UPDATED DAILY SHIPPING NEWS FOR WEDNESDAY MAY 04, 2016

India Ratings maintains mixed oultook for shipping sector Deccan Herald India Ratings and Research (Ind-Ra) has maintained a negative-to-stable outlook for the shipping sector for FY17 on the expectation of varied trends across sub-segments. The tanker segment, which accounts for the bulk of the fleet operated by Indian shipping companies (about 60%), is likely to continue performing better than other shipping segments due to its sound fundamentals. However, the dry-bulk, off-shore and container segments will remain under pressure in FY17, according to Ind-Ra. The agency expects the performance of the tanker segment to remain better than other segments in FY17 owing to healthy demand, manageable supply growth and continuation of the recent increase in long-haul shipments from West Africa to Asia.

Facilitating trade in Indian ports The Hindu The Indian port sector plays a vital role in sustaining growth in the country’s trade and commerce. It also has an important role in fulfilling India’s dream of achieving greater global engagement and integration with its trading partners. Much of India’s port-led development initiative is expected to revolve around growth in maritime trade, given its share in terms of both volume and value in the country’s overall trade statistics. Recognising the important role port-led development can play in India, the Central government has undertaken several initiatives such as development of new ports, modernisation and mechanisation of the existing ones, and reduction of logistics costs through the implementation of increased waterways transport. These are also in line with the vision of initiatives such as ‘Make in India’. Logistics Service Chennai,Logistics service provider in chennai,International Freight Forwarders chennai,Custom Clearance Agents in Chennai,Sea Cargo Agents in Chennai,Logistics Service in Chennai , Checkout http://www.jupiterseaair.com

Two decades on, Gujarat to revive port policy Live Mint After over two decades, Gujarat government, which was the first to lay down a port policy in the country in 1995, has decided to revive the policy that would nearly double the existing port (480 million tonnes) capacity to 1 billion tonnes by 2020 besides identifying new locations for greenfield ports. Gujarat Maritime Board, the regulator for all the non-major ports or ports that are not controlled by Central government in Gujarat, has got a nod from the state government last month to revive the policy with a target to maintain the present share of GMB traffic (32%) in the India’s maritime trade which is the maximum by any state in the country. With about half a dozen port locations out of the 10 identified by GMB in 1995 being stuck for viability or environmental issues and the new shipbuilding policy of the state laid down in 2010 yet to take off,

Plan of Multi-Model Transportation Hub at Surat discussed Economic Times The process for developing Surat railway station as a Multi-Model Transportation Hub (MMTH) has been set in motion with the stake-holders today discussing modalities of the Rs 600-crore project. Indian Railways Stations Development Corp (IRSDC) officials held discussions with the representatives of reputed developers and other real estate players for developing Surat in South Gujarat as MMTH. CEO of IRSDC Sanjeev Kumar Lohia presented the proposed plan and said the project was a golden opportunity of investment for developers and other real estate players. The project is to be built on design, build, finance, operate and transfer (DBFOT) basis through a joint venture of IRSDC, Gujarat State Road Transport Corporation (GSRTC) and Surat Municipal Corporation (SMC), he said. IRSDC is a special purpose vehicle of the Centre to develop new stations and redevelop existing ones. Logistics Service Chennai,Logistics service provider in chennai,International Freight Forwarders chennai,Custom Clearance Agents in Chennai,Sea Cargo Agents in Chennai,Logistics Service in Chennai , Checkout http://www.jupiterseaair.com

Budgetary aid for 4 ports slides 76% The Hindu The Centre has announced a government budgetary support of Rs.29 crore for the development of infrastructure projects in four ports for the current year against Rs.120.58 crore for the year-ago period as major ports have not announced expansion plans due to excess cargo handling capacity. V.O.C. Port is the major beneficiary with an allocation of Rs. 15 crore, followed by Chennai and Mormugao ports with Rs. 5 crore each, and Cochin Port Trust Rs.4 crore. An official from the V.O.C. Port said the funds would be used for construction of coastal cargo berth.

Centre paves way to fund roads, ports Financial Express The government is setting up a dedicated funding agency in the state sector for highways and ports. The move, Nitin Gadkari told FE, is in view of the Rs 25-lakh-crore investments envisaged in these two infrastructure sectors in the medium term. The new institution, on the lines of Power Finance Corporation, which is committed to electricity generation and transmission projects, would be set up with an initial equity capital of R500 crore, the minister said. The new institution, he said, would ensure that road and port projects don’t get crowded out by companies from other sectors. While the initial capital base of Rs 500 crore would largely be contributed by the National Highways Authority of India, all 12 major state-owned ports and Shipping Corporation of India will also contribute, Gadkari said, adding that efforts would also be made to bring in foreign funds at cheaper rates. Logistics Service Chennai,Logistics service provider in chennai,International Freight Forwarders chennai,Custom Clearance Agents in Chennai,Sea Cargo Agents in Chennai,Logistics Service in Chennai , Checkout http://www.jupiterseaair.com

Exporters seek release of funds blocked with Bengal Govt : EEPC India Web India Exporters dealing in engineering goods today made a strong plea with the West Bengal government for release of "considerable amount of money" blocked with state exchequer due to VAT related issues. The issue was raised at a meeting of the engineering exporters' apex body, EEPC India, which was presided over by principal secretary, MSME, West Bengal government Rajiva Sinha in the city. Regional Chairman (ER) EEPC India Arun Kumar Garodia said, " Exporters have mentioned that considerable amount of money is blocked with the West Bengal Government which should be refunded on time. The main issue is pertaining to Pre and Post export assessment of VAT." Besides, he said, there exists 15 per cent government duty on gross amount of power bill which should be waived off for exporting companies.

Forwarders warned of implications in SOLAS box weighing amendment Sea News With implementation of the new SOLAS just two months away, the European Liaison Committee of Common Market Forwarders (CLECAT) has warned that the container weighing amendment has profound implications for freight forwarders. CLECAT senior policy advisor Aidan Flanagan said that while it looks it is a problem for carriers and shippers, closer examination shows it has as much to do with forwarders. The most the most important issue, Mr Flanagan said, is the question of shipper identity. This arises when a freight forwarder is named as shipper on the bill of lading, when acting as carrier towards the original shipper. This makes the forwarder responsible for providing the verified gross mass, according to Lloyd's Loading List. As the forwarder is not actually loading the container, they do not qualify to verify the weight under the calculation method. Logistics Service Chennai,Logistics service provider in chennai,International Freight Forwarders chennai,Custom Clearance Agents in Chennai,Sea Cargo Agents in Chennai,Logistics Service in Chennai , Checkout http://www.jupiterseaair.com

GST to help reorient states towards export promotion : Parl panel Business Standard The states considering exports as a drag on their exchequer due to VAT refunds need to be discouraged and implementation of the GST regime would help reorient them towards export promotion, a Parliamentary panel has suggested. The Parliamentary Standing Committee on Commerce in its report said that the Department of Commerce must further deepen its engagement with the states and spread awareness about the merits of having an optimal export infrastructure and export promotion in general. This is important in view of the fact that barring a few exceptions, states are generally not taking desired interest in export development, the report tabled in Parliament today said. "They take export as a drain on their exchequer since they have to refund VAT on the products exported. This attitude of the state governments needs to be discouraged," it said.

Trade facilitation panel soon The Hindu The government has started the process to set up a National Committee on Trade Facilitation (NCTF) in the country to coordinate and implement the World Trade Organisation’s Trade Facilitation Agreement (TFA) aimed at easing customs norms to expedite global trade flows, Commerce Minister Nirmala Sitharaman said. The NCTF, which is in line with the government’s “Ease of Doing Business” initiatives, is meant to institutionalise co-ordination on trade facilitation between the 35-plus central government departments, private players and state governments. India had ratified the TFA in April. For the TFA to be operational, two-thirds (or 108) of the 162 WTO members will have to ratify it. So far, 77 countries have ratified it. Addressing the Consultative Committee Meeting attached to her Ministry on ‘Implementation of TFA’, Sitharaman said, the TFA will help in the world’s best trade practices being shared among the WTO member countries ratifying the pact. Logistics Service Chennai,Logistics service provider in chennai,International Freight Forwarders chennai,Custom Clearance Agents in Chennai,Sea Cargo Agents in Chennai,Logistics Service in Chennai , Checkout http://www.jupiterseaair.com