Monday 16 November 2015

India, Bangladesh sign SOP to operationalise coastal shipping pact

Business Standard
India and Bangladesh signed the standard operating procedure (SOP) in New Delhi on Sunday, to operationalise the Agreement on Coastal Shipping, signed between the two countries in June, 2015. The SOP will pave the way to promote coastal shipping between India and Bangladesh and would enhance bilateral trade between the two countries by bringing down the cost of transportation of EXIM cargo. The SOP contains provisions which stipulate that India and Bangladesh shall render same treatment to the other country's vessels as it would have done to its national vessels used in international sea transportation. The two sides have also agreed upon the use of vessels of River Sea Vessel category for Indo-Bangladesh coastal shipping. Speaking on the occasion, Nitin Gadkari, Minister of Road, Transport, Highways and Shipping said that once it is operational, the Coastal Shipping Agreement would enable a huge saving in logistic costs of EXIM transport between the two countries.

Cargo traffic at 12 major ports up 3.67% in April-October

Economic Times
Cargo volume handled by country's 12 major ports rose by 3.67 per cent to 347.88 million tonnes during April-October 2015 over the same period a year ago. The state-run ports had handled 335.57 million tonnes (MT) of cargo during April-October 2014. Kandla Port handled the maximum 57.31 MT of cargo during the period, which was up 4.79 per cent against 54.69 MT during April-October 2014. Paradip Port handled 42.50 MT, during the first seven months of the current fiscal. The port had handled 40.27 MT during the same period a year ago. JNPT at Mumbai handled 37.38 MT while Mumbai Port handled 36.12 MT and Visakhapatnam port handled 32.97 MT of cargo respectively during April-October period. Chennai handled 29.97 MT, Kolkata 29.16 MT, New Mangalore 19.58 MT, VO Chidambaranar 21.78 MT, Kamarajar (Ennore) 18.36 MT, Cochin 13.11 MT and Mormugao 9.59 MT during the April-October period.

Auto exports from major ports decline

The Hindu
Exports of cars from Indian major ports and particularly from Chennai and Kamarajar ports in Tamil Nadu declined during the April-September period, mirroring the negative growth reported by the manufacturing sector in the first six months of the financial year. For the first half of the current year, India exported 2.67 lakh units according to Society of Indian Auto Manufacturers (SIAM), against 2.69 lakh units for last year. Out of the 12 major ports in the country, six are in the east coast. Roll-on Roll-off vessels call at Chennai and Kamarajar ports, located in Tamil Nadu, regularly to carry automobiles such as cars, trucks, vans, bus, tractors and excavators. Till 2013-14, Chennai Port was leading the way in automobile shipment. But, things started to change, once Ennore Port, now called as Kamarajar Port, entered the scene. During the first half of 2015-16, these two ports collectively handled 1.93 lakh cars against 1.95 lakh units for the same period during 2014-15, registering a decline of 1,751 units.

CBEC weighs in on bulk cargo export

Business Standard
The Central Board of Excise and Customs (CBEC) has issued some new clarifications on the dispatch of bulk cargo for export under bond, allowed under an earlier notification, 42/2001-CE (NT), dated June 26, 2001. The idea is to avoid examination of the cargo at ports, delaying export consignments. The said notification allows manufacturers to clear their goods from the factory for export without payment of excise duty. The Customs department would otherwise examine any goods before export but in these cases, central excise officers or the exporters themselves may do so and seal the containers or packages at the factory. Usually, such excise-sealed consignments are not opened by Customs for examination. It is, however, difficult to seal in such containers or packages, any bulk cargo - for instance, coal, iron ore, alumina concentrate, heavy machinery and so on. To help exporters of such cargo, the finance ministry on October 30 issued an amendment to the said notification, 42/2001.

JNPT on course to achieving fiscal target

Nyoooz
The largest container port in India, JNPT, has achieved around 48% of its targeted 4.7 million teus during the first six months of the current fiscal. It could not achieve the 50% target due to a strike at one the three terminals in August. JNPT said sources said that they are confident of achieving the target this fiscal. "The second half is always better, as industry production registers a growth and leads to growth in port traffic,'' they added. They also said that the first half took a hit because of the strike. In terms of handling containers, the port registered an increase of 0.5% over last year during the corresponding period, which is good news, considering the economic slowdown in the country, said sources. In terms of handling containers, two of the three terminals registered a growth — JNPT (2.58%) and DP World terminal (2.75%) — over the six-month period during last fiscal. GTI took a hit due to the strike in August that led to piling up of 1,20,00 million teus at its terminal, said JNPT's communication department.

Cargo services soon with Nepal, Bhutan

The Financial Express
Bangladesh will soon drive passenger and cargo vehicles to Bhutan and Nepal under a broader sub-regional connectivity among the neighbouring South Asian countries that also include India. "The new passenger bus and cargo services will be operational soon with a view to connecting Bangladesh and India with Nepal and Bhutan under the BBIN Motor Vehicle Agreement," said Foreign Minister Abul Hassan Mahmood Ali on Friday. He was addressing the inaugural session of a seminar on 'Bangladesh and India's northeast: Exploring opportunities and mutual interests" organised by the Asiatic Society of Bangladesh (ASB) at its auditorium. The foreign minister said several development initiatives taken during Indian Prime Minister Narendra Modi's visit were expected to improve regional connectivity, especially Indian Northeast's access to the mainland. Terming the move a 'game changer' in this sub-region, he said all these initiatives would have a huge impact on increasing people-to-people contact as well as cross-border business activities.


Govt initiates Concor divestment process

Business Line
The government has kick-started the process of disinvesting 5 per cent more in Container Corporation of India Ltd (Concor). The Department of Disinvestment has invited bids from merchant bankers to take forward the proposal to disinvest an additional 5 per cent in the Navaratna public sector unit, said a document on the Ministry’s website. The government holds 61.8 per cent in Concor, the only listed public sector unit of the Railway Ministry. Concor’s shares were trading at ₹1,403.7, as on November 13. Its shares has touched a 52-week high of ₹1,944, and hit a 52-week low of ₹1,204.4, according to Bombay Stock Exchange. “The government intends to disinvest 5 per cent paid-up equity capital (97,48,710) shares each of face value of ₹10 of Concor… through Offer-for-Sale (OFS) of shares by promoters through the Stock Exchanges’ method, as per Securities and Exchange Board of India (SEBI) Rules and Regulations,” the document on the Ministry’s website said.

A-E rates down 39pc to US$409/TEU, falling 8pc to USWC and down 9pc to USEC

Sea News
Spot rates for shipping containers from Asia to northern Europe fell 39.3 per cent to US$409 per TEU in the week ended on Friday after falling 31 per cent to $674 the week before, according to Shanghai Containerised Freight Index (SCFI), according to Reuters. The rate is now less than half what it was just two weeks ago when rates in the last week of October skyrocketed, as some carriers appeared to gain some of their general rate increases (GRI) on November 1. On the Asia-Med run, rates fell 37.2 per cent in the week ending Friday to $406 per TEU after falling 20 per cent the week before to $646. The spot rate to the US west coast fell 8.4 per cent to $1,009 per FEU and were 9.0 per cent down to US east coast to $1,834 per FEU.

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