Gateway Distriparks approves sale of Chandra CFS to Team Global Logistics

MUMBAI: Gateway Distriparks Limited (GDL) has entered into a Share Purchase Agreement to sell its second CFS in Chennai, held in its wholly owned subsidiary - Chandra CFS & Terminal Operators Private Limited (Chandra CFS) - to Team Global Logistics Private Limited (TeamGlobal), for a consideration of INR 47 crores and an amount equal to earnings before depreciation and amortization for a period of April 1st 2019 to Closing Date. Further, TeamGlobal will also be placing Rs. 2 crores in an escrow account as a commitment fee, which will be adjusted as part of the purchase consideration on closing. The transaction is expected to close in 45 days.

 

Chandra CFS is a Container freight station strategically located between Chennai & Ennore Ports. For FY 2018-19, Chandra handled around 12,000 TEUs last year. The company posted a Total Income of INR 9.0 crores, EBITDA of INR 1.33 crores and Loss Before Tax of INR 0.62 crores. 

 

GDL will continue to operate its first CFS in Chennai where it handled over 87,000 TEUs last year.

 

Prem Kishan Gupta, Chairman and Managing Director of Gateway, commented "Gateway Distriparks is looking to consolidate its position in Chennai by working out of a single facility, and the net proceeds from this sale will go entirely towards reduction of debt."

SCI Ship Urja performs rescue operation at Arabian Sea November 07 , 2019

MUMBAI: SCI Urja, the Offshore Supply Vessel of the Shipping Corporation of India has rescued 18 fishermen at Arabian Sea alongwith the Indian Navy vessel, INS Teg on 26th Oct 2019. 

 

The incident took place in Arabian Sea at around 0924hrs on 26.10.2019, when SCI Urja was carrying out production duty under Armada sterling-1(FPSO). The SCI vessel was instructed to proceed to D-1D platform for assisting distressed trawler (fishing boat) titled "Vaishnav devi mata". Our vessel SCI Urja reached the location at around 1030hrs and found the fishing boat half flooded with sea water and 

18 nos fishermen desperately awaiting assistance for their survival. 

 

As the severe tropical storm "KYARR" was passing by, all vessels were experiencing gale force wind and very high/rough seas. One of the fisherman succeeded in climbing onto the platform D-1D with the help of scramble net but others (17 nos) stayed back on the boat, awaiting for assistance from SCI Urja. SCI Urja towed the distressed craft along with 17 fishermen to safe location outside the oilfield and handed it over to Indian Navy vessel "INS Teg". 

 

Due to quick and effective assistance rendered by SCI Urja in such challenging circumstances, life of all 18 fishermen could be saved and that too without any reported major injury. 

 

Mrs. H K Joshi, CMD of SCI appreciated the Master of SCI Urja & other ship staff on board the vessel for carrying out such rescue operation effectively, In the past also, SCI has rendered its services for the rescue operations in Nation’s interest.

Govt to facilitate onion imports from Iran, Egypt, Turkey; to relax fumigation norms

NEW DELHI: As retail onion prices has shot up recently, the Centre has said that it will relax fumigation norms and facilitate import of the key kitchen staple from Afghanistan, Egypt, Turkey and Iran to boost the domestic supply. A decision in this regard was taken at the meeting of an Inter-Ministerial committee, headed by Consumer Affairs Secretary Avinash K Srivastava, which reviewed the prices and availability of onions in the Country.

 

“It (supply) is expected to improve in the coming days. Union Government to act as a facilitator for import of onion. Phytosanitary and fumigation requirement to be suitably liberalised to facilitate imports,” said a statement issued by the Consumer Affairs Ministry.

Indian missions in Afghanistan, Egypt, Turkey and Iran will be requested to facilitate the supply of onions to India. This is expected to facilitate immediate import of 80 containers and diversion of 100 containers in high seas to India, the Ministry said.

 

Elaborating, a senior Consumer Affairs Ministry official said that the Indian missions in these countries will discuss with private traders and see if imports can be facilitated.

 

Currently, imported onions are allowed in the Country after the commodity is fumigated with Methyl Bromide and certified by the exporting nation. Importers are required to pay huge charges if fumigated at Indian ports. This provision will be liberalised, he said.

Will resolve outstanding issues raised by India for not joining RCEP: China November 07 , 2019

BEIJING: China said that it will follow the principle of "mutual understanding and accommodation" to resolve the outstanding issues raised by India for not joining the Beijing-backed mega Regional Comprehensive Economic Partnership (RCEP).

 

China also said it would welcome India joining the deal at an early date.Prime Minister Narendra Modi had conveyed India's decision not to join the RCEP deal at a summit meeting of the 16-nation bloc, effectively wrecking its aim to create the world's largest free trade area having half of the world's population.

 

Asked for China's comments on India not joining the RCEP deal over concern of cheap Chinese products potentially harming its domestic industry, Chinese Foreign Ministry spokesman Geng Shuang told the media here that China welcomes India joining the deal.

He said the RCEP is a regional trade agreement and mutually beneficial in nature.

 

"If it is signed and put into implementation it is conducive for the Indian goods entry into China and other participating countries. In the same vein, it will also help Chinese goods to enter the markets of India and other participating countries," he said.

"This is two-way and complementary (deal) and I should point out that China and India are both emerging major developing countries. We have a huge market of 2.7 billion people and there is a big potential in the market," he said.

India exploring trade agreements with USA & EU; FTAs with Japan, Korea & ASEAN being reviewed says Piyush Goyal

NEW DELHI: Union Minister of Commerce and Industry & Railways Piyush Goyal assured that India will never finalize any trade agreement in a hurry. During trade negotiations the focus will be on India first said the Minister while addressing a press conference, on the decision taken by India on the Regional Comprehensive Economic Partnership (RCEP), in New Delhi.

 

He said that India’s economic interests and national priorities come first and the concerns of the farmers, dairy sector, MSMEs and domestic manufacturing will be addressed and these sectors will be protected. Commerce and Industry Minister informed that throughout the seven year long negotiations in RCEP India has consistently stood its ground to uphold its demands particularly over controlling trade deficit, stronger protection against unfair imports and better market opportunities for Indian goods and services. The opening up of the Indian market must be matched by openings in areas where our businesses can benefit and India will not allow its market to become a dumping ground for goods from other countries said the Minister.

 

Commerce and Industry Minister further informed that the Free Trade Agreements (FTAs) with Japan, South Korea and ASEAN countries are being reviewed. The review of the FTA with South Korea, which began 3 years back, is being fast tracked. He further informed that India has already secured agreement in ASEAN for a review of the FTA and a Joint Working Group (JWG) is discussing the issues to be addressed in Japan FTA.

 

Replying to questions Commerce and Industry Minister informed that at present India is exploring trade agreements with the USA and European Union, where Indian industry and services will be competitive and benefit from access to large developed markets.

Maersk to pilot a battery system to improve power production

COPENHAGEN: 

A containerized 600 kWh marine battery system will be installed in a trial on board the Maersk Cape Town in December 2019 to improve vessel performance and reliability while reducing CO2 emissions.

“This trial will provide a greater understanding of energy storage that will support Maersk in moving towards further electrification of its fleet and port terminals. Maersk will continue to facilitate, test, and develop low-carbon solutions on our journey to become carbon neutral by 2050,” explains Søren Toft, Maersk COO.

Propelling marine vessels with battery power alone is still years away from being a technically- and economically viable option. However marine battery systems can be used to improve the efficiency of a vessel’s onboard electrical systems such as the Maersk Cape Town’s generators. By maintaining the vessel’s auxiliary generators at a more optimal load, and avoiding running generators when not needed, overall fuel consumption can be reduced.

Additionally, it will support the generators with up to 

1,800 kVA of power during rapid changes in electrical load such as thruster operation. This can reduce generator maintenance requirements. The battery system is also capable of providing redundant power, which can improve reliability at sea by ensuring continuous power supply.

The Maersk Cape Town includes a waste heat recovery system, which is a special feature of many Maersk container vessels. This system increases overall efficiency, as it allows the batteries to charge by capturing electrical energy from heat that would otherwise have been lost out of the exhaust gas system for the main propulsion.

 

“This exciting pilot – the first of its kind in the industry - will show the potential of battery technologies to keep improving the performance of our vessels while also reducing fuel consumption in our non-propulsion electrical systems,” reinforces Ole Graa, Maersk Head of Fleet Technology.

 

The containerized battery energy storage system has been manufactured in Odense, Denmark by the system integrator and turnkey supplier Trident Maritime Systems. The battery system will be shortly transported to Singapore and installed on board the Maersk Cape Town.

The vessel is a Singapore-flagged 249-meter long container ship built in 2011 which sails between West Africa and East Asia. The first full voyage with the new system in place will take place next year and will be closely monitored to evaluate the performance of the system against the trial’s ambitions.

 

Battery modules will be operating within the container in conjunction with other electrical and control components. Maersk has also worked in close collaboration with the American Bureau of Shipping - the vessel’s classification society – to ensure safety and compliance.

The application of battery technology and the understandings gained can enable further innovation across A.P.Moller- Maersk. We have an interest in working with suppliers to grow these possibilities as the technology matures.

DP World’s Joint Venture wins concession for Berths 11 & 12 of Port 2000 in Le Havre November 07 , 2019

DUBAI: The joint venture between DP World, the leading enabler of global trade and the France-based international container operator Terminal Link - PortSynergy Group (GMP) - has been awarded the service concession for the construction and operation of berths 11 and 

12 at Port 2000 in Le Havre.

 

The terminals of Port 2000 in Le Havre are trade-enabling gateways for cargo entering the French consumer markets. Recognising the strategic importance of Port 2000, GMP has been an early supporter of port development and looks to grow its partnership with the Port of Le Havre by developing the terminal further. GMP will now invest in two new container berths spanning across 700 metres.

The favourable decision by the Supervisory Board of the Port of Le Havre will allow GMP to strengthen its presence in France, at the same time supporting the economic growth of the region. In 2018, GMP posted market-leading growth of 11% compared to 2017, representing more than 55% of market share through its two terminals (Terminal de France and North Terminals).

 

The new terminal represents an additional operational capacity of 1 million TEUs and will include a 700-meter-long quay and a 42-hectare site. The concession agreement is for a term of 34 years, including two years of studies and design, two years of civil engineering work and 30 years of operation. GMP will make significant investments in the development of this new terminal, modernising it to better support trade growth.

 

The new berths are envisaged to include new state-of-the-art equipment to service large container vessels, creating a terminal with smarter trade-enabling solutions to increase productivity and greatly enhance its service capability and quality including a 35-hectares stacking area, a direct rail access into the hinterland and a 7-hectare area dedicated to buildings and operating infrastructures.

 

Louis Jonquiere, Managing Director of GMP, said: "The signing marks a new chapter in our partnership with the Port of Le Havre. The addition of the two new berths will enable us to secure more volume and provide high-efficiency services. As a major hub port, the expansion in the terminal will facilitate the capture of more volume from the trade, benefitting from the momentum that has built in the region".

 

He continued : "We aim to enable smarter trade and create a much stronger economic engine for the national and regional market. By investing further in the terminal, GMP is driving economic development for the region and generating career opportunities for the local population."