Industry Optimism Surges as the ‘Singapore Maritime Week’ Concludes Successfully
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Govt Plans 4,000 Crore Capacity Expansion at Chabahar Port
Indian Government is looking to continue capacity building at Iran’s Chabahar Port. The Centre aims to raise capacity fivefold at the terminal over the next decade. “There is a
capital expenditure (capex) of ₹4,000 crore or so underway which will help us acquire modern cranes, leading to mechanisation and modernisation at the terminal. The current capacity
at the port is 100,000 twenty-foot equivalent units (TEUs) and the target is to expand this to 500,000 TEUs,” said an official. As part of the expansion strategy, orders for five mobile harbour cranes have already been placed. These cranes are a crucial step toward berth modernisation, with delivery expected over the next three to five years. Additionally, plans are underway to develop a second berth to further enhance the port’s operational capabilities. The port’s capacity is projected to reach nearly 100,000 TEUs by FY26, a sharp rise from its expected handling of 75,000 TEUs in FY25. Notably, the port has already crossed 65,000 TEUs by the end of January FY25.
Cabinet Clears 18k Cr Plan to Expand Rail Tracks in 3 States
The Union Cabinet on April 4 approved four railway projects in Maharashtra, Odisha, and Chhattisgarh, with an estimated cost of Rs 18,658 crores. Spread across 15 districts in Maharashtra, Odisha, and Chhattisgarh, the projects will add approximately 1,247 km to the Indian Railways network. The sanctioned works include the Sambalpur–Jarapda third and fourth lines, Jharsuguda–Sason third and fourth lines, Kharsia–Naya Raipur–Parmalkasa fifth and sixth lines, and doubling of the Gondia–Balharshah section.The enhanced line capacity will improve mobility, providing enhanced efficiency and service reliability for Indian Railways. The projects are aligned with the PM Gati Shakti National Master Plan for multi-modal connectivity and are expected to contribute to regional economic growth. A total of 19 new railway stations will be built under these proposals, enhancing connectivity. The Kharsia–Naya Raipur–Parmalkasa line is set to offer direct connectivity to
Baloda Bazar, opening up industrial development possibilities, including for new cement plants. These routes are critical for transporting key commodities such as coal, iron ore, steel, cement, fertilizers, limestone, and agricultural produce. The expanded capacity is expected to support an additional 88.77 million tonnes of freight annually. Beyond the economic impact, the projects are projected to significantly reduce carbon emissions and oil imports.
India’s Push Towards Achieving Maritime Excellence
Lok Sabha clears Coastal Shipping Bill, 2024, Carriage of Goods by Sea Bill & Indian Ports Bill, paving the way for a modern, competitive maritime sector
The Lok Sabha has recently passed three significant bills aimed at propelling India towards maritime excellence. These legislative reforms address long-standing inefficiencies and introduce greater legal clarity, with the goal of reducing costs, streamlining processes, and fostering a businessfriendly environment.
While the Coastal Shipping Bill, 2024 that aims to establish a dedicated legal framework to boost coastal trade in India, was cleared this month on April 3, the ‘Carriage of Goods by Sea Bill, and Indian Ports Bill were passed earlier on March 28, in an attempt to modernise, update legal framework as well as enhance Ease of Doing Business (EODB) in India’s maritime sector.
The EODB framework is designed to simplify regulatory processes, reduce compliance burdens, and improve operational efficiency for businesses.
The Union ports, shipping and waterways minister also assured the House that the Coastal Shipping Bill, 2024 is firmly grounded in the spirit of cooperative federalism and does not encroach upon the jurisdiction of any state.
‘Carriage of Goods by Sea Bill, 2024’
In an effort to support the country’s growing shipping sector, the Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal introduced the ‘Carriage of Goods by Sea Bill, 2024,’ marking a significant legislative reform by replacing the colonial-era ‘Carriage of Goods by Sea Act, 1925’.
Replacing a 100-year-old law which had limited scope with complex language, and misaligned with modern commercial realities, the new bill addresses these gaps with clarity, foresight, and renewed relevance for a rapidly evolving maritime sector.
Speaking on the occasion, Shri Sarbananda Sonowal said, “The passing of the Carriage of Goods by Sea Bill in the Lok Sabha marks a crucial step toward realising PM Shri Narendra Modiji’s vision of updating and modernising India’s legal framework— making it more relevant, efficient, and accessible, while shedding colonial-era legacies that have impeded progress. The passage of this bill is a significant step toward strengthening India’s legal
foundation for maritime commerce. It not only promotes investor confidence but also positions India as Viksit Bharat.”
Indian Ports Bill 2025
Sonowal also introduced the Indian Ports Bill 2025 in the Lok Sabha on Friday. The Union Minister also introduced the ‘Indian Ports Bill, 2025’, aimed at consolidating laws related to port management, promoting integrated port development, and enhancing the ease of doing business in the maritime sector maximizing the use of India’s coastline.
Indian Ports Bill include:
• Empowering State Maritime Boards
• Formation of the Maritime State Development Council
• Focus on Safety, Security & Sustainability
• Port Conservation & Dispute Resolution
It also proposes the creation of state maritime boards to oversee non-major ports and establish a maritime state development council for coordinated port sector growth.
Further provisions in the bill include clear guidelines for pollution control, disaster management, security, safety, navigation, and data management at ports while ensuring compliance with India’s international obligations.
The bill seeks to optimise the utilisation of India’s vast coastline by establishing and empowering State Maritime Boards to ensure effective management of ports other than major ports. It also proposes the formation of the Maritime State Development Council to foster structured growth and development of the port sector.
A key strength of these bill lies in its simplified language and structure, making the law more accessible to stakeholders, particularly Indian exporters, importers, and shipping professionals. While retaining the substantive legal framework, the bill aligns it with contemporary drafting practices, reducing ambiguities and minimising the risk of potential litigation building a globally competitive shipping ecosystem.
The bill empowers the government allowing India to swiftly adapt to evolving international maritime conventions. It also ensures transparency and accountability by
providing for parliamentary oversight of executive notifications (Clause 10).
To safeguard India’s port infrastructure, the bill includes provisions for port conservation and introduces adjudicatory mechanisms for resolving port-related disputes efficiently. The Indian Ports Bill, 2025, aims to modernise India’s port governance framework, enhance efficiency, and position India as a global leader in maritime trade.
Coastal Shipping Bill 2024
The Lok Sabha passed the Coastal Shipping Bill, 2024, paving the way for a dedicated legal framework for coastal trade as the maritime sector aims to provide an economical, reliable and sustainable mode of transportation as it de-congest road and rail network. “The Bill seeks to unlock the full potential of India’s vast and strategic coastline, providing dedicated legal framework for coastal trade,” asserted Shri Sarbananda Sonowal, Union Minister of Ports, Shipping and Waterways.
The Coastal Shipping Bill, 2024 aims to make coastal trade easier, more competitive, and better integrated with PM Shri Narendra Modi Govt’s overall transport vision — the National
Shipping Framework
The Bill mandates a National Coastal and Inland Shipping Strategic Plan (Clause 8), revised biennially, to improve route planning, forecast traffic, and integrate coastal shipping with inland waterways.
The Coastal Shipping Bill, 2024 aims to: -
i) reduce logistics costs and promote sustainable transport.
ii) play a key role in easing India’s overburdened road and rail networks.
iii) removal of the general trading license requirement for Indian ships (Clause 3),
iv) reducing compliance burdens and enhancing ease of doing business.
v) engage foreign vessels in coastal trade only under a license issued by the Director General of Shipping (Clause 4), with conditions that support Indian shipbuilding and employment for seafarers.
vi) achieve a strategic vision ensuring long-term growth and sustainability in India’s maritime sector.
Logistics Policy. With its manifold forward looking provisions, the bill provides a future ready legal framework while upgrading the dated provision of earlier legislations like Merchant Shipping Act, 1958. The proposed bill introduces key provisions for licensing and regulating foreign vessels in India’s coasting trade. It mandates the formulation of a National Coastal and Inland Shipping Strategic Plan and establishes a National Database for Coastal Shipping.
The bill also regulates foreign vessels chartered by Indian entities and outlines penalties for violations, aligning with the government’s push for decriminalising laws.
Additionally, it grants the Director General of Shipping authority to seek information, issue directions, and enforce compliance, while empowering the Central Government to provide exemptions and regulatory oversight, ensuring streamlined and efficient coastal shipping operations in India.
On the bill’s efficacy with present day realities as well as its role as a future ready framework, the Union Minister of Ports, Shipping and Waterways, Shri Sarbananda Sonowal said, “The new Coastal Shipping Bill modernises and streamlines coastal trade regulations, addressing gaps in the Merchant Shipping Act, 1958. Unlike its predecessor, which focused solely on vessel licensing, this Bill provides a forward-looking, holistic framework aligned with global cabotage practices. It simplifies procedures, promotes growth, & integrates coastal shipping into India’s modern logistics network, ensuring efficiency, sustainability and competitiveness in the maritime sector.”
The Coastal Shipping Bill, 2024 builds on key reforms, including prioritised berthing, green clearance channels, and GST reduction on bunker fuel. Coastal cargo traffic has surged 119% in the last decade, from 74 million tonnes in 2014-15 to 162 million tonnes in 202324, with a target of 230 million tonnes by 2030. The Bill ensures legal clarity, regulatory stability, and investmentfriendly policies, strengthening India’s
maritime security and advancing the vision of Atmanirbhar Bharat.
On the possibilities from strategic integration of coastal shipping with inland waterways, Shri Sarbananda Sonowal said, “The integration of coastal and inland waterways will promote regional development of riverine and coastal areas alike in the country. This Bill will also give impetus to the long-term vision of development of coastal and inland waterways transport in States such as Odisha, Karnataka and Goa among others. The integration of coastal shipping routes with inland waterways — which often traverse multiple states — calls for collective planning and coordinated execution. By recognising the role of States in this regard, this Bill ensures that the growth of coastal shipping is inclusive and participative.”
The Coastal Shipping Bill, 2024 introduces a National Database of Coastal Shipping to enhance transparency, coordination, and datadriven decision-making. It also expands the category of charterers allowed to hire foreign vessels, including Indian citizens, NRIs, OCIs, and LLPs.
Ensuring cooperative federalism, the Bill provides active representation for States and Union Territories in key mechanisms, reinforcing India’s commitment to a streamlined, inclusive, and efficient maritime sector. MMT
Industry Optimism Surges as the ‘Singapore Maritime Week’ Concludes Successfully
The four-day maritime expo served as a hub for industry leaders, policymakers, and stakeholders to explore opportunities in port development, shipping technology, and sustainable maritime initiatives
The 19th edition of the Singapore Maritime Week (SMW) 2025 successfully concluded on the 28th of March, at the Suntec Singapore Convention and Exhibition Centre with a high participation of over 20,000 attendees across 80 countries, including government officials, port authorities, industry leaders, and maritime professionals. The expanded EXPO@ SMW featured over 200 local and international exhibitors, including nine country pavilions, reflecting the growing global interest in Singapore as a leading maritime hub.
The event brought together maritime nations, including India, the Netherlands, France, Germany, Russia, China, and others from across the world, to discuss collaborations, emerging technologies, green shipping, and digital business.
The four-day maritime expo, organised by the Maritime and Port Authority of Singapore (MPA), was officially launched on the 24th of March by Mr Murali Pillai, Minister of State, Ministry of Law and Ministry of Transport.
SMW, a SG60 signature event celebrating the pivotal role of maritime in Singapore’s nation-building journey set the stage for a week of strategic discussions, collaboration and networking under the theme “Actions Meet Ambition”, with the key industry leaders and captains to discuss and exchange ideas on key issues facing the maritime industry including maritime decarbonisation, digitalisation, and talent development.
Opening Ceremony
A key highlight at the opening of SMW 2025 was the delivery of the Singapore Maritime Lecture by Mr Lee Hsien Loong, Senior Minister of Singapore and his fireside chat moderated by Ambassador Chan Heng Chee, Ambassadorat-Large, Singapore’s Ministry of Foreign Affairs. The opening ceremony was followed by dialogues among senior leaders from government, intergovernmental organisations, and the industry to discuss trends, challenges and opportunities for the maritime industry.
Mr Lee said, “ASEAN can cooperate more intensively on trade amid geopolitical uncertainties.” Further he added, “Countries in the region want to cooperate and trade more with one another China, India, Japan, South Korea and smaller
countries such as the Asean members are some examples.”
Launch of Singapore’s First Maritime Digital Twin
At the opening ceremony of SMW 2025, Senior Minister Lee Hsien Loong, together with Minister of State Murali and various VIPs, also launched Singapore’s first Maritime Digital Twin, an advanced simulation model developed by MPA in partnership with the Government Technology Agency of Singapore (GovTech) that integrates realtime data to enhance decision-making and improve management of maritime operations in Singapore waters.
The digital twin integrates real-time data from vessels, port operations and environmental sensors and uses artificial intelligence and predictive analytics, to optimise port operations, improve energy efficiency, and reduce emissions. It also enhances safety management and emergency response by supporting risk assessments for incidents such as oil spills and accidental release of gases into the atmosphere. The digital twin will serve as a “sandbox” where companies and researchers can collaborate with MPA to develop and test new operating concepts and digital solutions before deploying them. Pilot testing using the digital twin will commence in the second half of 2025.
The India Pavilion
India’s Union Minister of Ports, Shipping and Waterways, Shri Sarbananda Sonowal, and Singapore’s Senior Minister of State for Transport and Sustainability, Dr Amy Khor, jointly inaugurated the India Pavilion at SMW’25.
Shri Sonowal also inaugurated Indian stalls of the likes of the San Marine, a prominent private Indian shipbuilder from Andhra Pradesh, IR Class Paviliona prominent at the ongoing Singapore Maritime Week (SMW) to name some.
India and Singapore Sign LoI on Maritime Digitalisation and Decarbonisation
India and Singapore signed a Letter of Intent (LOI) to cooperate on maritime digitalisation and decarbonisation at the SMW 2025. The LoI was inked by Mr Teo Eng Dih, Chief Executive of the Maritime and Port Authority of Singapore, and Mr R. Lakshmanan, Joint Secretary of the Ministry of Ports, Shipping and Waterways (MOPSW) of India, and witnessed by Dr Amy Khor, Senior Minister of State, Ministry of Sustainability and the Environment and Ministry of Transport, Singapore, and Shri Sarbananda Sonowal, Minister of Ports, Shipping and Waterways of India.
Speaking on the occasion, the Union Minister, Shri Sarbananda Sonowal said, “The signing of this landmark LoI marks the bilateral collaboration as a significant step towards modernising maritime operations and advancing green shipping efforts.The Singapore-India Green and Digital Shipping Corridor will boost innovation, promote low-emission technologies, and enhance digital integration in the maritime sector—advancing PM Shri Narendra Modi’s vision of a ‘Viksit Bharat’. Leveraging India’s IT and green fuel capabilities and Singapore’s maritime leadership, this partnership aims to set new standards in sustainability and efficiency. Both nations will collaborate on digitalisation and decarbonisation projects under a Letter of Intent, working towards a formal MoU to establish the Green and Digital Shipping Corridor (GDSC).
India is a leading player in information technology with the potential to become a major producer and exporter of green marine fuels. Singapore, as a key transshipment and bunkering hub, also supports a dynamic research and innovation ecosystem. The Singapore-India GDSC, when established, will enhance collaboration from both countries and help accelerate the development and uptake of zero or near-zero GHG emission technologies and the adoption of digital solutions.
San Marine announced plans to expand its shipyard operations in Kakinada, reinforcing its commitment to building and repairing vessels of up to 10,000 DWT.
Members of the Shipyards Association of India hosted an engaging presentation
session at the India Pavillion during the Singapore Maritime Week. These presentations discussed the resurgence and resilience of India’s Maritime Sector besides shedding light on future expectations from India’s Shipyards. Speaking at the India Business
IMO Approves Net-Zero Regulations for Global Shipping
The IMO Net-zero Framework will combine mandatory emissions limits and GHG pricing across an entire industry sector
The International Maritime Organization’s (IMO) Marine Environment Protection Committee (MEPC 83) during its 83rd session (MEPC 83) held from 7–11 April 2025, approved significant amendments to the MARPOL Annex VI, focusing on reducing greenhouse gas (GHG) emissions from international shipping, with a target of net-zero emissions around 2050. The measures include a new fuel standard for ships and a global pricing mechanism for emissions.
India as IMO member state proposed the hybrid plan involving combination of technical and economic measures, including a goal-based fuel standard and a pricing mechanism for maritime GHG emissions, with the aim of reducing greenhouse gas emissions from international shipping which was backed by IMO.
The IMO Net-zero Framework is the first in the world to combine mandatory emissions limits and GHG pricing across an entire industry sector. These changes include a new framework with mandatory emissions limits and a global pricing mechanism for emissions, particularly for large ships over 5,000 gross tonnage(GT). The amendments also address other environmental issues like marine plastic litter, ballast water management, and pollution prevention.
While the amendments will apply to all ships above 5,000 GT, except for ships trading solely domestically and certain platforms and vessels, the IMO will continue to develop guidelines and provide technical support for the implementation of the mid-term measures.
Closing the meeting, IMO SecretaryGeneral Mr. Arsenio Dominguez said, “The approval of draft amendments to MARPOL Annex VI mandating the IMO net-zero framework represents another significant step in our collective efforts to combat climate change, to modernize shipping and demonstrates that IMO delivers on its commitments.”
Appreciating the spirit of cooperation and commitment demonstrated by Member States he added, “Now, it is important to continue working together, engaging in dialogue and listening to one another, if we are to create the conditions for successful adoption.”
These measures, set to be formally adopted in October 2025 before entry into force in 2027, will become mandatory for large ocean-going ships over 5,000 gross tonnage, which emit
85% of the total CO2 emissions from international shipping.
Key elements of the IMO Net-Zero Framework
The IMO Net-Zero Framework will be included in a new Chapter 5 of Annex VI (Prevention of air pollution from ships) to the International Convention for the Prevention of Pollution from Ships (MARPOL).
MARPOL Annex VI currently has 108 Parties, covering 97% of the world’s merchant shipping fleet by tonnage, and already includes mandatory energy efficiency requirements for ships.
The goal is to achieve the climate targets set out in the 2023 IMO Strategy on the Reduction of GHG Emissions from Ships, accelerate the introduction of zero and near zero GHG fuels, technologies and energy sources, and support a just and equitable transition.
Under the draft regulations, ships will be required to comply with:
a) Global Fuel Standard: Ships must reduce, over time, their annual greenhouse gas fuel intensity (GFI) – that is, how much GHG is emitted for each unit of energy used. This is calculated using a well-to-wake approach.
b) Global Economic Measure: Ships emitting above GFI thresholds will have to acquire remedial units to balance its deficit emissions, while those using zero or near-zero GHG technologies will be eligible for financial rewards.
Ensuring Compliance
There will be two levels of compliance with GHG Fuel Intensity targets: a Base Target and a Direct Compliance Target at which ships would be eligible to earn “surplus units”.
Ships that emit above the set thresholds can balance their emissions deficit by:
i) Transferring surplus units from other ships;
ii) Using surplus units they have already banked;
iii) Using remedial units acquired through contributions to the IMO Net-Zero Fund.
• The new regulations will be formally adopted at an extraordinary MEPC session in October 2025 and are expected to enter into force in 2027.
• The amendments will apply to all ships above 5,000 GT, except for ships trading solely domestically and certain platforms and vessels.
• Emission Control Area: The North-East Atlantic Ocean was designated as an Emission Control Area.
• The IMO will continue to develop guidelines and provide technical support for the implementation of the mid-term measures.
• Pollution Prevention: Amendments to the NOx Technical Code were adopted, and actions were taken regarding pollution prevention and response.
• Biofouling: Development of a legally binding instrument on biofouling was approved.
• Ship Recycling: Assessment of the implementation of the Hong Kong Ship Recycling Convention was approved.
• Data Collection: Amendments to regulation 27 of MARPOL Annex VI regarding the IMO Data Collection System were approved.
IMO Net-Zero Fund
The IMO Net-Zero Fund will be established to collect pricing contributions from emissions. These revenues will then be disbursed to:
1) Reward low-emission ships;
2) Support innovation, research, infrastructure and just transition initiatives in developing countries;
3) Fund training, technology transfer and capacity building to support the IMO GHG Strategy; and
4) Mitigate negative impacts on vulnerable States, such as Small Island Developing States and Least Developed Countries.
Appreciating the landmark regulation and India’s contribution on a hybrid model for carbon pricing that was voted with a majority of 63-16, making the shipping industry the first in the world to adopt internationally mandated targets to lower emissions, experts are divided on the outcome for, no specific GFI target has been set for 2050.
According to them, while the IMO’s Net Zero Framework will be one of the key levers for achieving IMO’s
goal of net-zero GHG emissions from maritime shipping “by or around” 2050 and a related goal for zero or near-zero GHG fuels to account for 5%–10% of energy use in international shipping by 2030 but without accurate accounting rules, using nominally “clean” fuels to comply with the framework could be very well substantial GHG emitters.
An expert pointed out, “The GFI targets are not strong enough to reduce absolute GHG emissions in line with the IMO’s 2023 GHG Strategy and an uncertainty remains on how many ships will directly comply or pay to pollute? It’s also unclear how the framework will reward the use of zeroor near-zero life-cycle GHG fuels.”
He suggests further amendments with IMO taking in to account for Methane (slip up from LNG) and N20 emission from ammonia along with including Black Carbon for advancing IMO goals else we could probably end up promoting cheap-but-highemitting fuels that could increase GHG emissions.
The Power of Community in Business
Mr Ali Hussain
Regional Managing Director of ATPI Asia
With over 25 years of experience, Mr Ali Hussain, Regional Managing Director of ATPI Asia has witnessed significant changes in the travel management landscape and has played a key role in driving ATPI’s growth and innovation.
Mr Hussain’s background in finance and his experience in setting up and managing offices across various geographies have equipped him with a unique perspective on the industry. He emphasizes the importance of relationships, reliability, and adaptability in building trust with customers and navigating the complexities of the travel management industry.
India Gets a Breather as U.S. Keeps Tariff Pressure on China
As the United States doubles down on tariffs targeting Chinese imports India stands poised to expand its footprint in high-demand sectors—from toys to leather goods in the world’s most lucrative consumer market
In a move that sent shockwaves through global markets, President Donald Trump dramatically escalated the U.S.–China trade conflict, imposing a historic 145% tariff on a broad swath of Chinese imports. The scale and swiftness of the measure marked one of the most aggressive trade actions by any U.S. administration in decades—and signalled a hardline stance that could
reshape global supply chains for years to come.
This sweeping tariff hike targeted not only consumer electronics and machinery, but also raw materials and intermediate goods critical to U.S. manufacturers. For businesses reliant on Chinese sourcing, the announcement was more than just a policy pivot—
it was a seismic event that upended procurement strategies, triggered cost inflation, and forced urgent rerouting of supply chains.
The global supply chain is experiencing a moment of immense distress as multiple factors work to disrupt it on both a short- and medium-term perspective. Most immediately, tariffs
concern, particularly for young seafarers at the beginning of their careers,” Dr. Chowdhury stated. “While maritime training worldwide emphasizes technical skills and operational readiness, the human dimension—the emotional and psychological demands of the job—remains largely unaddressed.”
His remarks were backed by sobering statistics from a Yale University study, which reported depression and anxiety rates of 25% and 17% respectively among seafarers, with 20% admitting to experiencing suicidal thoughts. The ITF has responded by designing a specialized wellbeing module for inclusion in maritime academy curricula and launching TOT sessions like this one for faculty across key seafarersupplying countries.Dr. Chowdhury’s vision is clear: to create a sustainable support system embedded in the industry’s training fabric, ensuring seafarers have the tools to cope with stress before they even step onboard.
A Transformational Learning Experience
Facilitated by psychologist Ms. Liza Hazarika and maritime trainer Dr. Kusum Kanwar, the TOT program blended academic rigor with practical insight. Through dynamic workshops, case studies, group exercises, and reflective sessions, participants explored the multifaceted nature of stress in the maritime context—ranging from isolation and long work hours to cultural dislocation and communication challenges.
What set this program apart was its deeply participatory approach. Faculty members from maritime training institutes, HR professionals, and in-house counsellors from leading shipping companies were not just passive attendees— they became co-creators of knowledge and solutions. The experiential learning model enabled participants to relate
Maritime Training
concepts to real-life scenarios, opening up spaces for honest dialogue in a traditionally stoic industry.
Mr. Steve Trowsdale emphasized the importance of trickling this training down to the cadet level. “It’s critical that these lessons are instilled from the very beginning of a seafarer’s journey. The ITF is committed to supporting this cause and integrating mental health awareness into maritime education worldwide.”
A Ripple Effect of Resilience
The program culminated in the distribution of certificates to participants who successfully completed the training, symbolizing not just their achievement but their new role as mental health champions in their respective institutions. These trainers are now equipped to facilitate peer support networks and promote emotional intelligence within their organizations. This TOT marks more than just an event—it signifies a movement. A
movement towards a maritime industry that values psychological safety as much as physical safety. A future where emotional wellbeing is seen not as an optional extra, but as a core component of professional competence. With continued collaboration between the ITF, NUSI, and maritime training institutes, the ripple effect of this initiative is poised to reach across oceans—creating safer, healthier, and more resilient seafaring communities.
MMT
• DEMOLITION OF SHIP’S MARKET SCENARIO
Turkiye: Imported bulk scrap prices hit nearly 3-year low after sharp $33/t w-o-w drop. Limited demand drives further scrap price declines High freight costs hinder Asian market absorption. Turkiye’s imported scrap market saw sharp declines this week to a near three-year low, last seen in June 2022.
Sluggish US domestic scrap market pushed the local tags down by $20- 40/t across key scrap grades with weak flat steel sentiment.
*BigMint’s price assessments*
*US-origin* HMS 80:20 assesed at $320-325/t FOB US East Coast (-25- 30/t w-o-w)
*Rotterdam* HMS 80:20 dropped to $320–325/t FOB Europe (−$25–30/t w-o-w)
‘World’s largest gold deposit’ discovery worth £61billion could be terrible news for Donald Trump
• A huge gold deposit discovered in China could hold an eye- watering £61billion worth of gold which could tip the balance of global power, amid Trump’s tariff chaos
• The discovery of the world’s “biggest” gold deposit could completely shake the balance of power on the political top stage but it won’t be good for Donald Trump. The Wangu gold field
in China last year was found to hold more than a staggering 1,000 metric tons of gold - valued at around £61billion.
• Geologists believe the supergiant stash could be uncovered in China’s central Hunan province after more than 40 distinct gold veins, which are long and thin openings in rocks filled with gold, were discovered. A reserve of 300 tonnes was uncovered at depths of around 2,000 metres - so the ever increasing load of gold at this deposit could cause huge issues for Trump.
• The Wangu gold field could Stg.Pds. worth 61 billion worth of the precious metal.
USTR Section 301 Actions
1) Fees on Vessel Operator/Owner of China • Charged on a $/ net ton basis per vessel entrance into US port, with following timeline: From October 14, 2025: 50 $/net ton From April 17, 2026: 80 $/net ton From April 17, 2027: 110 $/net ton From April 17, 2028: 140 $/net ton The fee will be charged up to five times per year, per vessel. Vessel owner/operator as per Vessel Entrance or Clearance Statement (CBP Form 1300) / its electronic equivalent
2) Fees on Chinese-Built Vessels • Charged on a $/net ton basis per vessel entrance into US port, with following timeline: From October 14, 2025: 18 $/net ton From April 17, 2026: 23 $/net ton From April 17, 2027: 28 $/net ton From April 17, 2028: 33 $/net ton The fee will be charged up to five times per year, per vessel. • Exemptions: • Vessels arriving in ballast/empty → Exports on all Vessel Sizes exempted • Vessels equal or below 55,000 dwt OR below individual bulk capacity OF 80,000 dwt → Panamax • Vessel arriving from less than 2,000 miles foreign point → Shipments to and from • Lakers Vessels as per CBP Form • US-owned Vessels (at least for 75%) • U.S. MARAD program vessels & Geared (import & exports) exempted, imports on Kamsarmax to Capes NOT exempted Carribeans / Great Lakes exempted • Suspension of fee: if ocean carriers provide proof of ordering a U.S.-built vessel, the fees or restrictions on an equivalent non-U.S.-built vessel are suspended for up to three years. Action 1 and 2 are not cumulative: a vessel will be subject to Action 2 when Action 1 does not apply.
COMMODITY NEWS – DRY BULK
Proposed US port fees on China built ships begins choking coal, agriculture exports President Donald Trump’s plan to revive U.S. shipbuilding using massive fees on China-linked
ship visits to American ports is causing U.S. coal inventories to swell and stoking uncertainty in the embattled agriculture market, as exporters struggle to find ships to send goods abroad. Trump is drafting an executive order that would rely on funding from a U.S. Trade Representative proposal to levy fines of up to $1.5 million on China-made ships or vessels from fleets that include ships made in China. EU proposes cutting steel imports by 15% as Trump tariffs bite The European Union will tighten steel import quotas to reduce inflows by a further 15% from April, a senior EU official said on Wednesday, in a move aimed at preventing cheap steel flooding the European market after Washington imposed new tariffs.
India’s government recommends 12% temporary tax on some steel products for 200 days, known locally as safeguard duty, in a bid to curb imports, according to a government notice published on Tuesday.
“Authority considers that a provisional safeguard duty of 12% will be appropriate to eliminate the serious injury and threat thereof to the domestic Directorate industry,” the General of Trade Remedies, said in the notice.
China’s January aluminium imports fall 24.3% y/y to 290,000 tons China’s imports of unwrought aluminium and aluminium products in January fell 24.3% year-on-year to 290,000 metric tons, according to data from the Administration of Customs on Tuesday.
The year-on-year reduction is due to the import window’s closure since the latter half of 2024, traders have said. Amidst supply shortage China’s stockpiler Sinograin to auction 160,000 metric tons of imported soybeans on Tuesday, its first such sale in two months after supply tightness prompted several processors to halt production.
United States grain jumped 84.1% in the first two months of 2025 compared with a year ago, but competitive pricing and a trade standoff with the U.S. is expected to boost purchases from Brazil in the months ahead. The auction, of soybeans produced between 2022 and 2023, will begin on March 25, with deliveries scheduled between April 1 and May 15, according to a statement released by the National Grain Trade Centre on Friday.
EU 2024/25 soybean imports up 7% by March 16, rapeseed up 15% European Union soybean imports for the 2024/25 season, which began in July, had reached 9.6 million metric tons by March 16, up 7% from the same period a year earlier, according to data published by the European Commission. EU rapeseed imports in the same period totalled 4.75 million tons, up 15% year-on-year Meanwhile, soymeal imports were up 27% to 13.36 million tons. IGC sees rise in global corn production in 2025/26
The International Grains Council on Thursday forecast a rise in global corn production in the 2025/26 season with larger crops seen in the United States, Brazil, Argentina and Ukraine. The intergovernmental body, in its monthly update, projected there would be a global corn crop of 1.269 billion metric tons, up from 1.217 billion in the previous season.
EU eyes sharp cut to Ukrainian sugar imports after price slump, sources say The European Commission is looking
to cut Ukrainian sugar imports sharply after EU producers complained that large shipments have fuelled a collapse in sugar prices, three sources told Reuters.
Sugar imports from Ukraine are part of a larger dilemma the EU has faced in the last three years.
India to start new sugar season with ample stocks, says producers’ body India is likely to start the new sugar season in October with comfortable opening stocks, despite lowerthan expected production in the current season and exports of 1 million tons. The world’s second biggest sugar producer allowed mills to export 1 million metric tons of the sweetener in January during the current season to September 2025, as both the government and the industry believed there was a surplus for overseas markets.
COMMODITY NEWS –OIL & GAS
Trump to hit Venezuelan oil buyers with tariff, extends Chevron’s wind down U.S. President Donald Trump on Monday issued an executive order declaring that any country buying oil or gas from Venezuela will pay a 25% tariff on trades with the U.S., while his administration extended a deadline for U.S. producer Chevron to wind down operations in the South American country. Trump pushes energy dominance agenda in meeting with US oil executives U.S. President Donald Trump hosted top oil executives at the White House on Wednesday as he charted plans to boost domestic energy production in the midst of falling crude prices and looming trade wars. It was Trump’s first sit-down with oil and gas leaders since he returned to the White House in January.
New US sanctions to slow but not stop China’s Iranian oil imports, traders say Iranian oil shipments into China are set to fall in the near- term after new U.S. sanctions on a refiner and tankers, driving up shipping costs, but traders said they expect buyers to find workarounds to keep at least some volumes flowing. Washington on Thursday imposed new sanctions on entities including Shouguang Luqing
Petrochemical, a “teapot,” or independent refinery in east China’s Shandong province, and vessels that supplied oil to such plants in China, the top buyers of Iranian crude.
OPEC+ issues new plan for oil cuts to compensate for overproduction OPEC+ on Thursday issued a new schedule for seven member nations to make further oil output cuts to compensate for pumping above agreed levels, which will more than overtake the monthly production hikes the group plans to introduce next month. The plan will represent monthly cuts of between 189,000 barrels per day and 435,000 bpd, according to a table on OPEC’s web site.
Chevron buys about 5% of Hess stock, says it is confident of merger 4 China’s power consumption ticked up by a sluggish 1.3% in the first two months of the year because of an unseasonably warm winter, although the growth rate recovered to some 9% in February, National Energy Administration data showed. February power consumption was 743.7 billion kWh while that for the two months was 1.56 trillion kWh, according to the NEA data.
• The USTR said a second phase of actions will begin in three years to favour US-built ships carrying liquified natural gas (LNG). These restrictions will rise incrementally over the following 22 years.
• The announcement came as global trade is already being disrupted by Trump’s trade tariffs, experts have said.
• Cargoes originally destined for ports in the US from China are instead being redirected to European ports, a trade group said.
• Businesses have warned this will raise prices for US consumers.
• Since returning to the White House in January, Trump has imposed taxes of up to 145% on imports from China. Other countries are facing a blanket US tariff of 10% until July.
• His administration said this week that when the new tariffs are added on to existing ones, the levies on some Chinese goods could reach 245%.
• These tariffs have caused “significant build ups” of ships, especially in the European Union, but also “significant congestion” at UK ports, according to Marco Forgione, director general of the Chartered Institute of Export & International Trade.
• More containers are coming to the UK, he said.
• “We’ve seen a lot of diversion of ships from China, that were due to head to the US, diverting and coming to the UK and into the EU.”
• In the first three months of 2025, Chinese imports into the UK have increased by about 15% and into the EU by about 12%.
• “That’s a direct impact of what President Trump is doing,” he said, adding that uncertainty and increased disruption pushes up prices for consumers.
• ‘More cargo to Europe’
• Sanne Manders, President of logistics firm Flexport, said both tariffs and strikes at ports in the Netherlands, Germany and Belgium in the first three months of the year had been “clogging” ports.
• Congestion in the UK “is particularly severe in Felixstowe”, while in continental Europe Rotterdam and Barcelona are “also pretty severe”.
• “I do believe that if more cargo is going to be routed towards Europe, finding new buyers that will drive up the volumes even further, that could lead to more congestion,”- although terminals would be open for more hours per day in the summer due to better weather.
• He said shippers were looking for new markets, but that also there may be a surge of goods to the US to try to take advantage of that 90-day window for goods from some countries.
• He said in the US, consumers would pay for the tariffs, but European consumers would not see “much impact”.
• Companies would also probably start redesigning their supply chains, he said. Shell game: How China-linked front companies dodge U.S. tariffs
• Strategy complicates task of collecting Trump administration’s promised trillions. US President’s administration has claimed that his tariff policy will usher in a “golden age” for American manufacturing and bring in trillions of dollars in revenue. But trade experts warn that collection efforts could be complicated by China-linked companies’ use of shell-importers to evade customs duties. They warn that these entities are easy to set up and that the strategy may proliferate now that Trump has slapped up to 145% in new tariffs on Chinese goods. Including past levies, the maximum tariff rate on certain Chinese imports now runs as high as 245%.
• Japan’s record rice price surge pushes up core inflation. Cost of staple grain nearly doubles in a year, despite stockpile releases. Rice prices rose 92.1% in March, versus last year. The increase, the largest since comparable records began in 1971, underlines the challenges facing the Government as it tries to check inflation by releasing stocks.
• Xi Jinping visits Phnom Penh on anniversary of U.S. humiliation. Americans, who fled Cambodia in 1975, are again losing it to China. As President Trump chases off allies and trade partners of “reciprocal tariffs, Pres. Xi Jinping’s sweep through Southeast Asia is occurring just as the last humiliating and chaotic U.S. loss to communism in the region is being memorialized. Cambodian Capital fell to the China-backed Khmer Rouge forces on 17th April, 1075. Fifty years ago to the day that Xi set down at Phnom Penh Airport.
• JAPAN FLIPS THE TABLE
• $1.7 Trillion Gone – and The Dollar is on the Edge
• Japan’s holdings, the largest overseas stockpile, climbed by $46.6 billion in February — the most since February 2020. Standing at $1.13 trillion, holdings are at the highest level since April 2024. China’s Treasuries holdings also climbed, by $23.5 billion to $784.3 billion.
• Wall Street on Fire - US Stock Market loses $5 Trillion value in three weeks American just got hit right in the heart of its economy, by it’s closest Ally.
• April 2025 while Washington was still tweaking domestic stimulus packages, Japan Pulls out – without a Word.
• Tokyo struck $1.7 trillion in US Treasuries once called strategic gold was dumped in just 48 hours. Foreign Investors Massively Bought US Treasury Securities in February: China, Japan, Canada, Euro Area, UK, Financial Centers, Taiwan, India, even Brazil.
• All foreign investor entities combined, from central banks to private investors, massively bought US Treasury securities, increasing their holdings by $290 billion in February, the second largest month-to-month increase in the data going back to 2011, and the largest increase since
June 2021, bringing their total holdings to a record $8.82 trillion. Compared to a year ago, their holdings soared by $818 billion (red line in the chart).
• And they mostly bought long-term Treasury securities: Their holdings of them increased by $217 billion in February, the biggest increase since June 2021, to $7.5 trillion, showing strong interest and confidence in long-term Treasury debt. The data was released by the Treasury Department.
Euro Area v. China + Hong Kong.
China and Hong Kong combined added $41 billion to their holdings in February, bringing them to $1.05 trillion. Over the past 12 months, they’ve added $66 billion to their holdings. But since the 2015 peak, they’ve shed nearly one-third of their holdings (blue).
The countries of the Euro Area added $52 billion in February and $253 billion over the past 12 months, bringing their holdings to a record $1.83 trillion. The tightly-knit currency and economic area is the largest holder of US Treasury debt, and the largest creditor of the US.
The biggest holders in the Euro Area are the financial centers (Luxembourg, Ireland, Belgium, see further below) and France, whose banking system also functions as a global financial center.
The six largest financial centers added $42 billion in Treasury securities in February (+1.6%) and $285 billion over the past 12 months, to $2.60 trillion, just a hair below the record of September 2024. Since 2012, their holdings have more than tripled!
These countries specialize in handling the financial holdings of global companies, individuals, and governments. Ireland is a favourite for US Big Pharma and Big Tech to store their profits. So a portion of the holdings at these financial centers are actually held for US entities, and not by foreign investors. The United Kingdom here is the “City of London,” one of the top financial centers in the world.
Increases in February, and total holdings. Switzerland was the only exception:
• United Kingdom: +$10 billion, to $750 billion
• Luxembourg: +$3 billion, to $412 billion
• Cayman Islands: +$13 billion to $418 billion
• Ireland: +9 billion to $339 billion
• Belgium (home of Euroclear): +$17 billion to $395 billion
• Switzerland: -$10 billion to $291 billion.
• These Graphs are Financial figures but we must understand the impact on Global Trade when $1.7 Trillion is Gone –and The Dollar is on the Edge
