Critical port connectivity projects to get Rs 1 lakh Cr Gati Shakti push | Marine Mantra

The Centre has earmarked over ₹1 lakh crore for 100 critical port connectivity projects under the PM Gati Shakti Master Plan, according to Minister for Ports, Shipping and Waterways Shri Sarbananda Sonowal.

Sonowal said that the cost of moving goods through the shipping route is always cheaper as he alleviated concerns raised by Punjab on increasing power costs due to coal movement by coastal shipping.

Sonowal’s ministry is monitoring the progress of Sagarmala, an ambitious plan for improving port connectivity and developing coastal regions. The initial plan comprised 802 projects, at a budget estimate of ₹5.4 lakh crore. Additionally, 567 new projects with an estimated cost of ₹59,000 crore were added during the last Sagarmala Apex Body meeting held in May last year.

“This is part of the Holistic Coastal District Development plan starting from Gujarat to Bengal. Of these, 220 projects have already been completed, 230 projects entered the implementation phase, while the rest are under different stages of development,” he said.

In addition to these, Sonowal said that port connectivity is also being aided through more projects. “There is ₹1 lakh crore PM Gati Shakti Master Plan, which has given us further opportunities by bringing 18 infra allied ministries together to work under one single banner,” he said, adding that 100 critical projects have been identified including improved connectivity between various ports either through rail or road.

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General cargo ship broke in two, sank, 11 crew missing, Russia | Marine Jobs App

General cargo ship SEAMARK loaded with some 3,000 tons of marble chips broke in two and either sinking or already sank, at Novorossiysk anchorage, on Feb 21. Last AIS dated 0955 UTC Feb 21, the ship arrived at Anchorage on Feb 15, from Istanbul. Judging from video and photos, the ship sank. No news yet on fate of 11, all Russian, crew.

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Adani Ports halts non-group loans, to cut debt instead | Marine Mantra

Adani Ports and Special Economic Zone Ltd will discontinue lending money to non-group companies after having lent at least ₹12,687 crore last year, according to a Mint analysis. Instead, the Gautam Adani-controlled company will use surplus funds to cut its ₹44,000 crore debt pile.

Adani Ports’ management disclosed the information to analysts from Pimco, Deutsche Bank, and JP Morgan Asset Management in response to queries regarding the nature of the loans extended to non-related parties or those not owned by the group promoter.

“Let me categorically say there is no ICD (inter-corporate deposits), there are no loans, no advances given to any group company,” Karan Adani, chief executive of Adani Ports, said in a post-earnings call with analysts on 7 February.

Karan is the elder son of founder Gautam Adani, whose family owns 65.13% of Adani Ports. About 17.3% of the promoter’s stake is pledged with creditors as of 31 December.

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Bahri Line launches new liner service between Asia and Europe | Shipboard Jobs

Bahri Line, a business unit under Bahri Logistics, has officially established a new pendulum service line between the Asian and European continents.

Traveling through Jeddah Islamic Port, the new cargo shipping line comes as an extension of Bahri’s expansion plan to widen its liner network, strengthen supply chains, and diversify shipping options to, from and through Jeddah Islamic Port.

The new service line runs eastward from Bremerhaven to Antwerp and Montoir in Europe through to Jeddah, then to Ennore in India, and onwards to the Port of Taicang port in China. The service line’s westbound route runs from Taicang and Shanghai in China through to Ennore and Jeddah, onwards to Montoir-de-Bretagne, located in the west of France, further extending to both Bremerhaven and Antwerp, the company said in a statement.

Bahri Line’s establishment of Jeddah Islamic Port’s newest shipping line is a proactive measure to increase and enhance local logistical capabilities, directly linking Asia and Europe via Jeddah. The new shipping line’s maiden journey embarked this year with the first vessel expected to reach Jeddah Islamic port in early February 2023.

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VLSFO market steadies; regional supplies ease | Marine Mantra

The 0.5% very low sulphur fuel oil market in Asia held steady on Tuesday as expectations of lower regional supplies in February limited the extent of price declines.

The front-month refining crack rose to $12.40 a barrel at the Asia close (0830 GMT), while the cash differential eased slightly to a premium of $22.20 a tonne over Singapore quotes on Tuesday.

Total fuel oil supplies to Asia are expected to surpass 4 million tonnes in February, Refinitiv ship-tracking data showed as of Tuesday, steady to lower from January.

The slightly softer trend was led by less exports from regional producers in Asia, as relatively higher refining margins for gasoline prompted a switch in production away from heavy distillates. Front-month gasoline cracks have climbed above low sulphur fuel oil cracks since early December, data showed.

Meanwhile, the high sulphur fuel oil market remained under downward pressure this week amid expectations of steady arrivals from Russia and the Middle East. 

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Argus launches world’s first biofuel blended ship bunker price | Marex

Global energy and commodity price reporting agency Argus today launched the world’s first independently assessed price for ship fuel that includes a biofuel component. The new B24 daily assessment reflects the market value of “bunkers” – as ship fuel is known – made up of 24% used cooking oil methyl ester (UCOME) and 76% very-low sulphur fuel oil (VLSFO), delivered-on-board in Singapore.

The shipping industry is under pressure to decarbonise. International Maritime Organisation regulations and changing consumer demand are driving the switch. Marine biodiesel such as B24 can be used with existing engine technologies, allowing it to deliver an immediate carbon reduction.

In Singapore, the world’s biggest bunkering hub, the B24 market is growing rapidly. Sales in 2022 were more than 140,000t, with trade accelerating over the last three months of the year.

The Argus B24 price assessment is underpinned by a transparent methodology based on market transactions, bids and offers. It can be used by companies in contracts, for mark-to-market valuations, to optimise production, and in market analysis. 

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