Prasit Rodphan11/11/2022 dreamstime_s_97800666Spot container freight rates on the largest Deepsea trades rebounded this week, despite continuing weak demand, suggesting recent capacity cuts have begun to reverse months of pricing decline. According to the Freights FBX index, Asia-US west coast rates increased 11% week on week, to $2,763 per 40ft, which is around 80% lower than […]

Currently, India does not have a robust container manufacturing market, and a large portion of its containers come from China The Centre is working towards a new production-linked incentive (PLI) scheme to encourage container manufacturing in India. Allocation for the scheme may come from a part of the savings from existing PLI schemes, multiple government […]

Shipping group Maersk (MAERSKb.CO) warned on Wednesday of slowing demand for transport and logistics as a global recession looms and cut its forecast for container demand this year, even as it beat third-quarter earnings expectations. “It is clear that freight rates have peaked and started to normalize during the quarter, driven by both decreasing demand […]

In an effort to boost shipments to countries like Russia the government is likely to allow exporters settling their trades in rupees to use export incentives and duty rebates under India’s foreign trade policy. After receiving an approval from the Finance Ministry, the Directorate General of Foreign Trade (DGFT) may issue a clarification on this matter […]

Looking to upgrade facilities at the Deendayal Port (DP) in Kandla, Gujarat, the center has announced projects worth nearly INR 300 crores. This investment, under the Sagarmala project, is expected to reduce the turnaround time and lead to a faster evacuation of cargo while enabling mechanized operations. “The infrastructure upgrade at DP port will boost […]

Global growth is expected to slow further next year, the IMF said Tuesday, downgrading its forecasts as countries grapple with the fallout from Russia’s invasion of Ukraine, spiraling cost-of-living and economic downturns. The world economy has been dealt multiple blows, with the war in Ukraine driving up food and energy prices following the coronavirus outbreak, […]

Xeneta’s long-term XSI shipping index fell last month for the first time since January, and is likely to drop sharply in the coming months as shippers demand cheaper new contracts and mid-term rate reductions. The modest 1.1% decline in the XSI last month “won’t be the last”, according to Xeneta CEO Patrik Berglund, who said […]

In a much-needed respite back in 2018, the Central Board of Indirect Taxes and Customs (CBIC) released a notification to exempt the following from application of Goods and Services Tax (GST): Service by way of transportation of goods by aircraft from India to a place outside India. Service by way of transportation of goods by […]