Known as one of the most ancient systems in the maritime trade, General Average is intriguingly unique, a system that finds place only in maritime trade. The earliest mention of the principle that allows jettisoning of goods over the vessel to avert further peril, loss of which shall be contributed by all the parties concerned…
Pratik Bijlani – Yemen’s Houthi armed organisation has claimed responsibility for a ballistic missile strike on the Liberian-flagged container ship MV Groton in the Gulf of Aden. This is the first attack on shipping by the Houthis since an Israeli bombardment on the port city of Hodeidah on July 20. Yahya Saree, the Houthi military…
Pratik Bijlani – On July 26, the Forward Seamen’s Union of India (FSUI) hosted a critical symposium at The Park hotel in Navi Mumbai to address the issues that Indian seafarers confront abroad. The symposium, which focused on seafarer safety and the role of insurance during uncertain times, brought together industry leaders, union officials, and…
Pratik Bijlani – ABS Marine Services hosted a special ceremony on July 26 to commemorate Mr Vijay Arora’s retirement as Managing Director of the Indian Register of Shipping (IRClass). The event, held at Mumbai’s Garware Club, brought together industry leaders, colleagues, and friends to recognise Mr Arora’s outstanding contributions and accomplishments throughout his career. Mr…
Illegal, unreported, and unregulated (IUU) fishing endangers marine ecosystems, food security, and the livelihoods of millions of people worldwide. IUU fishing, which is projected to cost up to $23.5 billion per year, hampers attempts to manage and conserve fisheries sustainably. Addressing this complicated issue requires strong maritime legal frameworks that include international cooperation, efficient enforcement,…
Dry Markets – Typically, late July’s dry bulk shipping reports are vibrant, filled with speculations on the Baltic indices’ peaks. However, this year has been an anomaly, with such discussions vanishing into obscurity. On Thursday, the Baltic Dry Index (BDI), a key activity indicator in the dry bulk sector, plunged back into the three-digit range,…
Padmesh Prabhune – The maritime security landscape in the Gulf of Aden, Bab al Mandeb Strait, Red Sea, Somali Basin, and Arabian Sea Region has been severely affected by the increasing attacks and the geographical spread of attacks on merchant vessels from November 2023 to June 2024 has significantly disrupted maritime trade in the region,…
Padmesh Prabhune – The Indian Navy in a joint operation with the Maritime Rescue Co-ordination Centre, (MRCC), Mumbai successfully evacuated a critically injured Chinese crewmember (51 Yrs) from the Panama flagged Bulk Carrier ZHONG SHAN MEN, 200nm (approx 370km) from Mumbai, while en route to port of Sohar, Oman. According to reports, MRCC Mumbai received a…
Pratik Bijlani – In this week’s “Shipping Number of the Week,” Niels Rasmussen, Chief Shipping Analyst at BIMCO, discusses the extraordinary expansion of container fleet capacity, which represents the greatest growth in 15 years. The fleet’s capacity has increased by 1.6 million TEU since the beginning of the year, representing an excellent 11% year-over-year rise,…
Padmesh Prabhune – Union Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 in parliament today July 23, 2024. While presenting her seventh consecutive Union Budget, Sitharaman thanked the people for awarding Prime Minister Narendra Modi a historic third term. The budget 2024 envisaged sustained efforts on 9 priorities for generating ample opportunities for…