Today’s Top News – 28 February 2025

 

DAYS TOP NEWS
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1. President Smt Draupadi Murmu has lauded the critical role played by the design sector in providing innovative solutions to contemporary challenges. Addressing the 44th convocation of the National Institute of Design in Ahmedabad, the president said design acts as a bridge between tradition and modernity.

2. Union Health and Family Welfare Minister JP Nadda, arrived in Bhubaneswar on a two-day visit to Odisha. He is scheduled to inaugurate the 9th National Summit on Good, Replicable Practices, and Innovation in Public Healthcare Systems in India.

3. Uttar Pradesh Chief Minister Yogi Adityanath announced that the state government will provide an additional bonus of 10,000 rupees to the sanitation and health workers, bus operators who continuously provided their services in the Maha Kumbh.

4. Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, launched a series of major initiatives by the Ministry of Ports, Shipping and Waterways aimed at modernising India’s maritime infrastructure, strengthening its global trade presence, and promoting sustainability. These initiatives were launched during a stakeholder meeting in Mumbai.

5. NITI Aayog said that India holds the 5th position among the world’s top economies, boasting a staggering chained real GDP of 4.3 trillion dollars in 2025.

6. Ministers for State Fisheries, Animal Husbandry and Dairying S.P. Singh Baghel and George Kurian conferred the awards to the winners of Prani Mitra and Jeev Daya Awards at Vigyan Bhawan in New Delhi. This initiative aims to recognize outstanding individuals and organizations for their remarkable contributions to animal welfare and protection.

7. President Smt Droupadi Murmu, who is on a four-day visit to Gujarat, visited the iconic unity statue and offered floral tributes to the Iron Man Sardar Patel. The President is also scheduled to grace the 44th convocation ceremony of the National Institute of Design in Ahmedabad.

8. Union Minister of Commerce and Industries Piyush Goyal, inaugurated the Bharat Calling Conference 2025 in Mumbai. Addressing the conference Piyush Goyal said that strategic initiatives of the Government of India, including Make in India, Digital India, Startup India, and Atmanirbhar Bharat, are driving innovation, infrastructure development, and economic transformation at an unprecedented scale.

9. The Union Minister for Civil Aviation Kinjrappu RamMohan Naidu inaugurated the Udan Yatri Cafe at Chennai International Airport. He said that it would benefit all passengers as five to six items like water, tea, coffee, snacks and local sweets will be sold at Rs.10 and Rs. 20. He mentioned that the first such cafe inaugurated at Kolkata airport last December has registered Rs. 30 thousand sales per day.

10. The Union Minister of Ports, Shipping and Waterways, Shri Sarbananda Sonowal, recently announced investment of over ₹4,800 crore for the development of Assam’s inland waterways. This announcement was made during the Advantage Assam 2.0 summit in Guwahati.

11. The Telangana government has mandated Telugu as a subject for Class 9 in all board-affiliated schools from 2025-26, extending to Class 10 in 2026-27. Aligned with the 2018 Act, this move promotes the Telugu language, with the simplified ‘Vennela’ textbook replacing ‘Singidi’ for easier learning.

12. Telangana government launches a free driving training program for women, along with skill development initiatives in tailoring, food processing, and computer skills to boost employment opportunities. This decision was officially declared by Minister Seethakka during a meeting of the Women’s Cooperative Development Corporation at Madhura Nagar.

13. Central Railway on Thursday announced a two-day special mega block from Friday night to carry out extension of a platforms at Chhatrapati Shivaji Maharaj Terminus (CSMT) to accommodate 24-coach trains. Many suburban and long distance will be affected by this work.

14. A 5.5 magnitude earthquake struck many parts of Bihar, West Bengal, Sikkim, and Nepal early this morning. According to the United States Geographical Survey, a 5.5 magnitude earthquake struck 14 km south of Kodāri̇̄, in Bagmati Province of Nepal around 2.36 am.

15. Met Department has issued orange alerts for rainfall and snowfall over Jammu & Kashmir, and Himachal Pradesh for the next 2 days.

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LEGAL REPORT
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1. The Jammu and Kashmir Police filed its first e-FIR at Police Station Khrew, advancing digital policing. Submitted via email, it was registered as Case FIR No. 17/2025. This initiative follows the Law Commission’s recommendations for e-FIRs in certain cognizable offenses.

2. Meitei group Arambai Tenggol on Thursday surrendered 246 firearms before security forces in Manipur.

3. The Pune Crime Branch on Friday arrested Dattatray Ramdas Gade, who is accused of raping a 26-year-old woman inside a bus at Swargate bus station.

In response to the incident, Maharashtra Transport Minister Pratap Sarnaik has directed an immediate security audit of all bus stations and depots statewide. He has also mandated the removal of all unregistered buses and vehicles seized by transport offices from bus stations by April 15.

4. The police in Prayagraj have arrested a man for allegedly recording videos of women bathing and changing clothes during the Maha Kumbh and uploading them on YouTube. The accused has been identified as Amit Kumar Jha, a resident of the Hooghly district, West Bengal.

Information and Broadcasting Minister Ashwini Vaishnaw criticized Tamil Nadu Chief Minister M. K. Stalin for his remarks against the Hindi language.

“””””””” MISHAPS “””””””””

In Telangana, the rescue teams are yet to establish contact with the trapped persons while efforts have been intensified. They have begun cutting parts of the Tunnel Boring Machine and other obstacles that are preventing them from reaching the spot where they can search for the individuals.

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FINANCE
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 USD ₹ 87 (Approx)
GBP ₹110(Approx)
€ Euro : ₹ 91(Approx)
Yuan ¥ : ₹ 12
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BSE SENSEX
74,612.43 +10.31 (0.014%)

NIFTY
22,545.05 −2.50 (0.011%)
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Rates in Financial Capital Mumbai

GOLD : ₹ 87,400/ 10gm (24 krt)

SILVER : ₹ 1,00,000/KG

1. Electronics and IT Minister Ashwini Vaishnaw said that India’s IT sector hit 282 billion dollars in revenue in the Financial Year 2024-25. In a social media post, Mr. Vaishnaw said 90 thousand patents were filed, and exports in the IT sector reached 224 billion dollars in 2024-25.

2. The government on Thursday appointed finance and revenue secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI).

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ENTERTAINMENT NEWS
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1. The British psychological thriller ‘The Eye’. which stars Shruti Haasan, is set to have its India premiere as the opening feature of the 5th Wench Film Festival, founded by Sapna Bhavnani. The film festival is dedicated to horror, sci-fi, and fantasy films, and will be held from February 27 to 2 March 2025.

The film marks Shruti’s international debut as a leading lady, and is directed by Daphne Schmon

2. Oscar-winning actor Gene Hackman (95), his wife Betsy Arakawa (63) and their dog were found dead in their New Mexico home.

He was a five-time Oscar nominee who won for “The French Connection” in 1972 and “Unforgiven” two decades later. His death comes just four days before this year’s ceremony, authorities did not release the circumstances of their deaths and said an investigation was ongoing.

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DEFENCE News
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1. India is set to welcome one of the world’s most advanced multi-role stealth guided missile frigates, Tamal, built at Russia’s Yantar Shipyard. This warship, capable of launching the deadly BrahMos anti-ship missile, is part of the Indo-Russian agreement signed in 2016 for the construction of four Talwar-class stealth frigates, two in Russia and two in India. The second warship under this deal is now ready and is expected to be commissioned into the Navy by June 2025.

2. The Indo-Russian Rifles Private Limited (IRRPL) joint venture, established to produce AK-203 Kalashnikov assault rifles, has shown promising results with the delivery of 35,000 rifles to the Indian Army in its first phase.This collaboration serves as a potential model for future partnerships between India and Russia in the defence sector.

3. Army Chief General Upendra Dwivedi recently visited the Airbus helicopter facility in Marignane, France, as part of a four-day trip aimed at strengthening bilateral military cooperation between India and France.

4. The Indian Coast Guard (ICG) has received a significant budgetary allocation of ₹9,676 Crores for the financial year 2025-26, marking a substantial increase of 26.5% from the previous year’s budget. This allocation was announced by Defence Minister Rajnath Singh during the ICG’s 18th investiture ceremony.

28 Feb (Friday)
Vedic Ritu/ Shishir
Drik Ritu : Vasanta
पक्ष :: Shuklapaksh
(In Purnimanta calendar)
Vikram Samvat – 2081
Month : Phalguna 16

(In Amanta calendar)
Shaka Samvat – 1946
Month Phalguna 01

Nakshatra: Shatabhisha (up to 1:40 pm)Purva Bhadrapada

Tithi : Pratipada/
Dwitiya

Rahu 11:12 AM – 12:39 PM
Yamaganda 03:32 PM – 04:59 PM

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Trump’s tariff threat sparks global race to get copper to the US

Read more at:
https://economictimes.indiatimes.com/small-biz/trade/exports/insights/trumps-tariff-threat-sparks-global-race-to-get-copper-to-the-us/articleshow/118591896.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Maersk plans to invest $5 billion in Indian ports and landside infrastructure

Read more at:
https://economictimes.indiatimes.com/industry/transportation/shipping-/-transport/maersk-plans-to-invest-5-billion-in-indian-ports-and-landside-infrastructure/articleshow/118610560.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Maersk plans to invest $5 billion in Indian ports and landside infrastructure

Read more at:
https://economictimes.indiatimes.com/industry/transportation/shipping-/-transport/maersk-plans-to-invest-5-billion-in-indian-ports-and-landside-infrastructure/articleshow/118610560.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Maersk plans to invest $5 billion in Indian ports and landside infrastructure

Read more at:
https://economictimes.indiatimes.com/industry/transportation/shipping-/-transport/maersk-plans-to-invest-5-billion-in-indian-ports-and-landside-infrastructure/articleshow/118610560.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

DP World Sets New Benchmark with Record 88.3 Million TEUs

 

Global Expansion and Strategic Investments Drive Growth Amid Red Sea Disruptions

Maritime News Dubai, UAE : DP World, a global leader in port logistics and supply chain solutions, has set a new record in container handling, reporting an 8.3% year-on-year growth in 2024. The company’s ports and terminals managed an impressive 88.3 million twenty-foot equivalent units (TEUs), despite economic uncertainties and major disruptions in global trade routes.

The logistics giant, which operates in 78 countries, now boasts a capacity to handle over 100 million TEUs annually—an achievement fueled by long-term infrastructure investments and expanding trade networks.

Navigating Challenges, Unlocking Opportunities

2024 was a year of volatility in global shipping, with disruptions in the Red Sea corridor causing delays and rerouting of cargo. Yet, DP World’s diverse portfolio and strategic expansions enabled it to navigate these challenges smoothly, ensuring an uninterrupted flow of goods across continents.

“Over the past decade, we have invested over $11 billion in world-class ports and logistics infrastructure,” said Sultan Ahmed bin Sulayem, DP World’s Group Chairman and CEO. “This record performance proves that our long-term vision is delivering real value, helping global trade thrive even in uncertain times.”

Global Expansion Fuels Record Growth

From South America to Europe, Africa, and India, DP World’s footprint has seen significant growth:

• Posorja terminal in Ecuador led the charge with a remarkable 87% increase in volume, nearing 1 million TEUs, thanks to new services by Maersk.
• San Antonio (Chile), Yarimca (Türkiye), Chennai (India), Callao (Peru), Antwerp (Belgium), and London Gateway (UK) all posted double-digit growth.
• Jebel Ali Port (UAE), DP World’s flagship terminal, saw a 7% increase from 2023, further strengthening its position as a global trade hub.

Meanwhile, DP World continued to expand its operations, adding nearly 1 million TEUs through its new ventures in:

• Turkey – DP World-Evyap merger
• Tanzania – New operations at Dar Es Salaam Port
• Indonesia – The launch of Belawan New Container Terminal

A Bullish Outlook for the Future

Despite the macroeconomic headwinds, DP World remains optimistic about sustained growth in global trade.

“As we deepen our reach into the supply chain with advanced logistics capabilities, we are confident in the future of the container market,” Sulayem emphasized.

With record-breaking performance, strategic expansions, and resilient operations, DP World is cementing its place as a trailblazer in global shipping—driving efficiency, connectivity, and innovation across the world’s busiest trade routes.

 

Maersk, Cochin Shipyard ink MoU to explore ship repairs, shipbuilding activities 

Updated - February 17, 2025 at 06:48 PM. | Kochi

Under the MoU, Maersk will leverage its expertise as an off-taker in its global fleet to strengthen CSL’s capabilities, primarily focusing on container ship maintenance, repair, and dry-docking operations

By BL Kochi Bureau

 

AP Moller - Maersk (Maersk) and Cochin Shipyard Ltd( CSL) have signed a Memorandum of Understanding (MoU) to explore collaboration opportunities in ship repair, maintenance, and building activities in India.  

The partnership aligns with the government of India’s Vision 2047 maritime objectives and recent Union Budget 2025-26 announcements to position India among the top five global maritime hubs, said a press release.

• Also read: Skylark Drones launches software platform for stakeholders

Strengthening capabilities

Under the MoU, Maersk will leverage its expertise as an off-taker in its global fleet to strengthen CSL’s capabilities, primarily focusing on container ship maintenance, repair, and dry-docking operations.

Leonardo Sonzio, Head of Fleet Management & Technology, AP Moller – Maersk said the first Maersk vessel repair at CSL, planned already for 2025, will mark the beginning of what the company envisage as a long-term collaborative relationship.

Combining Maersk’s global expertise with CSL’s capabilities would help position ourselves to capture a larger share of the global ship repair and building market, added Rajesh Gopalakrishnan, Executive Director, CSL.

• Also read: IIT Madras incubated ePlane and ICATT sign MoU for 788 air-ambulances valued at over $1 bn

The MoU encompasses several key areas of cooperation which include technical expertise sharing for achieving global standards in ship maintenance; exploration of ship repair, dry docking, and new building opportunities; joint training programmes focusing responsible practices; skill development initiatives for both CSL employees and Maersk seafarers.

The partnership is expected to contribute significantly to the country’s maritime sector growth, supporting the government’s vision of developing world-class ship repair and building capabilities within the country. The collaboration will initially focus on vessels up to 7,000 TEU for afloat repairs and up to 4,000 TEU for dry-docking, with capabilities expected to expand over time.

 

Cochin Shipyard weighs joint venture options with global ship building majors for expansion  

Updated - February 19, 2025 at 08:47 PM.

In talks with technical providers in Korea for block fabrication facilities and requisite systems and processes: Madhu S. Nair, Chairman and Managing Director

By V Sajeev Kumar

 

Karnataka Maritime Board prepares shoreline management plan for coastal protection

Updated - February 19, 2025 at 08:19 PM. | Mangaluru

The National Green Tribunal had suggested that the government go in for a detailed shoreline management plan rather than the ad-hoc mechanisms

 

Jayaram Raipura, Chief Executive Officer of KMB (file photo) | Photo Credit: SUDHAKARA JAIN

Considering the need for proper shoreline management along coastal Karnataka, the Karnataka Maritime Board (KMB) has come out with a shoreline management plan.

 

 

 

Historic Washington State Ferry Cheats Scrappers to Become Floating Office 

One of the storied ferries familiar to residents of Washington State for its more than 50 years of service is cheating the scrappers and by a quirk of fate will be saved through creative reuse.  Everett Ship Repair and Washington State Ferries have reached terms to see the Elwha, which was built in 1967, repurposed at the shipyard.

Last fall, Elwha, which had been retired in 2020, was due to slip away on a towline bound for dismantling in Ecuador. She had been sold for $100,000 and a tug arrived to start her final voyage along with another WSF ferry. They got the boats away from the maintenance dock in Bainbridge, Washington, but that’s when things started to go wrong.

According to reports the hookup failed. Then there were reports of problems with the 60-year-old tug that was hired for the 34-day trip. The ferries were brought back to the maintenance dock while rumors swirled in the media that the operator had abandoned the crew which was made up of people from Peru, Colombia, and Panama. U.S. Customs and Border Protection stepped in detaining the four crewmembers and ordering them deported.

Embarrassed by the ordeal, Washington State Ferries reported the deal was canceled. The ferry operator however wanted to sell the decommissioned vessels to free more dock space at its Eagle Harbor Maintenance Facility for planned and unplanned maintenance on its current fleet. They reported the two ferries were back up for sale.

Everett Ship Repair closed the deal this week to buy the Elwha for $100,000. According to the reports, the repair yard plans to modify and convert the ferry to a floating office and warehouse space. A tug was due to arrive on Thursday, January 30, to begin preparation to move the ferry to the shipyard.

“The Elwha has been part of Washington State Ferry history since 1968, and we're excited to see one of our ferries with so much history and memories for millions of passengers is being repurposed locally. It won't be the Elwha we've all come to know and appreciate, but I'm confident it's in good hands with a local shipyard,” said WSF Assistant Secretary Steve Nevey.

She was one of four 144-car Super-class ferries. It measures 382 feet and is 2,800 gross tons and when she was introduced, Elwha was considered to be one of the most modern ferries in service. She started service from Seattle to Bainbridge but was replaced by a larger ferry in 1972. Next, she was used to fill in on various routes for other ships that were undergoing maintenance and finally in the 1980s took up her permanent assignment sailing to British Columbia. She became a fixture of the route before her retirement. Two other ships of the class, Kaleetan and Yakima, are still in service.

After sitting at the repair facility, WSF was anxious to make space. They sold Elwha and a smaller ferry last year and reported that another retired ferry was also slated to be sold. The near-miss with the scrappers was not the only close call for Elwha during her long career. She went aground in 1983, with reports her captain steered off course to give a visitor a better view of her waterfront home reports the outlet MyNorthwest. In 1990, the ferry broke away from her dock in a storm and was damaged as she slammed into a concrete pier. There were also reports of several docking failures and problems during its career.

Washington State Ferries reports it plans to offer two other retired ferries, Klahowya and Hyak, for sale to clear more space at its repair yard. Klahowya was built in 1958 and is an 87-car Evergreen State-class ferry that was decommissioned on July 1, 2017. Hyak is a sister to Elwha that was decommissioned on June 30, 2019.

 

 

Fire Cleanup Underway as Blaze Continues to Smolder in Bulker’s Cargo Hold 

Fire crews at the Port of Aberdeen in Scotland have spent several days battling a cargo hold fire aboard a Panama-flagged bulker docked in the port. The ship and the port are reported to be in no immediate danger as several fire departments and specialist teams worked to extinguish the blaze.

The Japanese-owned bulker Lowlands Diamond, a Handymax bulker (39,996 dwt) reported the fire to the local authorities on Monday, January 27, as the ship was making its way to the South Harbor at the Port of Aberdeen. Local media showed pictures of multiple fire engines alongside on the dock assisting with the stubborn fire.

A spokesperson for the fire department said the blaze was contained to a cargo hold on the vessel which was built in 2023. She is approximately 600 feet (183 meters) in length and was reported operating under a time charter to Coblefret.

Fire officials did not report what was burning but said it was a “complex and unusual” operation that they expected would last for days. They later said it would require removing the burning cargo from the hold. 

The local Press & Journal newspaper today published pictures of boxes or bales saying it was “charred cargo” from the vessel. It was cordoned off by a ring of shipping containers. Another report said there were “heaps of burnt cargo being removed from the vessel.”

The Port of Aberdeen issued a statement saying it was coordinating with the fire teams and thanked them for their effort. They reported operations at the South Harbor had not been disrupted by the fire.

 

 

 

 

Canada Aims to Restore Reliable Ferry Service on Critical Route to PEI 

Canada is hoping to restore reliable ferry transport on the critical Prince Edward Island (PEI) and Nova Scotia route following the arrival of ro/pax ferry MV Northumberland. The government acquired the ferry in November 2023 as an interim replacement for the former MV Holiday Island which was taken out of service after a fire in July 2022.

The 130-meter (426-foot) Northumberland, formerly MV Fanafjord, arrived in Pictou, Canada on the north shore of Nova Scotia on January 26 after a 5-week trip from Norway.  The Canadian Coast Guard sent a notice that it would be conducting ice-breaking operations around Pictou to make it possible for the ferry to complete the last miles of its trip.

The vessel is expected to undergo final refit work before commencing service at the beginning of the 2025 operating season. The 2007-built ferry with a capacity of 600 passengers and 180 vehicles will serve on the critical route that has been experiencing challenges since the Holiday Island engine room fire.

The federal government purchased Fanafjord for C$38.6 million (US$27 million) after it faced strong pressure to restore reliability on the PEI and Nova Scotia route. The ferry, which will be operated by Northumberland Ferries Limited, will serve on the route until a successor for Holiday Island is built and ready to enter service in 2028. Holiday Island was one of two vessels used to provide service on the route, the second ferry being MV Confederation.

Confederation plowed into a pier on Prince Edward Island in September 2024 causing a dent and structural damage. The operator Northumberland Ferries later blamed a mechanical failure reporting the visor needed repairs that would require several months. It was hoping to place the vessel back in service by December before the route closed for the winter. After the accident with Confederation, the company was down to just one ferry running four trips a day but then in September MV Saaremaa, leased from Quebec's ferry service, started having unending engine problems. 

The PEI and Nova Scotia ferry route is considered an essential transportation link that supports the regional economy and provides employment for approximately 200 people. The route contributes about C$39 million (US$27 million) to the regional economy annually. During the summer months, both are popular tourist destinations.

“After an extremely disappointing season, I’m so pleased to see the MV Northumberland arrive in Canadian waters,” said Lawrence MacAulay, Minister of Agriculture. “Our government fully understands the importance of a safe, reliable two-vessel ferry service, and we are committed to restoring this vital transportation link for all of the families, local businesses, and tourism operators who depend on it.”

The government’s acquisition of Northumberland falls under its Ferry Services Contribution program which ensures that federally-owned ferry assets are part of a safe, reliable, and affordable transportation system. Through the program, the government provides funding to private operators for ferry operations and maintenance. Currently, the government owns four ferry vessels and six shore facilities that are leased to operators.   

After the repeated mishaps, the federal government called Northumberland’s frequent service problems unacceptable. The day after the new ferry arrived in Canada, the press reported the government had ordered an audit of the company. Transport Canada has published a request for an independent company to commence the audit.

The company was established in 1941 to provide the critical ferry service. The route to Prince Edward Island is due to resume in May 2025 for the summer season. The company with its sister brand Bay Ferries also maintains service from Nova Scotia to New Brunswick and to Maine.
 

 

 

Asyad Shipping Expands With Addition of 33 New Vessels

The Asyad Group, Oman’s state-owned integrated logistics group, is planning to acquire an additional 33 vessels to add to the mixed fleet operated by its subsidiary Asyad Shipping.

Asyad Shipping currently operates 22 crude tankers, 34 product tankers, 10 gas carriers, and 23 dry bulk carriers, plus five container ships on its network in the Gulf, South Asia and Southeast Asia. The fleet expansion will help extend Asyad’s offering to Japan and South Korea in the East and to Europe in the West.

Asyad Shipping already has a strong position in the LNG market, with almost all its existing carrying capacity allocated on long-term contracts, and with the fleet expansion is now also being positioned to handle Oman’s fast-growing LNG production. Oman’s gas production rose to 55 bcm in 2024, up five percent on last year’s output, and Asyad enjoys a privileged position as the national shipper. It is also well-positioned to benefit from Oman’s projected growth in green hydrogen production, powered by solar and wind energy, which is also largely forward-sold.

The expansion is budgeted for up to $2.7 billion, to be borrowed in medium-term loans from local and international banks.  As part of a broader IPO program for the wider group, Asyad intends to offer 20% of the shares in Asyad Shipping on the local Muscat Securities Market in February, raising $1 billion, and then expects to pay out $150 million in dividends this year.

Since being founded in 2003 as part of Oman’s Sovereign Wealth Fund, Asyad has climbed steeply to be rated by Forbes as the fourth largest logistics company in the Middle East North Africa region. The announced expansion will enhance this position further. 

Asyad enjoys economies of scale because of base domestic demand, and thus additional carrying trade elsewhere can be offered at better rates. The group plays on Oman’s historic sea-faring tradition, unique in the Gulf, but has not been frightened to take on international partners. Its Salalah Port is partnered with APM Terminals; Sohar Port (soon to be connected with the UAE by rail) with Hutchinson and the Port of Rotterdam; and Duqm with Consortium Antwerp Port. As distribution hubs, these ports offer the benefit of being on the direct route between Suez and Asia, saving three days’ sailing and higher insurance premiums necessitated by passage through the Straits of Hormuz. As an integrated logistics company, Asyad also offers free zone, local distribution and air cargo facilities.

 

 

India Plans to Spend $3 Billion to Support its Maritime Sector

India has firmed up its ambition to become a global maritime powerhouse, with the government allocating around $6 billion to the shipping sector in the 2025-26 fiscal year. On Saturday, India’s Finance Minister Nirmala Sitharaman presented to Parliament budget documents, revealing billions of dollars the government intends to spend in upgrading the country’s maritime infrastructure.

The government has proposed financial assistance of $3 billion to help set up a Maritime Development Fund (MDF). The government will contribute 49 percent of the fund with the remaining balance to be contributed by port authorities and the private sector. The fund will be accessed via equity or debt options. Primarily, the fund is targeted in financing ship acquisitions, consistent with the government policy of boosting Indian-flagged ships’ share in the global market by up to 20 percent by 2047. In addition, an indigenous fleet will reduce India’s dependence on foreign ships, improving the balance of payments. The government believes that by 2030, the MDF will be generating up to $17 billion in investment in the shipping sector.

“It is reassuring to see that the budgetary initiatives for India’s marine sector are focused on unlocking its vast potential and enhancing existing assets through upgrades, modernization and automation,” said the Minister of Ports, Shipping and Waterways (MoPSW), Sarbananda Sonowal.

Support to domestic shipbuilding is another key highlight of the budget. Recently, MoPSW announced the development of shipbuilding clusters to be established in five states. Each cluster will have capacity for up to 1.2 million gross tonnes per year. This initiative is in line with the government’s goal of making India a top-10 player in the global shipbuilding market by 2030.

To support this scheme, the 2025-26 budget will provide capital for facilitating the creation of breakwaters and dredging at the designated clusters. Further, the government has proposed a 10-year rent holiday for the land, if not provided at a nominal rate. There is also an additional allocation of $700 million to existing shipyards for upgrades and automation.

Meanwhile, the budget has extended the Shipbuilding Financial Assistance Policy (SBFAP) with an allocation of $2 billion. The SBFAP initiative provides financial subsidies to Indian shipyards, helping to offset operational cost disadvantages.

Notably, the budget will support the Shipbreaking Credit note. This scheme is intended to incentivize ship scrapping by issuing a credit note of 40 percent of the scrap value, which can be reimbursed to buy a new modern vessel built at a domestic yard.

 

 

ReCAAP Sounds Alarm About Tripling of Robberies in Singapore Strait in 2025 

The monitoring and coordination operation for piracy and criminal activity against shipping in Asia, ReCAAP ISC, issued a new alert on February 3 highlighting that the number of robberies has nearly tripled in the Singapore Strait this year. They report that just over a month into 2025, there have now been 11 incidents all in a specific area near the western terminus and often grouped in a short interval of time.

“ReCaap ISC alerts the maritime community on the continued occurrence of incidents of sea robbery onboard ships while underway in the Singapore Strait, and warns of a possibility of further incidents,” is emboldened at the top of the new alert.

This comes after reports that two more vessels were boarded overnight on February 3. Ambrey Analytics says a tanker and bulker were each boarded approximately 15 minutes apart from each other. Four individuals were seen on a bulker with what appeared to be knives and guns. Shortly thereafter, there was a second report of six individuals on a product tanker armed with knives.

ReCaap notes that the incidents have occurred within short intervals, with two reports each in the early morning hours on January 26 and February 3 and two other reports overnight between January 28 to 29.  All of them took place in the eastbound lane and were near the western end of the Singapore Strait near Indonesia.

Of note is that the perpetrators now appear to be armed with knives or possibly guns whereas in the past they were often unarmed. ReCAAP highlights of the 11 reports this year, four times there were indications of guns or gun-like objects, five reports of perpetrators with knives, and two reports did not specify if there were weapons involved.

In one case a chief engineer’s hands were tied by the perpetrators but no one was injured. In the past, the boarders most often fled when they were spotted and rarely came in direct contact with a vessel’s crew.

Most of the crimes continue to be robberies. Engine spare parts were reported stolen in seven of the current incidents. 

ReCAAP notes that in 2024 there were only four incidents reported between January 1 and February 3. Based on the persistence and common nature of the incidents they warn that there may be further incidents in the future.

They are urging littoral states to increase patrols and surveillance in the respective waters and to respond promptly to reports coming from the ships. They also recommend coordination and information sharing to aid in the arrest of the criminal groups conducting these robberies. For ships, they note there is particular concern during the hours of darkness. They recommend adopting preventive measures and intensifying vigilance and look-outs while transiting the areas of concern.

Security consultants and ReCAAP warned in 2024 that robberies were increasing in the Singapore Strait. The current wave however is of particular concern due to the number of incidents and the more aggressive nature of the perpetrators.
 

 

 

Maritime fund to spur Rs 1.5 trn investment by 2030: Sarbananda Sonowal

Finance Minister Nirmala Sitharaman has announced measures for India’s near-absent shipping and shipbuilding economy: A Maritime Development Fund (MDF), cheaper finance for large ships, a recycling scheme, and industrial clusters. The Rs 25,000 crore MDF will give a strong start to India’s shipbuilding journey, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal tells Dhruvaksh Saha in a written interview. Edited excerpts:

 

When will the MDF be launched and how will it operate?

 

We envision establishing it with an initial target corpus of Rs 25,000 crore till 2030, with 49 per cent equity investment from the central government and 51 per cent from major ports, financial institutions, private investors, and sovereign funds, among others. Additionally, multilateral agencies and international development banks are potential partners for funding support. The government is working on its launch through a structured approach. Key aspects like the fund’s structure, the type of legal entity to be adopted for it, investment strategy, fund-management framework, governance, compliance mechanisms, etc are being finalised. It is awaiting Cabinet approval, which is a critical milestone before its formal rollout. By 2030, the MDF is expected to generate Rs 1.3-1.5 trillion of direct and indirect investment. Additionally, the significant employment multiplier will boost direct and indirect jobs of up to 1.1 million.

What will the government offer in the shipbuilding financial assistance plan (SBFAP)?

 

We have envisaged around Rs 18,000 crore for SBFAP 2.0. This corpus will primarily be allocated financial aid to shipbuilders, allowing them to expand the production capacity, modernise infrastructure, and enhance technological capabilities. It proposes to offer subsidies on the contracted price or fair value for vessels constructed in India from 2024 to 2034. It will also cover existing committed liabilities from the first SBFAP. A key feature of the revamped policy is the introduction of a credit-note mechanism, which will facilitate the purchase of replacement vessels from Indian shipyards by ship owners which have scrapped their vessels in India. The policy is currently awaiting Cabinet approval.

The first SBFAP did not produce the desired outcomes for the government. What was your learning and how does SBFAP 2.0 address them?

 

Shipbuilding is a long gestation industry and shipyards take up projects that can be multiyear in nature. Therefore, while the industry wanted to take advantage of the scheme, they were limited by their ability to react and retool. The uptake of funds, including the disbursed amount, has risen in the past two-three years as the first scheme has been paying out and a substantial amount of the funds has been allocated as committed liabilities, which will be paid to shipyards after their contracts with their customers end.

Another key learning from the first scheme was that financial assistance was capped at Rs 40 crore, which did not incentivise the production of larger, more expensive ships, which are greater in demand globally. This cap has been removed in SBFAP 2.0 and we expect a greater uptake. Under the first SBFAP, the subsidy was set at 20 per cent of the contract price for ships in 2016-17 with gradual cut by 3 per cent every three years. SBFAP 2.0 proposes a flat, non-reducing subsidy rate. Also, it will give greater financial assistance for specialised and green-fuelled ships to promote their adoption

 

Has any large domestic or foreign shipbuilder shown an interest in being part of the shipbuilding-cluster programme?

 

The ministry has reached out to leading global shipbuilders, especially those from South Korea and Japan, which are among the top three shipbuilding nations. Ministry delegations, which included industry partners, have visited these countries and their delegations came to India, with multiple rounds of discussion with state governments and our ministry. There is a keen interest in collaboration from both Indian as well as foreign shipbuilding companies and we expect it to materialise into a partnership very soon.

 

What is the progress on shipbuilding and repair clusters with state governments?

lmost all coastal states have shown a keen interest in establishing shipbuilding clusters. The ministry is working with state governments, the Department for Promotion of Industry and Internal Trade, and major ports to help identify potential locations. Their feasibility is being studied for setting up shipyards as well as land for Tier-I, -II, and -III ancillaries along with necessary road, rail and air connectivity, utilities, and social infrastructure. Many states are developing targeted shipbuilding policies to attract investment.  

How much investment is expected in the shipbreaking and recycling sectors, following the Budget announcements?

 

The global shipbreaking market was valued at $3.98 billion in 2023 and is projected to grow to $7.64 billion by 2032, with a compound annual growth rate of 8.2 per cent. Being the top-ranked player in shipbreaking, India is well positioned to attract a significant share of this growing market.

 

 

 

 

 

 

Crew abandon Hong Kong-flagged container ship in Red Sea as fire engulfs

It wasn't immediately clear what caused the fire in the Red Sea, which has been repeatedly targeted by attacks from the Houthis

The Red Sea is home to coral and marine life that previously has been threatened by burning ships from the Houthi campaign and the threat of wider oil spills. | Representative Photo: Bloomberg

An explosion struck a Hong Kong-flagged container ship on Tuesday travelling north through the Red Sea, sparking a major fire that forced its crew to abandon the vessel, shipping industry officials said.

The ship was drifting and ablaze some 225 kilometers (140 miles) off the coast of Hodeida, a port city in Yemen held by the country's Houthi rebels, said the Diaplous Group, a maritime firm.

It wasn't immediately clear what caused the fire in the Red Sea, which has been repeatedly targeted by attacks from the Houthis. The rebels said last week they were was limiting their assaults following a ceasefire in the Israel-Hamas war in the Gaza Strip. The Houthis did not immediately acknowledge the fire incident.

The vessel was abandoned and the crew later rescued unharmed, another maritime industry official told The Associated Press. The official spoke on condition of anonymity as authorization hadn't been given to speak publicly about the incident.

The official described the cargo aboard the vessel as dangerous, without immediately elaborating. The name of the vessel wasn't released.

 

 

 

Union Budget 2025-26: Ships likely to be granted infrastructure status

Inclusion in the harmonised master list of infrastructure sectors will allow developers in the sector access to infrastructure lending at easier terms

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Dhruvaksh Saha Delhi

3 min read Last Updated : Jan 23 2025 | 11:41 PM IST

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The central government is likely to grant one of the most significant and long-standing policy asks from the maritime industry — infrastructure status to ships as part of the harmonised list of infrastructure sectors — and may consider announcing it in the upcoming Budget, sources aware of the developments said. 

Inclusion in the harmonised master list of infrastructure sectors will allow developers in the sector access to infrastructure lending at easier terms with enhanced limits, to larger amounts of funds as External Commercial Borrowings (ECB), and to longer tenor

 

JNPA will become first Indian port cross 10 mn TEU capacity mark: Wagh

JNPA is expected to maintain steady growth, focusing partly on the under-construction Vadhvan Port

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Unmesh Wagh, chairperson of JNPA, and chairman and managing director of Vadhvan Port Project

Prachi Pisal

6 min read Last Updated : Jan 12 2025 | 11:19 PM IST

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India’s largest state-owned container port, Jawaharlal Nehru Port Authority (JNPA), is aiming to become the country’s first port with a capacity of 10 million twenty-foot equivalent unit (TEU), said UNMESH WAGH, chairperson of JNPA, and chairman and managing director of Vadhvan Port Project, in an interaction with Prachi Pisal in Raigad. JNPA is expected to maintain steady growth, focusing partly on the under-construction Vadhvan Port, which is estimated to become one of the top 10 container-handling ports globally, with a capacity of 23.2 million TEU once completed. Edited excerpts: