India

President Trump strikes for a trade deal with EU and UK

Following the Phase 1 trade deal with China, U.S. President Donald Trump announced that will shift his attention to Europe, post-Brexit Britain and India. Namely, Trump informed that will force new tariffs, shaking up relations with the above-mentioned major U.S. trading partners.

India approves sale of Shipping Corporation of India

The Indian government has approved sale of its stake in five Central Public Sector Enterprises (CPSEs), including Shipping Corporation of India (SCI), officials announced Thursday. The privatization plan for SCI foresees disinvestment of government’s shareholding of 63.75% in SCI.

Indian containerized trade to slow down in the coming months

India’s export-import trade is expected to slow down in the coming months, as Maersk said in its April-June India trade report. The latter indicated that India’s containerised trade growth slowed to 1%, compared to 9% in the same period last year.

Indian Government increases new refinery’s cost estimates

According to New York Times, India increased the cost estimate of a refinery and petrochemical project, that will be jointly constructed by Saudi Aramco and Abu Dhabi National Oil Co, by more than 36%, following farmers’ protests on relocating the plant. The project is to be commissioned in 2025. 

Mercator in financial trouble, fails to pay crew

Mumbai-based Mercator Ltd has not paid salaries to around 350 crew members on board its dredgers and tankers for March and April, indicating that it experiences financial stress. Mercator was once considered India’s second biggest private shipping company. Mercator confirmed that it has delayed salaries due to a downturn in the global shipping and dredging industries, especially in India.

Fairfax India holds 41% share in Seven Islands Shipping

Fairfax India, an Investment holding company, holds the 41.4% share in Seven Islands Shipping Limited by investing around INR 5 billion (USD 72.1 million) in the company. The investment was completed through a direct subscription and secondary acquisition of Seven Islands shares. 

India will buy 12% less Iranian oil in April

Indian refiners are to lift 8 million barrels of Iranian oil in April, a decrease of 12% in comparison to March because the nation is under discussions with the US to renew the waiver from US sanctions against Tehran, Reuters reports.

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maritime events