– Marex Media

“Disclaimer”

The reported fixtures and Sale and Purchase deals are obtained from market sources.

All information supplied in this report is supplied in good faith, I do not accept responsibility for any errors and omissions arising from this report and cannot be held responsible for any action taken, or losses incurred, as a result of the details in this report.

Any reproduction has to be with written consent from the copywriter.

You may view or otherwise use the information, prices, indices, assessments and other related information, graphs, tables, images in this report only for your personal use if you are an authorised user for internal use only and not for sale.

Data in this publication, includes independent and verifiable data collected from market participants.

I do not guarantee the adequacy, accuracy, timeliness and/or completeness of the Data or any component thereof or any communication (whether written, oral, electronic or in other format), and shall not be subject to any damages or liability, including but not limited to any indirect, special, incidental, punitive or consequential damages (including but not limited to, loss of profits, trading losses and loss of goodwill).

The Indian shipping industry plays a crucial role in the country’s economic growth, facilitating nearly 95% of India’s trade by volume and 70% by value. However, it is also a significant contributor to carbon emissions, given the reliance on fossil fuels for propulsion. As the global maritime sector moves toward greener alternatives, the question arises: Is decarbonization necessary for the Indian shipping industry?

The shipping industry globally contributes nearly 3% of total greenhouse gas (GHG) emissions. If left unchecked, these emissions could rise significantly, given the increasing demand for trade and transportation. India, being a major maritime nation, cannot remain isolated from this challenge.

The need for decarbonization in the Indian shipping industry is driven by multiple factors:

1. Environmental Responsibility: India is committed to reducing its carbon footprint under the Paris Agreement and has set ambitious net-zero targets by 2070. Reducing emissions from shipping aligns with this broader sustainability goal.
2. Regulatory Pressure: The International Maritime Organization (IMO) has set stringent targets to cut GHG emissions from international shipping by 50% by 2050 (compared to 2008 levels). Compliance with these regulations will be crucial for India’s global shipping competitiveness.
3. Economic and Trade Considerations: Many developed nations are adopting strict carbon taxation policies, such as the European Union’s Emissions Trading System (ETS) for maritime transport. Indian ships entering these regions could face high carbon taxes if they do not comply with emission standards, leading to increased operational costs.
4. Technological Advancements: With increasing investments in green shipping technologies, India has an opportunity to modernize its fleet, making it more fuel-efficient and cost-effective in the long run.
5. Energy Security and Cost Savings: Heavy dependence on fossil fuels makes the Indian shipping sector vulnerable to global crude oil price fluctuations. Switching to alternative fuels like liquefied natural gas (LNG), hydrogen, or ammonia could enhance energy security while reducing costs.

Despite the clear benefits, decarbonizing the Indian shipping industry is fraught with challenges:

1. High Initial Investment: Transitioning to low-carbon technologies and alternative fuels requires significant capital investment, which may be a hurdle for shipowners and operators.
2. Lack of Infrastructure: The availability of green fuels like LNG, hydrogen, or ammonia is still limited in India. Ports and refueling infrastructure need substantial upgrades to support decarbonization.
3. Technological Gaps: While green technologies are advancing, India still lags behind in the development and large-scale adoption of energy-efficient ships and emission-reduction systems.
4. Operational Feasibility: Many Indian shipping companies operate on thin profit margins, and the additional cost of transitioning to greener solutions may not be economically viable in the short term.

Decarbonization of the Indian shipping industry is not just necessary—it is inevitable. However, a structured approach is essential to balance environmental goals with economic feasibility.

• Government Policies and Incentives: The Indian government should introduce financial incentives, tax breaks, and subsidies to encourage green shipping initiatives.
• Public-Private Partnerships: Collaboration between the government, private sector, and research institutions can drive innovation in sustainable shipping technologies.
• Investment in Green Ports: Developing green port infrastructure with renewable energy integration and alternative fuel supply chains is crucial.
• Capacity Building: Training seafarers and stakeholders in new technologies will help in the smooth transition toward low-carbon shipping.

Decarbonization is not just a regulatory requirement but a strategic necessity for the Indian shipping industry. By proactively adopting cleaner fuels, energy-efficient technologies, and sustainable practices, India can position itself as a leader in green maritime trade. While challenges exist, the long-term benefits of reduced costs, enhanced global competitiveness, and environmental sustainability far outweigh the initial hurdles.

Marex Media

Pratik Bijlani –

On February 28th, Campbell Shipping hosted its much-anticipated annual seminar at The Club in Mumbai. Renowned for its expertise in technical and commercial management within the dry bulk shipping industry, Campbell Shipping has consistently upheld its legacy since its establishment in 1940 by Scottish naval architect Mr George T Campbell. Headquartered in Nassau, The Bahamas, with offices in Mumbai and Singapore, the company has evolved into a global leader, offering tailored solutions for third-party owners while maintaining a high standard fleet.

The seminar’s theme, Make Your Bed, drew inspiration from the bestselling book by Admiral William H McRaven, a retired US Navy four-star admiral. The event provided an engaging platform for knowledge exchange, workshops, and networking among industry leaders, government officials from The Bahamas, and Campbell Shipping employees. The theme encouraged participants to focus on the transformative power of small actions and disciplined habits, laying the foundation for personal and professional success.

Mr Rohit Hadkar, Director, Campbell Mumbai office, delivered an engaging welcome address that expertly framed the seminar’s central theme, setting the stage for a productive and informative day. He emphasized the significance of setting small, achievable goals, which cultivate discipline and perseverance. “The theme emphasizes the discipline of completing everyday tasks with the same dedication as larger ones, paving the way for greater success,” he remarked, inspiring attendees to embrace the Make Your Bed mindset as a tool for growth.

Chairman of Campbell Shipping, Mr Lowell J Mortimer, shared an eloquent address reinforcing the universal applicability of the seminar’s theme. He noted, “How you make your bed—how you plan your life and deal with your family—has consequences. It’s a theme that matters across every aspect of life.” Mr Mortimer highlighted Campbell Shipping’s ongoing commitment to operational excellence, sharing news of a new vessel acquisition. He reiterated the importance of fostering a safe and positive onboard environment to ensure crew satisfaction and productivity.

In a captivating presentation, Capt Rajesh Dhadwal, Managing Director and CEO of Campbell Shipping, delved deeper into the seminar’s theme. He articulated, “The mind’s power to influence outcomes begins with the smallest of actions—it unleashes confidence, self-discipline, and self-respect.” Drawing parallels between personal habits and workplace efficiency, Capt Dhadwal shared compelling anecdotes about the repercussions of neglecting minor details, such as a failed vessel inspection. His insights underscored the significance of mindfulness and a proactive attitude in achieving larger goals.

Health and well-being took centre stage during a presentation by Ms Roja Jilla, Campbell Group Nutritionist. Titled “Small Changes, Big Rewards,” her session linked the discipline of making one’s bed to overall health and emphasized the importance of SHED: Sleep, Hydration, Exercise and Diet. Practical tips, such as setting sleep routines and incorporating protein-rich foods, were shared to inspire attendees to prioritize their health. Mr Loukas D Spiliotopoulos, CFO of 5 Ocean Shipping, gave a speech that emphasized the value of teamwork, resilience, and investment in people as pillars of long-term success in shipping.

The seminar also showcased Campbell Shipping’s commitment to operational excellence and innovation. Mr Amit Ghosh, Fleet Technical Manager, delivered an insightful presentation on navigating industry challenges, including the complexities of aging fleets and increasingly stringent regulations. Notably, the company’s proactive initiatives, such as the automation of reporting systems and the integration of Starlink connectivity, demonstrate a clear focus on enhancing seafarer well-being and optimizing operational efficiency.

RightShip inspections were a focal point of the seminar, with presentations by Capt. Hariharan Panchapakesan and other experts. Capt. Panchapakesan described the RightShip Inspection Ship Questionnaire (RISQ) as “more than a formality—it’s a tool for self-reflection, helping ships identify and address procedural gaps.” Attendees gained valuable insights into enhancing compliance, preparedness, and team-oriented approaches to operational excellence.

Capt Charles Chong, Loss Prevention Manager at Britannia P&I Club, offered an interactive exploration of loss prevention strategies. Using real-world examples, he underscored the importance of communication, master’s authority, and vigilance in mitigating risks such as drug smuggling and pilot-related incidents.

The event also celebrated Campbell Shipping’s outstanding personnel through awards recognizing long service, exceptional leadership, and operational achievements. A particularly poignant moment was the recognition of Chief Engineer Mohammed Golam Samdani, who was named “Gem of the Year 2024” for his extraordinary efforts in restarting a stalled ship’s engine, saving potential claims of up to $2 million.

The day concluded with a lively evening gala, where attendees enjoyed a buffet, music, and dance, fostering camaraderie and celebration. This year’s seminar was not only a testament to Campbell Shipping’s commitment to excellence but also a vivid illustration of how small deliberate actions can lead to transformative success. The theme Make Your Bed resonated deeply, inspiring all to embrace discipline, mindfulness, and innovation as the cornerstones of growth in both life and the maritime industry.

Marex Media

Unscripted

“I attribute my success to the management team’s unwavering support and encouragement. Their trust in me has been instrumental in my advancement, and I strive to pay it forward by mentoring my juniors and inspiring them to take ownership of their responsibilities.” – Mr Endrico Dias, 2nd Engineer

“With 14 years of experience at Campbell, I can confidently attest to the company’s exceptional safety record. Unlike some other companies, Campbell never compromises on safety standards. Our management team actively supports and reinforces our safety efforts, providing us with the necessary resources and equipment to excel in our operations.” – Mr Sukender Yadav, 2nd Officer

“At Campbell, we prioritize a harmonious balance between mental and physical health, recognizing that this synergy is essential for our seafarers’ job satisfaction and overall fulfilment. By caring for the mental health of our employees, we set ourselves apart from other shipping companies and foster a positive, supportive work environment.” – Mr Kaitan Lobo, Culture Officer

Pratik Bijlani –

The Grand Finale of the 62nd National Maritime Day Celebrations was held on April 5 at the Bharat Ratnam Mega Common Facilitation Centre in Mumbai. This event marked the culmination of the Merchant Navy Week celebrations that ran from March 30 to April 5, organized by the National Maritime Day (Central) Committee under the Directorate General of Shipping and the Ministry of Ports, Shipping, and Waterways. The theme “Samriddha Sagar – Viksit Bharat Evam Neel Arth aur Harit Vikas Ke Liye Yuva” or “Prosperous Seas – Developed India and Youth for Blue Economy and Green Growth” highlighted the role of youth in driving India’s maritime sustainability and progress.

The event commemorated the historic first voyage of SS Loyalty, the first Indian-owned merchant vessel, which embarked on its journey from Mumbai to London on April 5, 1919. Mr T K Ramachandran, IAS, Secretary, Ministry of Ports, Shipping, and Waterways, emphasized the significance of this milestone, saying, “Every year, on this very day, the 5th of April, we commemorate a historic milestone—the international voyage of SS Loyalty, the first Indian-owned merchant vessel, which sailed from Mumbai to London in 1919. This momentous event marked India’s entry into the modern international shipping arena and laid the foundation for our nation’s strong maritime legacy.”

The finale was graced by eminent dignitaries, including Mr Shyam Jagannathan, IAS, Director General of Shipping, and Mr Dnyaneshwar Patil, Development Commissioner of SEEPZ, among others. Capt. BK Tyagi, CMD of The Shipping Corporation of India Limited, delivered the keynote address, emphasizing the contributions of youth to the maritime sector and the government’s initiatives in enabling their growth.

Mr Sarbananda Sonowal, Hon’ble Union Minister for Ports, Shipping, and Waterways, shared his vision for India’s maritime future in a video message, stating, “Under the guidance and vision of Honourable Prime Minister Shri Narendra Modi Ji, India’s maritime industry is making comprehensive progress. With the help of strong policy directives, we are trying to extend all the required support to facilitate Indian seafarers in maritime trade.”

The event also recognized excellence within the maritime industry. The prestigious Sagar Samman Varuna Award was conferred upon Capt. Rajesh Madhavan Unni for his outstanding contributions to India’s maritime sector, while Capt. Anmol Kumar Srivastava was awarded the Sagar Samman Award for Gallantry. Maritime training institutes, ship-owning companies, and Indian ports were also felicitated for their exemplary performance.

Another highlight was the introduction of the National Maritime Games, held for the first time this year. Winners across a variety of indoor and outdoor sports were celebrated, reflecting the community’s enthusiasm and commitment to holistic growth. Cultural performances by cadets from various maritime training institutes added vibrancy to the event, making it a memorable occasion for all attendees.

The program concluded with nostalgic videos showcasing visit to former Secretaries and Director Generals of Shipping, along with glimpses of National Maritime Day celebrations across India. The Directorate General of Shipping reaffirmed its commitment to advancing initiatives in shipbuilding, e-governance, and opportunities for women seafarers. As India celebrates 75 years of the Directorate General of Shipping, the event underscored its rich legacy and ambitious vision for a sustainable maritime future.

Marex Media

Recognition of Outstanding stakeholders in Maritime industry

Prize winners of National Maritime Games-2025

The 62nd National Maritime Day (NMD) celebrations were held in grand style at The Park Hotel in Kerala, on April 6.

The event brought together 150 Merchant Navy officers and their families to commemorate India’s rich maritime heritage and honor the contributions of seafarers to the nation’s economy and global trade.

Capt Daniel Joseph, Deputy Director General (DDG), was the chief guest and delivered a keynote address, highlighting the Directorate General of Shipping’s (DGS) initiatives for the welfare of seafarers.

He presented various DGS programs, including ‘Sagar Mein Samman’, ‘Sagar Mein Yog’, and ‘Hum Sath Sath Hein’, which received a positive response from the audience.

The event emphasized the role of mariners’ associations like Mariners Club Thrissur (MCT) in implementing DGS initiatives and promoting the welfare of seafarers. MCT Secretary gave a vote of thanks and assured the audience of the club’s partnership in various DGS programs.

Members of MCT who achieved highest ranks and those who excelled in various fields were felicitated during the event. The program concluded with cultural performances and a sumptuous meal.

National Maritime Day is celebrated annually on April 5 to commemorate the historic voyage of the SS Loyalty, India’s first Swadeshi ship, which sailed from Mumbai to London on April 5, 1919. This day recognizes the maritime sector’s contributions to India’s economy, global trade, and international relations.

MCT is an association of over 350 Merchant Navy officers from Thrissur and Palakkad districts of Kerala, registered under the Societies Act. The club focuses on the welfare, professional development, and industrial interactions of its members, and is involved in various public and charity activities. MCT members also own and operate the College of Ship Technology, affiliated with the Indian Maritime University.

Marex Media

Pratik Bijlani –

On April 4, the Indian Register of Shipping (IRS) commemorated a landmark moment in its journey with the celebration of its “Foundation Day 2025” at their premises in Mumbai. This event also marked the beginning of a year-long Golden Jubilee celebration, honouring 50 years of IRS’s unwavering commitment to maritime safety, innovation, and service. The special occasion was graced by Chief Guest Mr Shyam Jagannathan, IAS, Director General of Shipping; Guest of Honour Mr Amitabh Singh, Chief Postmaster General – Maharashtra Circle, India Post; and Capt BK Tyagi, CMD of the Shipping Corporation of India Limited, along with several industry leaders including Mr Arun Sharma, Executive Chairman of IRS; Mr. P.K. Mishra, MD of IRS; and Mr. T.K. Sahu, Joint MD of IRS.

The ceremony began on a traditional note with a lamp lighting ritual accompanied by Ganesh Vandana, followed by a welcome address by Mr Sahu. He acknowledged the dedication of IRS employees, the trust of industry partners, and the support from regulatory bodies and the armed forces, declaring that the 50-year milestone would serve as “a launchpad for the future.” Mr Mishra further highlighted the year’s key celebratory events, including stakeholder engagements and green initiatives, while reaffirming IRS’s pledge to sustainability and excellence.

The event saw the release of a commemorative postal cover, collaboratively designed by the IRS team and India Post. Unveiled by the chief guest and guest of honour, the cover bore a special cancellation seal dated April 4, celebrating IRS’s 50 years of maritime contributions. “We wish the next 50 years also to be filled with success for your great organisation,” said Mr. Singh, underscoring the symbolic and collector’s value of this philatelic tribute.

A highlight of the day was the unveiling of Touch of Class – Golden Jubilee Edition Vol. 3, a publication that elegantly encapsulates IRS’s legacy through curated articles, historic photos, and testimonials. The launch of IRS’s new website, www.irclass.org, marked another major stride in its digital transformation journey, offering stakeholders a streamlined interface and quicker access to vital services.

In a heartfelt address, Mr Sharma traced IRS’s roots, saying, “It all began much before 1975 when Sir Ramaswamy Mudaliar conceived the idea of an Indian Classification Society.” He paid tribute to the visionary founders and celebrated the organization’s rise to prominence, noting, “To have today, gross tonnage of 24 million tons under your belt, the recognition of 53 flags—I think that is a commendable feat.” He also highlighted future initiatives in decarbonization, nuclear propulsion, and advanced digitalization.

Guest of Honour Capt Tyagi reflected on his journey with the maritime sector and IRS’s rise from its modest beginnings to becoming a globally respected classification society. He emphasized the growing momentum in domestic shipbuilding and encouraged IRS to take a central role in this transformation, including a possible presence in Delhi to support national initiatives.

Chief Guest Mr Jagannathan praised IRS’s values and international standing, saying, “From the Directorate General of Shipping, we warmly congratulate each one of you and look forward to you leading from the front as a classification society.” He also lauded the commemorative stamp release as a testament to IRS’s national recognition.

The ceremony concluded with the felicitation of dignitaries and a vote of thanks by Mr. Santosh Patil. Adding to the grandeur, IRS attempted a record for the “Largest Corporate Flag Made on a Cloth” for the India Book of Records. Adjudicator Mr. Narvijay Yadav presented a provisional certificate after the flag hoisting, wrapping up a day that honoured the past and looked boldly to the future of IRS.

Marex Media

The statement that 90 per cent of global trade by volumes moves by sea is an oft repeated statistic, and now has begun to sound hollow, despite being truthful! That there needs to be an international convention in the 21^st century (MLC 2006) spelling out the rights of the professionals who moved an astounding 12.3 billion tonnes of cargo across the oceans in 2023, as per report from UNCTAD, is in itself an admission of neglect and human rights violations, in a structured and institutionalized manner, on a mass scale.

As the world progresses at a rapid pace, with disruptive technology to the fore, the stress levels across the human race have increased. In the first year of the COVID-19 pandemic, global prevalence of anxiety and depression increased by a massive 25%, according to a scientific brief released by the World Health Organization (WHO) on 2^nd March 2022. The reasons for such an increase are, obviously, multifold. For the seafarers, the added challenge was uncertainty in movement from place of work (i.e the ship) to his home and vice versa, due to immense restrictions placed on such activity. Despite the IMO, ICAO and other international bodies flagging up the issue with fervent appeals, the ground reality did not change much.

But now, COVID is a distant memory, and the world has stabilised into ‘normal’ mode- the Houthis attack innocent ships in Red Sea, the attacks on merchant ships passing though Singapore Straits continues with predictable regularity, the piracy in West Africa, is business as usual. In all this, the movement of seafarers to and from their place of work, the facility or permission for seafarers to spend a few hours ashore whilst their ships are in port- still largely remains elusive.

The oft quoted ‘rule’ for this apathy is the dreaded ‘security’! This is unfortunately, as hollow an excuse as a dried up well in Sahara. The ship can come into port from across the oceans, the cargo can come without hindrance, the port workers can go in and out without a problem, ship services can be provided in a structured manner, and the only security threat in this entire chain is the seafarer, who has all the necessary documents to prove his profession? So no Shore Leave? Millions of passengers pass through our airports and are welcomed with open arms, but a miniscule number of seafarers are a threat?

Further, the International Ship and Port Facility security Code, the ‘holy book’ driving security in the global maritime supply chain, is part of SOLAS, and thus the intent is to PROTECT the seafarer (as well as the asset), and NOT treat him as the security threat!

The Maritime Labour Convention explicitly places an obligation on the member state to permit ‘crew change’ and shore leave for the seafarers serving on ships visiting their ports. Infact, the proposed amendments to the MLC 2006 strengthen these requirements, having identified that shore leave is vital for personal wellbeing of seafarers!

India is a key resource for providing maritime workforce to the world. Unless we nurture the pool, support it, treat it with the professional courtesy it deserves, we may miss the bus. The present geo political climate could be conducive to such thought process, and needs to be capitalized on.

The Maritime Amrit Kaal Vision 2047 has 11 key themes. Most of them are driven by ‘soft power’. If we want to make our vision a reality, management of the maritime workforce is the key!

Marex Media

Delphine Estibeiro –

On 9th April, Ms Elpi Petraki, President of WISTA International, addressed the WISTA International ExCo conference, emphasizing the organization’s mission to promote diversity and inclusion in the shipping industry.

With over 26 years of experience in the industry, Ms Petraki highlighted the importance of collaboration and collective effort in overcoming challenges and creating a more sustainable future.

Diversity and Inclusion

She stressed that diversity is crucial for the industry’s growth and success, citing studies that show diverse companies perform better financially.

Empowering Women

WISTA International aims to empower women in the industry, with a presence in 62 countries and over 6,000 members worldwide. However, Ms Petraki emphasized that empowering women requires the involvement of men in the journey.

Global Industry, Global Community

The shipping industry brings people together from diverse cultures, nationalities, and ethnicities, forming a global community. Ms Petraki urged the audience to remember the importance of women in this community.

Seafarers and Safety

The industry faces challenges in finding seafarers, but Ms Petraki highlighted the importance of creating a safe and inclusive environment on vessels to attract young people, both women and men, to this career path.

Ms Petraki concluded by emphasizing the importance of collaboration, positive thought, and action in driving change in the industry. With WISTA International’s global presence and mission, the organization is poised to make a significant impact in promoting diversity and inclusion in the shipping industry.

Marex Media