Exporters sought the creation of an Indian shipping line, duty cuts on the import of products like wet blue leather, an extension of a key scheme for small exporters to avail pre- and post-shipment rupee export credit, and duty drawback for platinum jewellery at their pre-budget meeting with finance minister Nirmala Sitharaman on Tuesday. Highlighting […]
A.P. Moller-Maersk (Maersk) has implemented a new Peak Season Surcharge (PSS) from the Asia Pacific area to the US and Canada. The new PSS will be effective on or after 7 July 2024, until further notice. The rates are also subject to other applicable surcharges, including local charges and contingency charges. These rates are unaffected […]
The European Commission has imposed anti-dumping duties ranging from 8% to 11.4% on Indian optical fibre cable (OFC) manufacturers. This includes companies such as Sterlite Technologies, Birla Cables, Universal Cables, and Vindhya Telelinks, among others, that were exporting OFC to Europe. Following a thorough six-month investigation, which involved physical inspections at the factory premises of […]
HMM India has announced a new General Rate Increase for shipments from India to North Continental Port and Mediterranean ports. The Indian branch of the South Korean container transportation and shipping company said that effective from 28 June 2024, for loading on the FIM (Far East India Mediterranean) Service Vessel, Hyundai Tokyo 0152W, there will […]
Recent data from Container exchange indicates significant impact of congestion on the average container prices and leasing rates at the port of Singapore. Average container prices in Singapore have surged by 26% from October 2023 to May 2024, reflecting a substantial increase in demand for capacity amid global congestion. Furthermore, container leasing rates on key […]
Threat of strike action at US East and Gulf Coast ports may see importers accelerate efforts to protect ocean supply chains in a vicious circle of disruption in ocean freight container shipping. The International Longshoremen’s Association (ILA) announced on Monday that it has suspended negotiations with United States Maritime Alliance (USMX) over a new labor […]
The Russian government, via state-owned transport company Rosatom, has entered into an agreement with China’s Hainan Yangpu Newnew Shipping to form a new joint venture that will operate container vessels year-round on the Northern Sea Route (NSR). The agreement also calls for the construction of five ice-capable containerships capable of operations in the Arctic, particularly […]
India has permitted an additional export of 10,000 tons of onions to the UAE, aiming to stabilize prices ahead of Eid al-Fitr, a period marked by heightened demand for consumables, including vegetables and spices. The decision is expected to impact onion prices in the UAE, which have recently surged to over Dh7 per kilogram, contrasting […]
In a significant development for trade and logistics in Eastern India, the Syama Prasad Mookerjee Port, Kolkata (SMPK), has initiated a direct container vessel service from Shanghai, China. This move is set to streamline operations and reduce logistics costs substantially. The announcement made on June 10 also includes the introduction of a weekly express service […]
The Indian air cargo sector is targeting a significant increase in annual throughput at airports, aiming to reach 10 million metric tons by 2030. This ambitious goal faces challenges from stringent security measures and time-consuming processes, prompting industry stakeholders to urge the government for streamlined procedures. In FY 2024, Indian airports handled 3.36 million metric […]