Windfall tax: The Government of India on Monday slashed the windfall tax on petroleum crude to Rs 1,700 a tonne from 2,300 rupees a tonne, according to a government notification. The cut will be effective from Jan. 16, the order said. The tax, levied in the form of Special Additional Excise Duty or SAED, on […]

In the face of repeated calls from the exporters, Bangladeshi authorities have withdrawn value added tax (VAT) on port services for export-oriented industries to help businesses facing downturn amid the global economic crisis. The National Board of Revenue (NBR) had granted the provision of 15% VAT on port services for both imported and locally manufactured […]

Exports hold significant potential for Micro, Small, and Medium Enterprises (MSMEs) in India as a key avenue for business growth and sustainability. This statemment is all the more important connsidering the fact that export boost has become a top priority for Modi Government. And Indian MSMEs are the focal point for this priority. Engaging in […]

Orient Overseas Container Line (OOCL) announced the addition of a new 24,000 TEU mega vessel to its fleet. The newest member of OOCL’s fleet was named OOCL Valencia at the shipyard of Nantong COSCO KHI Ship Engineering (NACKS). This box ship is the seventh environmentally friendly 24,188 TEU vessel in a series of twelve ordered […]

Sri Lanka has informed India that it will not allow any Chinese research vessel to dock at its ports or operate within its exclusive economic zone (EEZ) for a period of one year, people aware of the matter said on Sunday. The move comes close on the heels of Prime Minister Narendra Modi urging President […]

India is considering proposals to connect Bangladesh’s strategically important Matarbari port to north-eastern states, according to people aware of the matter. Bangladesh expects to boost exports once the country’s first deep sea port is built at Matarbari with assistance from Japan. The port will enhance exports to Southeast Asia, and other Asian markets, and improve […]

Freight rates from Asia have spiked by 53 per cent in a month depending on the route plus container shipping giants and oil super major British Petroleum having halted transit via the Red Sea-Suez Canal route after the attacks, the latest Freighters data said. The disruption assumes significance as Bab-el-Mandeb Strait, which connects the Mediterranean […]

After a long streak of declining trends, container freight rates on major trades out of India have begun to rise amid carrier routing disruptions through the Suez Canal, according to the latest market analysis. On the westbound India-Europe trade, average short-term contract rates from West India [Jawaharlal Nehru Port (JNPT)/Nhava Sheva or Mundra Port] to […]

Explosions in the Red Sea off the coast of Yemen were reported on Tuesday after sightings of unmanned aircraft and missiles in two separate incidents, a British maritime authority said. Two unmanned aircraft were observed before two explosions occurred 5 nautical miles from a vessel located 50 nautical miles west of Hodeidah on Yemen’s west […]

The government has taken the recent drone attack on a ship in the Arabian Sea very seriously, and, whoever carried out the strike will be tracked down and dealt with, Defence Minister Rajnath Singh said in Mumbai on Tuesday. “Nowadays turbulence in the sea has increased a lot. India’s growing economic and strategic power has […]