News on India.
The ship Tide Carrier, which was arrested in Norway en route to an illegal shipbreaking yard in Pakistan, ended up costing a Singapore-based cash buyer a fine of NOK 7 million. The fine has been paid.
Shipowners in associations including World Shipping Council and Bimco call on the IMO member states to ensure complete compliance with the new sulfur regulations set to come into force next year. The calls come after several countries have flirted with the idea of not enforcing the regulations in their territorial waters.
India considers not enforcing the new sulfur regulations for ships sailing on inland routes and along the coast. Indonesia has previously aired a similar idea but had to quickly withdraw it.
76 shipbreaking facilities in India now comply with the Hong Kong convention, says the world's largest shipbreaker GMS. The company expects additional improvements for the much-maligned shipbreakers in the coming year.
Within a few years, India will be the world's largest importer of oil, says Wood Mackenzie. But the country's refineries are far from able to handle the increasing consumption. This could lead to new gasoline trade.
Maersk Trade Finance, which offers export financing to customers, plans to grow its credit business in India by USD 200 million in the year to come.
Maersk is looking to grow its share of the Indian import and export market to one fifth, says Maersk Group CEO Søren Skou in an interview with Indian TV news CNBC-TV 18.
An Indian newspaper reports that APM Terminals is preparing to sell its large stake in port Gateway Terminals India. If the sale happens, it could indicate that APM Terminals is on track to leave India entirely, writes Alphaliner in an analysis.
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Gas carrier BW LPG will increase its presence in India with a new joint venture. The partnership provides growth opportunities and a stronger foundation in one of the world's biggest LPG markets, says CEO.
Indian authorities demand that parties including oil major Shell must pay back USD billions in oil taxes. But the British company refuses.
APM Terminals has been cleared of all charges in a competition case in India in which the company was suspected of using its dominant market position to squeeze its competitors out of a port.
The Danish Minister for Environment and Food, Esben Lunde Larsen, will make sure that Denmark accedes to the UN's regulations for scrapping in the Hong Kong Convention in early 2017 as the fifth country in the world. More countries need to join in for the convention to take effect.
The EU's new scrapping regulations have been criticized for hindering progress at Alang yards with its new requirements. Speaking to ShippingWatch, the Commission claims the opposite. By strengthening requirements, Indian shipyards will improve their conditions so they can gain EU approval.
Following the merger of two Indian tanker carriers, resulting unit TransNav is now targeting expansion. The carrier plans to double its fleet within two years. Although the headquarters are located in Singapore, India is still the focal point for the shipping company.
China will use less coal, while the hope of an Indian rescue fades, after the country's largest energy producer has announced that it will not need to import more coal this year.
"The industry is sick," says Noble Chartering in an interview as the company turns its focus to India. Because with a dry bulk industry hit by overcapacity and the Chinese slowdown, the time has come to look for new market potential.
Coal cargo headed to India, the world's third-largest coal importer, is declining rapidly and is, for the first time in five years, expected to note a slide in imports, reports Alphabulk.
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