Drewry, a leading maritime consultancy, predicts that around three million TEU of new shipping capacity set to enter the market next year will likely be “more than offset” by ongoing market disruptions, leaving shippers with no relief in sight. The uncertainty surrounding potential strikes at U.S. East Coast ports adds to the volatility, prompting Drewry…
1 million direct and indirect employment opportunities likely to be created – India’s vast 7,517-kilometer coastline, dotted with 13 major and 200 minor ports, holds immense potential for economic expansion and trade proliferation. Despite this strategic advantage, coastal shipping currently constitutes a mere 6% of India’s cargo movement. In a landmark move, the Indian government’s…
In 2024, the Indian government launched a new Shipbuilding Scheme to revitalise the indigenous shipbuilding industry. This initiative is a deliberate move to strengthen India’s maritime sector, raise global competitiveness, and promote economic growth through greater ship building. The New Shipbuilding Scheme’s key goals are to increase shipbuilding in India, create jobs, and lessen the…
Pratik Bijlani – The United Kingdom is taking decisive steps toward decarbonizing its maritime sector by creating the first green shipping corridors exclusively for zero-emission vessels. In line with the Clydebank Declaration made at COP26, the UK pledged to establish six green shipping corridors by mid-decade. The first routes, now unveiled, will link the UK…
Hyundai, South Korea’s automotive giant, has a surprising secret: its Indian-made cars don’t use Indian steel. Instead, the company imports steel from South Korea through a related entity, bypassing India’s domestic steel industry. As a Korean Chaebol, Hyundai’s diversified businesses are crucial to the Korean government. Beyond cars, Hyundai produces battle tanks, ships, petrochemicals, plastics,…
Empowering Youth for a Global Future Ganpat University, in association with the GIME Foundation and the Sector Skill Councils of India, hosted the Skill India Conclave 2024 on the theme of Empower, Excel and Employ, a transformative event aimed at empowering India’s youth through skill development partnered with Ministry of Electronics and Information Technology, SAS,…
Macro Environment Brazil’s economic performance in the second quarter showed solid growth, with GDP expanding by 1.4 percent on a quarter-on-quarter basis. The positive surprise in second-quarter activity, coupled with expectations of sustained performance for the remainder of the year, prompted the Finance Ministry to revise its growth forecast upward to 3.2 percent for the…
Capt Kamal Chadha – The UK government has announced a draft Employment Rights Bill designed to strengthen protections for seafarers, a development that has garnered support from Nautilus International, the maritime union based in the UK. This bill, which will soon be introduced in Parliament, aims to toughen regulations pertaining to collective dismissals and enhance…
