The federal shipping ministry has issued a letter allowing ports to use the COVID-19 pandemic as valid grounds to declare force majeure clause, according to a notification seen by Reuters.
Reliance Industries on Tuesday said it has raised a term loan of USD 573 million to part finance construction of a six very large ships for transportation of ethane from the US.
"Demand situation is pathetic and so it is the right time to buy assets. We have a capex plan of Rs 900 crore for 2016-17. We have invested some money already and negotiations are on to buy a few more vessels," SCI Chairman and Managing Director B B Sinha told reporters.
Speaking to CNBC-TV18, S Hajra, chairman and managing director of Shipping Corporation of India says that an oversupply of vessels is what hurt the Baltic Dry Index that tanked nearly 60% in one month.
CRISIL Ratings has come out with its report on shipping industry. According to the rating agency the global market share of India’s ship breakers is expected to grow to 40-45 per cent in the next two years from 35 per cent in 2010.
Navratna public company, Shipping Corporation of India, is planning to buy stakes in shipyards like Bharti Shipyard and Pipavav Shipyard. In an interview with CNBC-TV18's Gautam Broker and Soniya Shenoy, S Hajra, chairman and managing director of Shipping Corporation of India spoke about the company's stake buying ventures.
The taxman's revenue-seeking adventures might soon lead him to the deep seas, reports CNBC-TV18’s Ashwin Mohan.
Oil shipments to Japan have not been significantly affected by the country's devastating earthquake and subsequent nuclear crisis, a leading shipping industry group said on Wednesday.