export opportunities for sectors such as textiles, marine products, leather, footwear, sports goods and toys, gems and jewellery and other important sectors such as engineering goods, auto parts and engines and organic chemicals. This will substantially improve Indian goods competitiveness in the UK vis-a-vis other countries.
• The FTA will have significant positive gains for employment in
India.
• India will benefit from one of the most ambitious FTA commitments from the UK in Services such as IT/ITE-S, financial services, professional services, other business services and educational services, opening up new opportunities and jobs.
• The FTA eases mobility for professionals including Contractual Service Suppliers; Business Visitors; Investors; Intra-Corporate Transferees; partners and dependent children of Intra-Corporate Transferees with right to work; and Independent Professionals like yoga instructors, musicians and chefs.
• Immense opportunities for talented and skilled Indian youth will open up in the UK which is a major global centre for digitally delivered services due to its strong financial and professional services sectors and advanced digital infrastructure.
• India has secured significant commitments on digitally delivered services for Indian
service suppliers, especially in professional services such as architecture and engineering, computer related services and telecommunication services.
• The exemption for Indian workers who are temporarily in the UK and their employers from paying social security contributions in the UK for a period of three years under the Double Contribution Convention will lead to significant financial gains for the Indian service providers and enhance their competitiveness in the UK market that would create new job opportunities as well as benefit large number of Indians working in the UK.
• India has ensured that non-tariff barriers are suitably addressed to ensure free flow of goods and services and that they do not create unjustified restrictions to India’s exports.
• The FTA seeks to promote good regulatory practices and enhance transparency that are in sync with India’s own focus on domestic reforms to enhance the ease of doing business.
Business & Trade
landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies.”
The Union Minister for Commerce and Industry Shri Piyush Goyal thanked the Prime Minister for his guidance and encouragement which made the trade deal possible, and under whose visionary leadership India is looked upon as “Vishwa Mitra – Trusted Partner” of the world.
Shri. Goyal stated, “This Agreement sets a new benchmark for equitable and ambitious trade between two large economies. It will benefit Indian farmers, fishermen, workers, MSMEs, startups and innovators. It brings us closer to our goal of becoming a global economic powerhouse. This FTA is not only about goods and services, but also about people, possibilities and prosperity. It protects our core interests while opening doors to India’s greater participation in global value chains”.
The Commerce Secretary Shri Sunil Barthwal emphasised that this FTA is a
game changer and will set India further on the path of rapid economic growth and benefit India’s global integration. This is the most comprehensive free trade deal ever entered into by India and will be the gold standard for our future engagements.
DCCA Benefits
Under the Double Contribution Convention Agreement (DCCA), Indian workers temporarily in the UK and their employers will be exempt from paying social security contributions for three years.
According to India’s commerce ministry this FTA would make Indian service providers more competitive as in an unprecedented achievement, India has secured an exemption for Indian workers who are temporarily in the UK and their employers from paying social security contributions in the UK for a period of three years under the Double Contribution Convention.
As a result, approximately over 60,000 employees, mainly from the IT sector, are expected to benefit. The total
financial benefit to Indian companies and employees is estimated to exceed Rs 4,000 crore. Presently, Indian professionals working temporarily in Britain pay compulsory National Insurance (NI) contributions but cannot claim benefits once they return to India. Industry experts believe the deal could offer wider advantages beyond immediate cost savings.
Significance
The FTA takes place in the backdrop of growing economic relations between India and the UK as exemplified in the bilateral trade of about USD 60 billion which is projected to double (to USD 120 billion) by 2030.
Moreover, this FTA is the UK’s largest deal post-Brexit and the most ambitious trade pact ever signed by India signalling India’s growing importance in global supply chains and the UK’s pivot to non-EU markets.
Prime Minister Modi and Prime Minister Starmer welcomed the conclusion of a mutually beneficial India -UK Free Trade Agreement and
the Double Contribution Convention describing it a historic milestone in the bilateral Comprehensive Strategic Partnership that would foster trade, investment, innovation and job creation in both the economies. Both agreed that the landmark agreements between the two big and open market economies of the world will open new opportunities for businesses, strengthen economic linkages, and deepen people-to-people ties.
India Safeguards Sensitive Sectors
Yes, India has significantly safeguarded its sectors. Sensitive agri-products like dairy products, apples, cheese, oats, animals and vegetable oils are on the exclusion list, which means no duty benefits are provided by India to the UK on these items.
Sensitive industrial goods like plastics, diamond, silver, base stations, smartphones, television camera tubes, optical fibres, optical fibre bundles and cables are also under that list.
To further safeguard certain areas, India has agreed to cut or remove duties gradually over a longer period. These goods include ceramics, petroleum
products, chemicals like carbon, red phosphorus, chloro-sulphuric acid, sulphuric acid, boric acid, noble metalutions of platinum, aircraft engines, and engineering equipment.
According to experts, the FTA will also open up massive export opportunities for labour-intensive sectors such as textiles, marine products, leather, footwear, sports goods and toys, gems and jewellery, and other important sectors such as engineering goods, auto parts and engines, and organic chemicals along with providing significant boost to trade in services, such as IT/ITE-S, financial services, professional services, other business services and educational services that would benefit from a level playing field in the UK market. At present, these sectors attract duty in the range of 4-16 per cent in the UK.
For industry stakeholders, it opens up opportunities for joint ventures, technology collaboration, and streamlined supply chains. Lower input costs and increased investor confidence will further drive manufacturing and exports. Overall, the FTA lays the foundation for stronger economic
cooperation, encouraging innovation, expansion, and long-term growth across both nations.
Although, trading in products and services is the primary objective of the FTA, discussions have also included the ability to move by qualified professionals. The regulations are expected to enable short-term business and professional visas, support mutual recognition of qualifications, and facilitate easier migration pathways in high-demand sectors. Even though they might not immediately change student visa restrictions.
As two leading democracies and global innovation hubs, India and the UK reaffirm their commitment to strengthening economic cooperation and working together to address global challenges. The India – UK FTA sets a new benchmark for fair, ambitious, and modern trade agreements worldwide.
MMT
IWAI- Unlocking the Potential of Inland Water Transport
Diverting cargo to waterways relieves pressure on national highways and congested urban centers, this not only shortens travel times but also improves the lifespan of critical road infrastructure
India’s inland water transport sector has witnessed remarkable progress in the last decade under the Ministry of Ports, Shipping and Waterways (MoPSW) and is committed to strengthening India’s logistics sector and promoting inland waterway transport through infrastructure development, research, and policy initiatives.
The Inland Waterways Authority of India (IWAI) reported a record cargo movement of 145.5 million tonnes in the fiscal year 2024–25, marking a significant milestone in inland water transport. According to the Ministry of Ports, Shipping and Waterways, the number of national waterways increased from 5 to 111, and the operational length expanded from 2,716 km to 4,894 km.
Cargo movement has surged from 30 MMTPA in 2014-15 to 145.84 MMTPA in 2024-25, an all-time high for cargo
movement on India’s inland waterways contributing to a cumulative movement of over 779 MMT in the past decade.
The sector currently spans 14,500 km of navigable waterways across 111 declared National Waterways and is poised to play a transformative role in the country’s multimodal logistics framework.
Under its ‘Jal Marg Vikas’ project, IWAI is undertaking end-to-end maintenance dredging, building IWT terminals and navigational locks, setting up community jetties and providing navigational aids all along the waterway for smooth and efficient passenger and cargo movement.
Adhering to its unwavering commitment to build an energyefficient, environment friendly, effective integrated transport system through the development of inland water transport (IWT), the Inland
Waterways Authority of India (IWAI) under the Ministry of Ports, Shipping and Waterways (MoPSW) has signed a Memorandum of Understanding (MoU) with Rhenus Logistics India Private Limited to operate their barge services in various national waterways in India.
The MoU will introduce Inland Waterways Transport solutions, barge scheduled services across national waterways in the country, a testament to the success of ‘Jal Marg Vikas’ Project for the capacity augmentation of National Waterway.Rhenus Logistics, a Germany-based international logistics service provider operating globally in more than 70 countries with an annual turnover of EUR 8.2 billion, as per the MoU, will introduce 100 barges in a phased manner in the national waterways.
Speaking on the occasion, the
Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbnanda Sonowal said, “Inland waterways offer a remarkable opportunity to create a greener, cost-effective, and efficient logistics network. Under the visionary leadership of Prime Minister Shri Narendra Modi ji, the Ministry is working on implementing the framework of the Maritime India Vision 2030. Today, with this MoU, we are enabling our rich and dynamic waterways system to be empowered with global expertise and revamp its efficacy as the preferred mode of bulk cargo movement in the country. Our ministry, with such initiatives, are focused on unlocking the full potential of inland water transport as a national growth engine powering the hinterland towards sustainable development and vigorous growth.”
Leveraging Rhenus expertise in European inland navigation and a global fleet of over 1,100 barges, the partnership aims to integrate global best practices into the Indian IWT ecosystem. A combination of pushers and barges to suit the low draft navigation will be used to transport both bulk and break-bulk cargo.
Michael de Reese, Division Head of Rhenus Port Logistics, stated in release, “Inland navigation is the backbone of the producing economy in Germany as well as in Europe. With our expertise and our broad experience in mastering challenges such as infrastructure construction, varying water levels and the training of a reliable expert workforce, we can support the growing Indian economy together with the IWAI.”
In the first phase, Rhenus will introduce 6 pushers tugs and 20 flat bottom barges from Germany with a capacity of 400 tonnes, which can be combined to transport up to 1,200 tonnes per trip, targeting the movement of over one million tonnes of cargo annually by the end of 2025.
At the onset, Rhenus will operate on National Waterways;- NW1 (Ganga
River), NW2 (Brahmaputra River), and NW16 (Barak River), as well as the Indo-Bangladesh Protocol (IBP) route. These operations will facilitate the movement of bulk and break-bulk cargo across North, East, and Northeast India, with gradual expansion to other NWs. As demand grows, Rhenus will scale its fleet to 100 barges and expand its corridors across the Indian subcontinent.
This initiative supports the nation’s commitment to develop a robust multi-modal logistics infrastructure further complementing the Jalvahak Cargo Promotion Scheme that offers reimbursement upto 35% of total operating expenditure incurred while transporting cargo via waterways on NW 1, NW 2 & NW 16.
IWAI has been deliberating on augmenting the country’s logistics sector for quite some time. Earlier in March this year, the Inland Waterways Authority of India had signed an MoU with National Highways Logistics Management Limited (NHLML)to develop a 150-acre, state-of-the-art Multi-Modal Logistics Park (MMLP) in Varanasi, Uttar Pradesh.
This MoU focuses on developing a stateof-the-art Multi-Modal Logistics Park (MMLP) in Varanasi, Uttar Pradesh, to enhance logistics infrastructure and facilitate seamless integration of road, rail, and waterway transport. The park is strategically located to connect with various modes of transport, including National Highway-7, the Eastern Dedicated Freight Corridor, and National Waterway-1.
These MoU’s demonstrate IWAI’s commitment to strengthening India’s logistics sector and promoting inland waterway transport, aligning with broader initiatives like the Jal Marg Vikas Project and PM Gati Shakti National Master Plan.
The inland waterways network represents a hidden economic and environmental treasure for India. With sustained investment, regulatory clarity, and private sector engagement, IWAI can help unlock this potential offering a future where goods move faster, cheaper, and greener — transforming India into a global trade leader while preserving its environment.
MMT
Vizhinjam Port- The First Step in Making India a Global Shipping Hub
Having its strategic importance the port has been identified as a key priority project that will contribute in strengthening India’s position in global trade, enhance logistics efficiency, and reduce reliance on foreign ports for cargo transshipment
Prime Minister Narendra Modi on Friday May 2,2025 commissioned India’s first International Deepwater Multipurpose Seaport - the Vizhinjam Port, at Thiruvananthapuram, Kerala dedicating it to the nation. The Governor of Kerala, Shri Rajendra Vishwanath Arlekar, Chief Minister of Kerala, Shri Pinarayi Vijayan, Union Ministers, Shri Suresh Prabhu, Shri George Kurien were present among other dignitaries at the event.
Highlighting vast ocean, rich with immense possibilities, standing on one side, while on the other, nature’s breathtaking beauty that adds to the grandeur, the PM Modi said, “Before the colonial rule, India witnessed centuries of prosperity, at one point, holding a major share in the global GDP and Kerala played a major role even then in maritime trade; as India maintained trade links with multiple nations through the Arabian Sea.”
The Vizhinjam Port is country’s first dedicated container transshipment port that represents the transformative advancements being made in India’s maritime sector as part of the unified vision of Viksit Bharat. Built under the public private partnership mode at the cost of ₹8,900 crore, the port is operated by the Adani Group and the Kerala
government holds a majority stake in it.
In his address, the Prime Minister emphasized that the Vizhinjam DeepWater Sea Port has now emerged as a symbol of new age development. He extended his congratulations to the people of Kerala and the entire nation on this remarkable achievement.
The PM further stated that the capacity of this transshipment hub in all its likelihood will triple in the coming years, enabling the smooth arrival of some of the world’s largest cargo ships. Developed under the Public Private Partnership (PPP) mode, the port stands as one of the largest initiatives in the country’s port sector offering direct connectivity to international shipping lanes.
With its strategic importance, the port has been identified as a key priority project which will contribute in strengthening India’s position in global trade, enhance logistics efficiency, and reduce reliance on foreign ports for cargo transshipment. Its natural deep draft of nearly 20 meters and location near one of the world’s busiest sea trade routes further strengthens India’s position in global trade.
It has to its credit docking Ship ‘MV San Fernando’, with a capacity of 9000 TEUs, marking the beginning of operation at India’s first deep water container transhipment port in Vizhinjam, and the first automated port equipped with state-of-the-art technology that offers large scale automation for quick
turnaround of vessels including capacity to handle megamax containerships.
The commissioning of port is definitely the first step in making India a global shipping hub for a number of reasons.
Vizhinjam-The Gateway Vizhinjam’s strategic location near international shipping routes significantly reduces transit times for vessels, making it a pivotal point for maritime trade. Needless to say, it is set to become a key player in regional trade, potentially serving as a gateway for commerce between Southeast Asia, the Middle East, and Africa. The port’s location puts it close to international shipping routes, making it possible for India to service big cargo vessels with a capacity of upwards of 20,000 containers. The location is also optimal because it has minimal sand movement along the coast, thus reducing maintenance costs.
Growth-Booster
As one of India’s few natural deep-water ports, it can efficiently accommodate large cargo and container ships. Ongoing infrastructure projects aim to equip the port with state-of-the-art facilities, including modern container terminals, warehouses, and logistics parks. The development of the Vizhinjam
International Seaport is poised to boost Kerala’s economic growth by creating jobs, enhancing trade, and attracting investments.
Will Help India Save Millions
According to industry experts, the Vizhinjam port has the potential of revolutionising the shipping industry in the country, saving $220 million annually for the country. The reason cited is, earlier without a deepwater transhipment port in the country, 75 per cent of India’s transhipment cargo comes through foreign ports like Colombo in Sri Lanka, Singapore, and Jebel Ali in the UAE. This resulted in longer transit times and delays for domestic traders,
Vizhinjam International Seaport
1. Vizhinjam port is the first Greenfield port project in India, initiated by a state government with an investment exceeding ₹18,000 crore. The construction of all the phases of the port will be completed by 2028 (with full capacity 30 berths, handling 6.2 million TEUs annually) and Adani Vizhinjam Port will pay the government a share of the revenue generated when all four phases are operational from 2034.
2. The project, allotted to Adani Ports and Special Economic Zone Ltd (APSEZ) after the Government of Kerala and Adani Vizhinjam Port
Private Ltd. (AVPPL) agreed to a concession agreement in 2015. Construction begins in 2016.
3. While Ships started arriving at Vizhinjam port on a trial basis from July 13 2023, it commenced commercial operations from December 3, 2024.
4. According to reports, so far 263 ships have arrived at the port. Vizhinjam has progressed while surprising the world by handling 5.36 lakh twenty-foot equivalent units (TEUs) of cargo in the short period from the commencement of its commercial operations.
costing them an additional $80 to $100 per container. India has the potential to generate an additional $220 million a year by serving its own cargo.
Apart from the financial benefits, developing its own infrastructure to handle transhipment cargo would also help insulate India’s supply chains from potential geopolitical disruptions. Ultimately, the port will not only serve India’s interests but also support global trade, opening up a largely untapped avenue of opportunity for the country.
MMT
5. Vizhinjam Port has to its credit the feat of handling 1 lakh TEUs per month leading in cargo movements at ports on the south and west coasts of India during Feb-Mar ‘25.
6. National Highway 47, which connects Salem and Kanyakumari in Tamil Nadu, is just 2km from the port, and rail networks connecting Vizhinjam to other parts of the country are 12km away.Trivandrum International Airport is just 15km from the port.
Gaurav Saini Managing Partner & CEO TECO Chemicals
Charting a New Course: Gaurav Saini’s Vision for a Sustainable Maritime Future
As global trade moves steadily toward a future centered on sustainability and strong, adaptive leadership, Mr. Gaurav Saini, Managing Partner & CEO of TECO Chemicals, is emerging as a key figure in this transformation. Leading one of the most forward-looking companies in the maritime chemical sector, Mr. Gaurav Saini is reshaping the way the industry approaches chemical solutionsprioritizing innovation, responsibility, and longterm impact.
In this exclusive cover story, Mr. Gaurav Saini in a candid conversation with Mr. Jagdamba Pandey of Maritime Matrix Today shares more about his professional journey, the guiding principles behind TECO Chemicals’ forwardthinking approach, and his vision for a cleaner, more responsible maritime industry.Mr.Gaurav Saini also reflects on the challenges, milestones, and leadership philosophies that continue to shape his path—and the future of the sector.
What inspired you to pursue a career in the maritime industry, and what drives your passion for innovation and sustainability?
My entry into the maritime industry wasn’t something I had charted in advance. It came from a mix of curiosity, timing, and a genuine desire to be part of something bigger than myself. A chance opportunity introduced me to
shipping, and I was immediately struck by its sheer scale and importance—most people don’t even realize that 90% of global trade moves by sea.
Coming from a background in FMCG and international trading, and having that entrepreneurial drive from a young age, I saw how vital this industry is—and how much room there was for innovation and sustainability.
What fuels me every day is the potential to create real, lasting change. At TECO Chemicals, we’re not just supplying marine chemicals, we’re driving transformation. We’re committed to developing smarter, cleaner, and future-ready solutions that make a difference. That’s what gives my work meaning.
Can you share an example of a successful business strategy you’ve formulated and implemented in a competitive market?
When I took over TECO Chemicals in 2015, we were navigating stormy waters and on the brink of closure in fact. I saw an opportunity to completely reimagine our model - shifting from transactional product sales to an integrated, service-driven approach. In essence, we supply IMO-compliant marine chemicals, cleaning chemicals for tankers and bulkers, supercargo services as well as equipment for tank and cargo hold cleaning. Instead of pushing these individual product offerings, I focused on solving customer pain points through end-to-end logistics, delivery and compliance expertise. My turnaround strategy was rooted in understanding these client needs deeply and I was therefore able to guide the company in pivoting from being a mere supplier to a comprehensive “one-stop” solution provider.
We also invested ahead of the curve: developing sustainable products that met new IMO regulations before they even came into force and accelerating the supply of emission control chemicals which are in short supply. This was made possible through our global synergies and established stockpoint network. Today, TECO offers a robust international supply chain, tailored marine chemical portfolios and the TECO Promise - an assurance of quality, reliability and compliance across all touchpoints.
This forward-thinking approach positioned TECO Chemicals as a leader in sustainable maritime practices and garnered trust from some of the world’s largest ship owners.
How do you approach building and mentoring highperforming, culturally diverse teams?
I believe diversity is the fuel of innovation. At TECO, we’ve built a team that spans cultures and continents bringing
together a rich tapestry of perspectives. The key to high performance lies in shared values, open communication, and a sense of belonging.
I don’t believe in command-and-control leadership, rather I champion mentorship through empowerment.
By fostering a culture of respect, continuous learning and shared ownership, we’ve created a team that’s agile, resilient and forward-thinking. Regular training and clearly defined objectives ensure that our diverse team can then work cohesively and effectively toward common goals.
What role do you think the maritime industry can play in promoting sustainability, and how can companies like TECO Chemicals contribute?
The maritime industry is pivotal in the global sustainability and decarbonization narrative. As the lifeline of global trade, even small improvements on a scale can have a huge impact. At TECO Chemicals, we see ourselves as stewards of the ocean.
We’ve developed emissions-reducing chemicals like Marine Urea 40%, Caustic Soda 50%, Magnesium Hydroxide plus cleaning solutions that improve vessel efficiency while minimizing environmental harm. Our mission is to help shipowners meet and exceed regulatory goals, without compromising on performance or profitability. By leading with innovation, we aim to set new standards for ecofriendly maritime operations.
How do you stay ahead of the curve in terms of industry trends and innovations, and what advice would you give to others?
Curiosity is my compass and adaptability is nonnegotiable. I stay plugged into the industry through forums, conferences, engaging with thought leaders, direct client dialogue and close collaboration with our teams on the ground. The best insights often come from listening.
To others, I’d say: embrace change, stay humble and always keep learning. The maritime world is evolving fast so being proactive, not reactive, is what sets leaders apart.
Can you walk us through your experience with global business transformation initiatives and the impact they’ve had on performance and customer satisfaction?
Transforming TECO Chemicals from a regional supplier to a global leader required a multifaceted and purpose-driven approach. We reimagined our operations by investing in digital tools to optimize supply chain management and streamline our service delivery across continents. This created a consistent and reliable customer experience
globally. We expanded our distribution network, broadened our product offerings and adopted a customercentric mindset.
These initiatives contributed to a 50-fold increase in sales over ten years and helped us forge over 500 partnerships worldwide. Today, our clients see us not just as chemical suppliers but as strategic partners in their sustainability journey. Our commitment to consistency, speed and innovation has not only improved performance metrics but also elevated customer satisfaction and brand trust.
Our performance and customer satisfaction metrics have never been higher, evidenced in recent accolades bestowed including the Best Marine Chemicals Supplier and Chemical Formulations Innovation Award at the APAC Insider Singapore Business Awards 2025, as well as recognitions by the Global Business Awards 2024 and Scandinavian Business Awards 2024.
What do you believe are the most critical skills for a leader in the maritime industry to possess, and how do you embody those skills in your own work?
Empathy, resilience and strategic foresight are essential. As a leader, I strive to remain grounded and lead with both heart and mind. I make informed, timely decisions while deeply valuing the human element behind every operation. My leadership mantra is simple: create an environment where people feel heard, empowered and celebrated. I don’t need to have all the answers, but I must create space for solutions to emerge through collaboration.
I see challenges as opportunities in disguise, and I lean on my team during difficult moments. Mutual respect is at the heart of my leadership style. For someone new stepping into a leadership role, I always say: don’t be afraid to ask for help, surround yourself with people smarter than you and embrace mistakes as valuable teachers. A cohesive, motivated team is the foundation of sustainable growth.
How do you approach dynamic communication and influential negotiation in your role, particularly when working with diverse stakeholders?
Effective communication starts with active listening. It’s not just about being heard but it’s about making others feel understood. In my role, I work with stakeholders from vastly different cultural and professional backgrounds, so clarity and cultural sensitivity are paramount. I strive to tailor my communication style based on the audience and situation. In negotiations, understanding the other party’s priorities and concerns is key to finding common ground. By building trust and engaging in meaningful dialogue, we’ve been able to establish long-term partnerships that go
beyond transactions because we’ve built them on mutual respect and shared goals.
What opportunities and challenges do you see on the horizon for the marine chemicals industry, and how is TECO Chemicals positioned to address them?
The shift toward greener, more sustainable shipping is the most transformative challenge and opportunity facing our industry today. Regulatory demands are growing more stringent and expectations from both customers and society are evolving. We see ourselves not as followers but as front runners in this space. Our investment in R&D has yielded advanced decarbonization products, eco-friendly tank cleaning solutions and chemicals for ballast water treatment. These products are designed to exceed regulatory requirements while actively reducing environmental impact.
Sustainability is not just a compliance requirement; it’s our north star.
We are committed to helping our clients navigate this transition smoothly, ensuring their operations are both efficient and environmentally responsible. We have plans to expand further into the Indian sub-continent and the Middle East with the establishment of additional stockpoints and partnerships.
Looking ahead to the next 5–10 years, what do you envision for the future of the maritime industry, and what role do you hope TECO Chemicals will play in shaping that future?
The maritime industry is on the brink of a green revolution. I envision a future where sustainability and profitability are not at odds, but in synergy. Over the next five to ten years, I see TECO Chemicals pioneering innovations that reshape maritime operations, continuing to develop solutions that redefine what it means to be efficient, compliant and environmentally conscious. We want to set new industry benchmarks and not just keep up with change but lead it. Personally, I look forward to mentoring the next generation of maritime leaders while continuing to expand our global footprint.
A Look Into Personal Inclinations
1. What hobbies or interests do you pursue outside of work?
I’ve been playing cricket since childhood, and it has always held a special place in my life. The game taught me invaluable lessons in teamwork, discipline, and resilience.
In recent years, I’ve developed a strong passion for golf— it’s become a way for me to unwind while also sharpening my focus. Though it’s a very different sport, it offers its own set of challenges and rewards. These days, I remain actively involved as a cricket enthusiast in Singapore, keeping up with the game and participating in local cricket circles. To me, sport is a powerful microcosm of leadership—it cultivates strategic thinking and the ability to bring out the best in others.
2. What is your favorite travel destination?
Norway holds a special place in my heart. Its serene landscapes, maritime history and deep cultural ties to shipping resonate with me both personally and professionally. It is also the spiritual home of TECO Chemicals, where my journey began.
One of my most cherished personal milestones is creating a mountain retreat from the ground up in the heart of Jalna, Uttarakhand - dedicated to my parents. Nestled in the Himalayas, this serene escape has become our haven for uninterrupted family time each year, immersed in nature’s quiet beauty and far from digital distractions.
3. What type of music do you enjoy?
My tastes are eclectic, but I often find myself returning to classical Indian music and spiritual hymns. It’s grounding
enjoying a wintry sojourn in Oslo, Norway
and helps me unwind after a long day. Music is a quiet sanctuary where I reflect, reset and refocus.
Gaurav
4. Do you have a favorite book or author?
Two books that have made a lasting impression on me are Ikigai: The Japanese Secret to a Long and Happy Life and the Bhagavad Gita. Both emphasize purpose, balance and the importance of inner clarity, principles I try to integrate into my daily life and leadership approach.
5. What’s your go-to way to relax after a busy day?
Spending quality time with my family especially my daughter is the best way to de-stress. Several times a week I wind down with a yoga session or a run in the park, helping me stay energized.
Spirituality has been my anchor and I take time daily to practice mindfulness and meditate as a devout follower of Lord Shiva.
6. What is your Philosophy of life?
When faced with a choice between a positive and a negative action, I believe doing good always wins. And if I can’t do something good, I make sure not to do harm. Even when someone wrongs me, I choose not to react with bitterness instead, I channel that emotion and energy into doing something constructive for someone else. What we put into the world will return to us is at the core of my philosophy.
Success isn’t just about what you accomplish in your life—it’s about what you inspire others to do.”
-Mr. Gaurav Saini
Gaurav attending a key networking event by the Norwegian Embassy in Singapore
Teeing off to unwind
Curiosity Drives Growth
Mr Torsten Holst Pedersen, Chief Operating Officer, Seaspan Ship Management Ltd entry into shipping was serendipitous, driven by a job opportunity in Denmark with a major conglomerate. Despite his background in economics and international finance, he found himself drawn to the industry’s global nature and diverse challenges.
Mr Pedersen encourages young professionals to consider shipping, emphasizing that curiosity and interest can lead to growth and learning opportunities. He believes in treating people with respect, being open to different cultures, and maintaining transparency in communication. With the right mindset, individuals can thrive in the industry, even without prior knowledge or experience.
Outside of work, Mr Pedersen enjoys golf, fitness, and travel, showcasing a well-rounded personality.
In a candid conversation with Miss Delphine Estibeiro of Marex Media, Mr Pedersen offers insights into his remarkable journey and perspectives on the shipping industry.
Staying Ahead in Maritime Innovation
Our business model is built on a foundation of expertise and innovation. As a leading player in the container shipping and car carrier markets, we own and operate vessels, chartering them out to shipping lines. To succeed, we must not only build and operate ships efficiently but also stay ahead of the curve in knowledge and technology. Our value proposition lies in our ability to leverage expertise in areas like decarbonization, IT, and safety. We achieve this through:
• Building and operating vessels that meet or exceed customer expectations
• Staying at the forefront of industry knowledge and trends
• Collaborating with internal and external partners to drive innovation
To maintain our competitive edge, we prioritize curiosity, hard work, and collaboration. By constantly learning and adapting, we ensure our customers
receive the best possible service over the long term, typically 10-15 year contracts. This approach enables us to add value through knowledge and expertise, setting us apart in the industry.
Sustainable Cost Reduction and Efficiency
We’re committed to reducing costs sustainably, recognizing that slashing expenses at the expense of customer operations isn’t viable. Instead, we’ve long prioritized energy efficiency in our ships, minimizing fuel consumption and environmental impact. This focus benefits our customers and drives down our operating costs. Our strategies include:
• Energy Efficiency: Optimizing fuel consumption reduces costs and environmental impact
• Scale and Collaboration: Joint ventures and partnerships with vendors secure better pricing and terms
• Innovative Culture: Our “ownership” corporate value empowers our employees to identify areas for continuous improvement and drives cost savings
By constantly seeking opportunities for improvement, we’re well-positioned for long-term success.
Focus on Progress, Not Promises
We’re driven by tangible progress.. Rather than making grand promises for 2050, we focus on consistent improvement, year by year. Our approach prioritizes compliance with regulations and delivering value to customers through expertise and innovation.
We collaborate with customers to explore decarbonization strategies, leveraging our knowledge of various fuels and their pros and cons. As a trusted partner, we engage in discussions around shipbuilding and operations, tailoring our approach to meet customer needs.
Our goal is to provide value through expertise, whether customers choose
to build ships themselves or partner with us. By focusing on short-term progress and delivering tangible results, we build strong partnerships and drive sustainable growth.
Navigating Emerging Technologies in Shipping
While autonomous commercial vessels may still be years away due to safety and technical challenges, we’re exploring their potential through two key lenses:
1. Enhancing Safety and Efficiency: We’re leveraging emerging technologies to improve ship operations, focusing on safety, cost, and reliability. Examples include navigational systems with thermal cameras for dense fog or congested waters.
2. Selective Implementation: We carefully evaluate new solutions to ensure they simplify, rather than complicate, daily work. Our approach is disciplined, prioritizing business benefits and addressing specific problems or opportunities.
We prioritize targeted, small-scale investments with clear purposes, focusing on:
• Business Needs: Serving customer value propositions, efficiencies, or streamlining operations
• Problem-Solving: Addressing specific challenges or opportunities
• Strategic Growth: Exploring new ideas and avenues with a clear purpose
This approach enables us to harness innovation while maintaining a focus on practical, business-driven solutions.
Innovation at the Core
Innovation isn’t an add-on; it’s integral to our operations. To serve our customers better, we stay at the forefront of technology and expertise. Our diverse team, including naval architects, data scientists, and engineers, continuously explores advancements in:
• Digital technologies
• Fuel technologies
• Vessel design
• New procedures and methodologies
This approach enables us to deliver value to our customers through improved solutions and services, driving our daily business forward.
Adapting to Global Trade Dynamics
The container shipping industry serves as a microcosm of the global economy, underpinning international trade. While external factors are beyond our control, our focus lies in adapting to changes and supporting customers through:
• Agility: Responding to short-term shifts while investing in long-term growth
• Adaptability: Navigating the complexities of global trade and emerging trends
• Strategic Investment: Balancing immediate needs with long-term vision, recognizing the enduring nature of shipbuilding and operations
By embracing these strengths, we help customers thrive amidst global economic fluctuations.
Thriving in the Shipping Industry
The shipping industry offers exciting opportunities for those who are curious and adaptable. With a diverse range of roles, from finance and engineering to IT and naval architecture, it’s a field that values:
• Curiosity: Embracing change and exploring new interests
• Global Mindset: Working collaboratively with people from diverse backgrounds and cultures
• Drive: Proactively seeking solutions and innovating
These behavioural traits are essential for success in shipping, where global connections and constant evolution demand flexibility and a willingness to learn.
The Human Side of Shipping
Mr Stefan Hockley Chief Human Resources Officer, Seaspan Ship Management Ltd
Originally from England, Mr Stefan Hockley, Chief Human Resources Officer, Seaspan Ship Management Ltd grew up in the southwest of that country and there developed his passion for cricket. He pursued a degree in economics from the University of Lancaster and later worked in talent acquisition and recruitment in London’s technology sector. After moving to Canada in 2000, Mr Hockley has spent the past 25 years in Vancouver, adopting a Canadian accent while working with various technology companies. With a background in biotechnology, clean energy, and high-tech products, Mr Hockley brings a unique perspective to the shipping industry, where he has been working with Seaspan for two and a half years.
Mr Hockley’s career has been marked by a philosophy of aligning people solutions with business needs, which he believes can be applied to most industries. Outside of work, he enjoys sports, particularly cricket, and plays for an over-40s team in Vancouver. Mr Hockley also appreciates travel and meeting people from diverse cultures, having had the opportunity to combine these interests with his career.
In a wide-ranging conversation with Marex Media’s Delphine Estibeiro, Mr Hockley opens up about his career journey and shares valuable insights.
Adapting to Industry Evolution
The shipping industry is undergoing a significant transformation, and Seaspan recognizes the need to build capabilities to meet emerging trends. To stay ahead, the company is focusing on acquiring new skill sets and developing its people.
Key trends driving this effort include the adoption of technology, such as hiring data scientists to extract insights from vessel data, and the shift towards alternative fuels, which requires developing skills and training for new engine types and sustainable operations. By prioritizing skill development and training, Seaspan aims to enhance the capabilities of both seafarers and shore-based staff, ultimately driving business success in a rapidly evolving industry.
Attracting Talent in a Competitive Market
Seaspan’s approach to talent acquisition involves a dual focus on finding the right talent pools and presenting a compelling story. The company is expanding its shore-based presence in key markets like Mumbai,
which offers a rich pool of skilled professionals. By showcasing its unique culture, highlighting career opportunities, demonstrating the strength and longevity of its business, and its values Seaspan aims to differentiate itself from competitors and appeal to top talent. By combining strategic talent sourcing with a strong employer brand, Seaspan strives to attract the best professionals to support its growing business needs.
Prioritizing People Development
Seaspan’s leadership emphasizes two crucial aspects of human resources: performance management, succession planning and development. These priorities are driven from the top, with the board providing strong support and setting clear expectations.
Succession planning is a core program that Seaspan systemizes and continuously works on, using tools and processes to identify and manage risk, develop growth plans for employees, and execute them in a systematic way. By prioritizing people development, Seaspan aims to build a robust and sustainable organization with a strong talent pipeline.
Fostering an Inclusive Workplace
Seaspan prioritizes creating an inclusive workplace where employees are recognized, promoted, and rewarded based on merit. As part of an inclusive workplace group, leaders and employees collaborate to foster a merit-based culture, remove barriers, and educate staff to promote a fair and equitable environment.
While acknowledging that no organization is perfect, Seaspan is committed to continuously improving and refining its systems to ensure equal opportunities for all employees, striving towards a truly meritocratic workplace.
HR Systems and Processes
Seaspan utilizes different systems to manage its shore-based and seafaring personnel due to distinct operational needs. For its 400 shorebased employees, the company employs automated systems for hiring, onboarding, performance management, and other key aspects, ensuring consistency and efficiency.
In contrast, the seafaring side, comprising around 6,700 personnel, presents a larger logistical challenge, with ongoing efforts to develop and
automate systems for engagement, onboarding, and management. The differing contract structures and sheer scale of the seafaring workforce require tailored solutions to effectively track and monitor personnel.
Business-Focused HR Approach
When it comes to HR, Seaspan’s approach emphasizes understanding the business and its needs. The key advice is to be curious about the organization, its customers, and what drives its success. By aligning people solutions with business objectives, HR can provide value and support the company’s goals.
This approach prioritizes meeting business needs while still recognizing the importance of taking care of employees. By staying focused on what adds value to the organization, HR can make informed decisions that drive progress.
The Author Navodita Singh, LL.M. (Maritime Lawyer)
Understanding the Basics of International Convention for the Control and Management of Ships’ Ballast Water and Sediments
Ballast water plays a crucial role in maintaining the stability, propulsion, and manoeuvrability of vessels. It compensates for weight changes due to varying cargo loads, ensuring the safe operation of vessels. This water is typically sea water taken from various locations during the voyage. However, ballast water is not just water—it often carries a host of microorganisms, such as bacteria, microbes, invertebrates, eggs, cysts, and larvae of various species.
The introduction of alien invasive species (AIS) through ballast water has posed significant environmental threats. In 1988, Canada reported the presence of AIS in the Great Lakes, and similar reports followed from other countries. This issue quickly became a global concern, prompting the international community to take action.
In response to the growing threat of invasive species being introduced via ballast water, the Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO) adopted voluntary guidelines in 1991. These guidelines aimed to prevent the introduction of
unwanted aquatic organisms and pathogens into the marine environment through ballast water discharge. However, the need for a more robust, legally binding solution was soon recognized.
On 13th February 2004, the International Convention for the Control and Management of Ships’ Ballast Water and Sediments (BWM Convention) was adopted to address this global issue. The Convention requires all ships to implement a Ballast Water Management Plan (BWMP), which must be specific to each vessel. In addition, the Convention mandates the creation of a Ballast Water Record Book to record:
• The taking on board of ballast water
• The treatment or circulation of ballast water for management purposes
• The discharge of ballast water into the sea
• Discharges to reception facilities
• Any accidental or exceptional discharges of ballast water
Furthermore, the International Ballast Water Management
Certificate is issued for ships of 400 gross tons (GT) and above. This certificate, issued by or on behalf of the ship’s flag State, certifies that the ship complies with the standards outlined in the BWM Convention and specifies which management standard the ship adheres to.
The BWM Convention establishes two primary ballast water management standards: D-1 and D-2.
• D-1 Standard: This standard requires ships to exchange ballast water in open seas away from coastal areas. Ideally, this means performing ballast water exchange at least 200 Nautical Miles from shore and in waters at least 200 meters deep.
• D-2 Standard: The D-2 standard sets the maximum allowable concentration of viable organisms that can be discharged, including harmful indicator microbes that pose a risk to human health.
The aim of the Convention to have these standards was that all ships comply with at least the D-1 standard from the date the Convention entered into force and the new ships complied with the D-2 standard. Eventually, all ships would need to meet the D-2 standard. For most vessels, this would require the installation of special treatment equipment to treat ballast water. The Convention came into force in the year 2017.
The BWM Convention also addresses the importance of sediment reception facilities. Under Article 5, parties to the Convention are required to ensure that ports and terminals, where ballast tank cleaning or repairs take place, provide adequate facilities for the reception of sediments.
Moreover, Article 196 of the United Nations Convention on the Law of the Sea (UNCLOS) further obligates states to take appropriate measures to prevent, reduce, and control the pollution of the marine environment. This includes controlling the introduction of alien species that could cause significant harm to marine ecosystems.
One may conclude that the introduction of alien invasive species via ballast water has been a significant environmental challenge, and the Ballast Water Management Convention along with provisions in UNCLOS are a critical step in mitigating this risk. By requiring ships to manage and treat their ballast water, the Convention aims to protect marine ecosystems from the harmful effects of invasive species. With the implementation of standards like D-1 and D-2, along with the support of reception facilities, the global maritime industry is moving towards more sustainable and environmentally responsible practices. Inclusion of Article 196 of UNCLOS further supports the Convention and provides a solid foundation for tackling the issue.
Europe and Ukraine Unite for a Deal
• The European Union has shared a revised trade proposal with the US as it aims to inject momentum in talks with President Donald Trump’s administration amid lingering skepticism that a transatlantic deal can be reached.
The new offer is said to include proposals that take into account US interests, including international labour rights, environmental standards, economic security and gradually reducing tariffs to zero on both sides for non-sensitive agricultural products as well as industrial goods.
The 27-nation bloc has put together plans to hit $108 billion of US exports with additional tariffs in response to Trump’s “reciprocal” levies and 25% tariffs on cars and some auto parts. The EU agreed earlier this month to delay for 90 days the implementation of a separate set of retaliatory tariffs against the US over 25% duties Trump imposed on the bloc’s steel and aluminium exports. That move came after Trump lowered his
so-called reciprocal rate on most EU exports to 10% from 20% for the same amount of time.
Trump’s legal ability to assess any tariffs under a US emergency finding is currently the subject of multiple lawsuits. And while Trump has retreated from his triple-digit levies against China and inked an accord of sorts with the UK, EU officials don’t see in either agreement a clear landing zone for future deals.
With the thinnest of margins in their Congressional majorities, Republicans on Capitol Hill continue to push forward a landmark bill that one nonpartisan agency said would likely result in an almost $4 trillion expansion of the nearly $37 trillion US national debt. But first the party’s leadership must deal with demands from its extreme right to cut more health and food programs for the country’s poorest to pay for tax breaks, many for the richest Americans.
But Wall Street and the broader world of bond vigilantes appear less concerned with the push-and-pull in Washington than with the likely end result: a bill aimed at simultaneously mollifying Trump, the GOP base and its wealthy financiers that will add a crushing new pile of debt to government finances already viewed by some as a ticking time bomb.
With Trump handing Vladimir Putin a de facto victory by backing away from ceasefire negotiations, the Kremlin has been maximalist in its demands to end the war on its neighbour. But it turns out the pace of Russia’s main advance in eastern Ukraine has been halved.
Under tremendous international pressure for its decision to occupy all of the Gaza Strip amid a renewed military campaign that’s reportedly killed scores of Palestinians in recent days, Israel has a new crisis on its hands. Israeli soldiers fired warning shots as diplomats representing the European Union, UK,
The Author
Mr Bansi Jaising
China, Russia and other countries visited the West Bank on Wednesday.
• Trump’s US Steel decision nears as CFIUS 45-day review winds down. President Trump has 15 days to reach final conclusion on Nippon Steel’s acquisition of an American company.
• Thailand’s PTT says considering more LNG imports from US State Oil group “ready to assist” Bangkok’s tariff negotiation with Washington.
• Mitsubishi Logistics to build $10mio distribution center in Thailand. Japanese company plans eventual sale for a higher asset turnover.
• Vietnam’s largest oil refinery still in Red, even at full capacity. Substantial debt payments prevent Nighi Son from turning a profit.
• Japan’s exports slow in April as Trump’s tariffs dent shipments to the U.S., its largest single trading partner, fell nearly 2% in April as the tariff hikes.
• The EU and Britain announced new sanctions against Russia on Tuesday without waiting for Washington to join them, a day after President Donald Trump’s phone call with Vladimir Putin brought about neither a ceasefire in Ukraine nor fresh U.S. sanctions.
• London and Brussels said their new measures would zero in on Moscow’s “shadow fleet” of oil tankers and financial firms that have helped it avoid the impact of other sanctions imposed over the war.
• North Korea’s second naval destroyer was damaged in its failed launch to the water this week, state media reported Thursday, in an embarrassment for leader Kim Jong Un as he pushes to modernize his naval forces. It’s not common for North Korea to acknowledge military-related setbacks, but observers say the disclosure of the failed ship launch suggests that Kim is serious about his naval advancement program and confident of ultimately achieving its objectives. During a launching event at the northeastern port of Chongjin on Wednesday, the newly built 5,000-ton-class destroyer became unbalanced and was punctured in its bottom sections after a transport cradle on the stern section slid off first and became stuck, according to the Korean Central News Agency.
• Tata Power, a company that once depended on coal, is taking bold steps to become net-zero by 2045. It is slowly pulling itself away from polluting thermal power and plugging into a renewables-first roadmap. In FY25, Tata Power added 1,026 MW of renewable capacity – its highest annual addition so far. Another 5.5 GW is already in the pipeline. The company believes “the future is electric, digital and green”. And the numbers are beginning to show. The company is on track to double its PAT and Ebitda by FY30.
• China’s expanding hydropower infrastructure and strategic control over the upper Brahmaputra (Yarlung Tsangpo)
pose escalating geopolitical and environmental challenges for India. Research note evaluates China’s dam-building activities between 2021–2025 and their implications for regional water security, hydrological stability, and cross-border diplomacy. Highlighting the absence of formal water-sharing agreements and limited data transparency, the study calls for India to pivot from reactive postures to adaptive, multilateral governance. Recommendations include leveraging Underwater Domain Awareness (UDA), enhancing hydrological monitoring, and decentralizing river governance to build long-term resilience and regional cooperation.
• Cido Shipping swaps large gas carrier newbuildings at HD Hyundai for oil tankers Switch in ship type has resulted in a smaller contract value for the South Korean shipyard. Privately owned Cido Shipping is said to have swapped a pair of gas carrier new-buildings on order at HD Korea Shipbuilding & Offshore Engineering (HDKSOE) disclosed that an order originally linked for two very large ammonia carriers in October, 2024 has been switched to two 157,000dwt crude oil tankers.
• Poland plane buzzes sanctioned tanker after “suspicious manoeuvres’ near Power cable.
• Hunter Group loses $8,350 per day on VLCC charter bet.
‘Strategic Advantage’ – Iran adds 2mio barrels of crude storage at key export terminal. Oil company boss hails greater flexibility in ‘complicated’ energy market. Iran has added to its oil trade flexibility by adding new storage capacity at its key Kharg Island export terminal. Oil ministry news service Shana reported the opening on Saturday of facilities adding 2m barrels of crude storage at the PG port. Tanks 25 and 26 can hold 1m barrels each, the equivalent of a Suezmax tanker cargo.
• Nearly 60 older LNG carriers ‘parked’ or idle at end of first quarter, Flex says
• Market in ‘doldrums’ but bright future beckons, interim CEO declares. Almost 60 LNG carriers were idling at the end of March and others were quietly being offered for sale, a shipowner says.
• Speaking on a first-quarter results call, Flex LNG interim chief executive Marius Foss said this matters, as it limits the supply of tonnage and will help bring balance to the overall market. Foss said that more vessels, both steamships and trifuel diesel-electric vessels, are being put into lay-up, and it will be costly and time consuming to bring them back into trading conditions.
• Microsoft taps Norden to cut carbon emissions using biofuel ships
Book and claim system already counts Mark Zuckerberg’s Meta as a customer.
Tech giant Microsoft has followed Meta in using Norden’s book and claim system to reduce its carbon emissions through the use of biofuel on the Danish firm’s vessels.
Microsoft has conducted a pilot project with the Danish owneroperator, in which it aims to save almost 10,000 tonnes of CO2 from its maritime Scope 3 emissions over three years.
In the pilot, Microsoft will be allocated emissions reductions from Norden’s biofuel voyages via the book and claim solution.
• Oil Price: In this week’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week.
We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days.
• Rome will host the fifth round of US-Iran talks this upcoming weekend, whilst the Trump administration is ratcheting up sanctions pressure on Iranian shipping companies and Chinese buyers of Iranian oil, having OFAC-listed two Chinese refiners last month.
Iran’s leader, Ayatollah Ali Khamenei, questioned the viability of a deal with the United States, saying that Trump’s demand to halt nuclear enrichment is ‘excessive and outrageous’, lowering the likelihood of a diplomatic breakthrough.
Chinese refiners are hoping for the negotiations to failaccounting for 77% of all Iranian exports last year, the so-called teapots in Shandong province would no longer enjoy discounts on Iranian oil.
According to OPEC secondary sources, Iran’s oil production remained steady at 3.3 million b/d in April, higher than the 2024 average of 3.25 million b/d, even if floating storage of Iranian storage anchored off Singapore and Malaysia has been on the rise, potentially signalling difficulties in delivering the oil to China.
Market Movers
Nigeria is in negotiations with Brazil’s state oil company Petrobras (NYSE:PBR) to provide it with deepwater exploration acreage, five years after it divested all its Nigerian assets to trading firm Vitol.
France’s nuclear giant Orano is reportedly looking into divesting its uranium mining assets in Niger after Paris’ relationship with West African countries have deteriorated beyond repair.
The government of Oman extended an exploration and production deal with Occidental Petroleum (NYSE:OXY) for Block 53 until 2050, with the US oil major vowing to invest at least $29 billion in the acreage.
French energy major Total Energies (NYSE:TTE) signed a long-term supply deal for 2 mtpa of LNG from the planned Ksi Lisims site in British Columbia, Canada, also allowing it to take an ownership stake in the project.
• Oil prices have been range-bound after weeks of wild swings, with both positioning data and traded volumes indicating traders are taking a breather to assess where Brent futures would be moving next. With Brent at $65 per barrel and
WTI at $62.5 per barrel, the next big pricing move might come from the Russia-Ukraine or US-Iran negotiations.
• Chinese Refinery Runs Fall on Trump Impact. China’s crude refinery throughput declined by 1.3% from a year ago and averaged 14.12 million b/d last month, with consultants estimating that utilisation rates were as low as 73.8%, the lowest in the country’s post-COVID recovery period.
Indonesia Investigates Its Own State Oil Firm. The Indonesian Attorney General’s Office reached out to a number of trading firms in Singapore to investigate corruption in its state oil and gas company Pertamina, alleging that fraudulent oil import deals caused $12 billion in lost government revenue.
Turkey Keeps on Finding More and More Gas. Turkish explorer TPAO has discovered a new offshore gas field containing at least 75 billion cubic metres (2.6 Tcf) in the Black Sea, adding to the 400 bcm Sakarya field as Ankara doubles down on domestic exploration, still importing 90% of its energy needs.
China Becomes the New Favourite of TMX Exporters. Fears of US-Canada trade frictions have led Canadian oil exporters to focus primarily on China with their TMX barrels, sending 226,000 b/d of heavy sour crude (or 55% of all exports) to Chinese refiners, with Sinopec emerging as the largest buyer.
Nippon Steel Still Didn’t Give Up on Its Dream. Japanese steel giant Nippon Steel (TYO:5401) vowed to invest up to $4 billion in a new US steel mill should the Trump administration approve its $14 billion takeover of US Steel (NYSE:X), ahead of the May 21 deadline for the completion of its national security review.
EU Pitches Lower Oil Price Cap on Russia. The European Commission will propose to lower the current $60 per barrel oil price cap to $50 per barrel in this week’s meeting of G7 finance ministers, as lower outright prices are now keeping Russian barrels sanctions-compliant even without using the ‘shadow fleet’.
Shell
Plays
Down BP Merger Probability.
After re-electing Shell CEO Wael Sawan, the annual general meeting of the Londonbased energy major poured cold water on market speculation about a potential BP merger, saying the bar for M&A deals is very high, preferring to put money into share buybacks.
JPMorgan’s Jamie Dimon can’t rule out the US economy will slide into a period of stagflation as the country faces huge risks from geopolitics, deficits and price pressures. “I don’t agree that we’re in a sweet spot,” the CEO said in a Bloomberg Television interview. He added that the Federal Reserve is doing the right thing to wait and see before it decides whether to lower borrowing costs.
Oil prices fell as OPEC+ was said to be discussing another super-sized production increase at its meeting June 1, in what would be the third straight month of adding extra barrels to the market. The cartel says the move is to satisfy demand, but one of the motives could simply be to placate Trump. Here’s an
explainer on why cheap oil relieves some nations and worries others.
• Oil extends sharp drop after surprise OPEC+ hike, Trump tariffs - Brent crude fell to around $70 a barrel after plunging 6.4% on Thursday. West Texas Intermediate was below $67.
Tense shipping situation in the Baltic as Russia hits out at neighbours. The shipping situation in the Baltic is tense with Russia trading barbs with its neighbours and militaries getting involved. Poland was forced yesterday to intervene after a ship from the Russian shadow fleet was seen performing suspicious manoeuvres near a power cable connecting Poland with Sweden. Meanwhile, Estonia and Russia have been threatening each other over attempts by the Baltic state to clamp down on shadow tankers, something that saw both militaries chase after tankers in recent days.
Dmitry Peskov, a spokesperson for Russian president Vladimir Putin, told reporters yesterday that Russia would defend its vessels in the Baltic.
“As recent events related to an attempted pirate attack on one of the tankers have shown, Russia has demonstrated it is capable of responding quite harshly,” Peskov said.
This was not the first time Estonia’s tactics have been labelled as pirate actions this week. At a United Nations Security Council meeting on Tuesday to discuss maritime, Russian representative Vasily Nebenzya called out Estonia’s decision to pursue a shadow tanker as “comparable to piracy”.
At the same Security Council meeting, António Guterres, secretary-general of the UN, commented: “As threats to maritime security are becoming more complex and interconnected, enhanced coordination and stronger maritime governance are essential.”
Nice in the South of France is set to host the 2025 UN Ocean Conference next month.
“Without maritime security, there can be no global security,” Guterres stressed.
• Seabed gas pipelines, power cables and fibre optic cables have all been attacked – likely by merchant ships dragging their anchors – in recent months across the Baltic, forcing NATO to establish Baltic Sentry, a naval protection operation. Baltic Sentry involves a range of assets, including frigates, submarines, maritime patrol aircraft, and drones.
A joint statement from the heads of state or government of Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Poland and Sweden earlier this year noted: “Russia’s use of the so- called shadow fleet poses a particular threat to the maritime and environmental security in the Baltic Sea region and globally. This reprehensible practice also threatens the integrity of undersea infrastructure, increases risks connected to sea-dumped chemical munitions, and significantly supports funding of Russia’s illegal war of aggression against Ukraine.”
• Decarbonization Plan by Maritime Advisory By DNV
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ships and entire fleets, addresses short-term business needs while delivering long-term benefits. The plan is optimized for achieving energy efficiency, reducing fuel consumption and navigating evolving tax regimes including EU ETS and FuelEU Maritime.
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• Decarbonization Plan – your optimal and compliant pathway
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Washington takes another swipe at the IMO in launching flag investigation
• The Federal Maritime Commission (FMC) is conducting a non-adjudicatory investigation to examine whether the vessel flagging laws, regulations, or practices of certain foreign governments create unfavourable shipping conditions in the foreign trade of the US.
• The FMC said it is concerned about the conditions created by the wide and uneven range of foreign vessel flagging laws, regulations, and practices warning how many nations have engaged in a “race to the bottom” – a situation where countries compete by lowering standards and easing compliance requirements to gain a potential competitive edge.
• “By offering to register and flag vessels with little or no oversight or regulation, countries may compete against one another to gain revenue from the associated fees and to minimize the expenses associated with inspecting vessels and ensuring compliance with appropriate maintenance and safety requirements,” the FMC said.
• The American regulatory body claimed the International Maritime Organization (IMO) has not brought about meaningful change nor deterrence to what it said is a growing global problem.
• “Patchwork policies and uneven compliance have proven ineffective in ensuring the reliability and efficiency of ocean shipping,” the FMC stated, in the latest American broadside aimed at the IMO, following the US decision not to attend April’s Marine Environment Protection Committee meeting at IMO headquarters.
• “As the IMO lacks the authority to enforce vessel registry standards or penalize non-compliant nations, its efforts are unlikely to serve as an effective deterrent or bring about meaningful change to curb abuses. A comprehensive and enforceable approach is needed,” the FMC stated, going on to discuss flags of convenience, open registries, fraudulent registries and the shadow fleet.
• The investigation will commence with a 90-day public comment period.
• Fitch Ratings raised India’s average annual growth potential till 2028 to 6.4% from 6.2% estimated in 2023. The Indian economy bounced back more strongly than we expected at the time of the 2023 report.
• Brookfield Asset Management headquartered in New York expects its India portfolio to expand to $100 billion over the next five years, surpassing the growth rate of its global assets.
S10_63 S.China via Indo/S.China 9,881 -16 ====== =============================== =======
S3TC Weighted Time Charter Average 11,161 -10
Baltic Exchange Index - 22 MAY 2025
Baltic Exchange Handysize Index 574 (+10)
Route Description Value ($) Change ====== =======================================
HS1_38 Skaw-Passero trip Recalada - Rio de Janeiro 6,114 + 175
HS2_38 Skaw-Passero trip Boston - Galveston 8,607 + 43
HS3_38 Rio de Janeiro-Recalada trip Skaw - Passero 15,767 + 28
HS4_38 USGulf trip via USG or NCSA to Skaw-Passero 9,743 + 357
HS5_38 SE Asia trip to Spore - Japan 10,831 + 281
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp 10,569 + 169
HS7_38 N.China-S.Kor-Jpn trip to SE Asia 10,194 + 75 ====== ========================================
7TC Weighted Timecharter Average 10,328 + 173 (c) Baltic Exchange Information Services Ltd., 2025 MMT
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