Budget 2024: 25% share by Indian liners could save $50 billion annually, says FIEO

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 […]

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Maersk announces peak season surcharge

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 […]

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EU imposes anti-dumping duty on Indian optical fiber cable companies

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 […]

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Shipping container prices soar by 26% in Singapore, leasing rates double

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 […]

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US importers caught in a vicious circle as labor union strike threat raises fears of soaring freight rates and massive disruption at US East and Gulf Coast ports

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 […]

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 Russia, China to establish Arctic shipping joint venture

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 […]

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