India to buy second-hand vessels, cut port charges to boost exports
PORTS & SHIPPING

India to buy second-hand vessels, cut port charges to boost exports

In an effort to address shipping challenges and boost exports, India will acquire five additional second-hand container vessels and reduce port charges. These measures, aimed at reducing shipping costs and increasing container capacity, were announced following a meeting chaired by Commerce and Industry Minister Piyush Goyal with officials from various ministries, export organisations, and shipping companies.

India's goods exports have seen a decline for two consecutive months, with August experiencing a 9.3% contraction due to high freight costs, a slowdown in China, and recessionary pressures in western markets. Goyal expressed confidence that the new decisions would lower shipping costs, increase the availability of empty containers, expedite export consignments, and alleviate port congestion.

The Shipping Corporation of India (SCI) will purchase five second-hand container vessels, raising container capacity by 10-12% and enhancing cargo handling efficiency. Freight rates, which have already begun to decrease, are expected to fall further. The shipping ministry also noted that port capacities have increased by 2.3 million TEUs, with an additional 9,000 TEUs set to be added.

Further measures include a reduction in storage costs for empty containers at railway yards and ports, and the implementation of more efficient customs clearance processes. To combat illegal profiteering, private container yards will now be required to register with GST authorities and eliminate cash transactions.

These initiatives, along with infrastructure improvements at Mumbai airport, are designed to ease logistical bottlenecks and strengthen India’s export competitiveness. (ET)

In an effort to address shipping challenges and boost exports, India will acquire five additional second-hand container vessels and reduce port charges. These measures, aimed at reducing shipping costs and increasing container capacity, were announced following a meeting chaired by Commerce and Industry Minister Piyush Goyal with officials from various ministries, export organisations, and shipping companies. India's goods exports have seen a decline for two consecutive months, with August experiencing a 9.3% contraction due to high freight costs, a slowdown in China, and recessionary pressures in western markets. Goyal expressed confidence that the new decisions would lower shipping costs, increase the availability of empty containers, expedite export consignments, and alleviate port congestion. The Shipping Corporation of India (SCI) will purchase five second-hand container vessels, raising container capacity by 10-12% and enhancing cargo handling efficiency. Freight rates, which have already begun to decrease, are expected to fall further. The shipping ministry also noted that port capacities have increased by 2.3 million TEUs, with an additional 9,000 TEUs set to be added. Further measures include a reduction in storage costs for empty containers at railway yards and ports, and the implementation of more efficient customs clearance processes. To combat illegal profiteering, private container yards will now be required to register with GST authorities and eliminate cash transactions. These initiatives, along with infrastructure improvements at Mumbai airport, are designed to ease logistical bottlenecks and strengthen India’s export competitiveness. (ET)

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code