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)

Next Story
Infrastructure Energy

South West Pinnacle Wins Rs 30 Cr Oman Mining Contract

South West Pinnacle Exploration Ltd has secured a Rs 30 crore contract from Minerals Development Oman (MDO) for mining exploration in concession areas 12B and 13.The two-year project will be carried out via Alara Resources LLC, a JV in Oman. MDO, backed by Oman’s investment authorities, focuses on monetising mineral wealth.The contract covers copper, gold, and chromite and highlights South West Pinnacle’s growing footprint in international exploration and mining services. ..

Next Story
Equipment

Godrej GEG Boosts Intralogistics with AI and Green Tech

Godrej Enterprises Group (GEG) is revolutionising warehouse and factory logistics through its Material Handling Equipment and Storage Solutions arms by integrating AI, IoT, and automation.With 20–25% market share and 85% local sourcing, GEG champions Atmanirbhar Bharat and sustainability. The Chennai plant, a green manufacturing leader, uses RoHS-compliant materials and has slashed energy consumption by 60%.GEG serves e-commerce, FMCG, retail, and cold chains with high-performance racking and electric forklifts. Upcoming IoT-enabled forklifts and telematics solutions aim to improve speed, sa..

Next Story
Infrastructure Urban

Amit Shah Inaugurates Key Projects Across Gujarat

Union Home Minister Amit Shah inaugurated and laid the foundation stone for various projects in Gujarat’s Panchmahal district and Ahmedabad.In Godhra, he inaugurated the Center of Excellence building, sports complex, reservoir, and Miyawaki plantation. In Ahmedabad, he unveiled a new cooperative complex in Adaroda village and a primary school in Juwal.These projects, under the Model Co-op Village scheme, aim to boost education, sustainability, and rural development across the state. ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?