Piraeus Port Authority surpasses 5 million TEUs mark November 21 , 2019

PIRAEUS: The Piraeus Port Authority S.A. has announced on November 18th 2019 that it had handled the container with number CSUN7025891, which was unloaded from the COSCO SHIPPING CAPRICORN ship, reaching the total throughput in the Port of Piraeus at 5,000,000 TEU for this year.

The fact that the 5,000,000 TEU limit is already broken from November, brings the Port of Piraeus closer to the first position in the Mediterranean and possibly among the top four ports in Europe, said a Port release.

Yang Ming to launch New Southeast Asia services November 21 , 2019

TAIWAN: According to the latest estimates by the International Monetary Fund (IMF), the GDP growth rates in Myanmar and Philippines are expected to exceed 6% for the upcoming two years. In view of the strong and steady economic growth in both countries, Yang Ming Marine Transport Corp. announces the launch of two new services, SPE service 

(Singapore-Philippines Express Service) and MYX service (Malaysia-Yangon Express Service).

The new SPE service will provide a weekly service between Singapore and Philippines effective from December 2nd, 2019. The port rotation will be Singapore – Manila – Cebu - Singapore. Currently Yang Ming already has four services that directly link to Philippines, namely TPE, TPS, PH2 and KMC. The addition of SPE will enable local customers to have greater flexibility in cargo arrangement.

The MYX service will provide a weekly direct service between Port Kelang and Yangon effective from December 7th, 2019. The new service will not only satisfy the export and import demand in Myanmar but also shorten delivery time effectively.

Yang Ming is committed to pursuing better service quality. The new SPE and MYX services will optimize Yang Ming’s Intra-Asia service network and easily connect to Yang Ming’s global service network via transit hub Port Kelang and Singapore. With the new services, Yang Ming will provide customers with more convenient and comprehensive service.

OOCL celebrates 50th Anniversary with Hong Kong community

HONG KONG: OOCL held a 50th Anniversary Free Family Fun Day event on November 10, 2019, at the Hong Kong Maritime Museum (HKMM) to celebrate the company's fifty years anniversary with the Hong Kong community.  Specially arranged exhibits, videos, souvenirs and family activities were organized to share with visitors who came to learn more about

Hong Kong's home carrier and the city's colorful maritime history. 

In November of 1969, OOCL's Founder Mr. C. Y. Tung made international headlines for establishing one of the first Asian carriers to provide regular containerized shipping services between the Far East and the West Coast of the United States. OOCL's first box ships were all converted from its conventional liners with a carrying capacity of just 300 TEUs and they were known as the Victory class in the fleet. 

The first container sailing saw just 13 TEUs transported across the Pacific Ocean from Hong Kong to Long Beach, California, with an all Chinese crew.  In comparison to OOCL's latest G-class vessels like the OOCL Hong Kong with a carrying capacity of 21,413 TEU, the ultra-large containerships in our fleet today ships hundreds of thousands of containers each day, a far cry from the early days of containerization that began 50 years ago.

“OOCL is deeply rooted in Hong Kong and very proud of our long heritage in this port city we call home," said Mr. Andy Tung, Co-Chief Executive Officer of OOCL. “Together with Hong Kong, we witnessed the birth of containerization which changed the course of shipping and our company's history. 

We also saw the beginning of modern globalization where Hong Kong earned a prominent place on the trade map, and OOCL was there to link the city to markets around the world.  We are very happy to be on this journey together with the Hong Kong community and we certainly look forward to reaching many more milestones in the next 50 years ahead!"

Mrs. H. K. Joshi wins "Woman of Substance" Award

MUMBAI: Mrs. H. K. Joshi, CMD (A.C.), SCI has been conferred with Sailor Today Sea Shore Awards 2019 for the category of "Woman of Substance".

This Award was presented by Mr. M. Pinto, former Secretary Shipping at the 18th Sailor Today Sea Shore Awards 2019 held at Mumbai on 16th November 2019.

CBIC eases input tax refunds for exporters

NEW DELHI: In a major relief for the export sector, the Customs Authority has directed tax officials not to insist on proof of realisation of exports proceeds for processing of input tax refunds.

Delay in issuance of refunds has been a sore point for exporters since the switchover to goods and services tax (GST) regime in July 2017.

The new directive from the Central Board of Indirect Taxes and Customs (CBIC) follows assurance from Finance Minister Nirmala Sitharaman to the industry on easing of compliances.

The CBIC circular makes it clear that tax authorities will not insist on proof of realisation of export proceeds for processing of refund claims related to export of goods as it has not been envisaged in the law.

CBIC emphasised that exports have been zero rated under the Integrated Goods and Services Act. Hence, as long as goods have actually been exported, even after a period of three months, tax officials should not insist on payment of Integrated tax first and claiming refund at a subsequent date.

There have been reports that exporters were being asked to pay integrated tax in cases where the goods were exported more than three months after the date of the issue of the invoice for export.

Tax experts said the circular has come at an opportune time. “The circular has provided some key relaxations,” said Harpreet Singh, partner at KPMG. Tax authorities will no longer insist on proof of realisation of proceeds, or on payment of tax before refunds are initiated when the export is delayed, he said. Also, there won’t be any adverse action in case the order of debit on claiming refund is not followed, Singh said.

India appeals against WTO panel's ruling on Export Promotion measures

NEW DELHI: India has appealed against a World Trade Organization (WTO) dispute settlement panel's ruling that had recommended withdrawal of its key export subsidy schemes, including the one for special economic zones in the next 90-180 days.

 

On October 31, the WTO had ruled that export subsidy programmes-Merchandise Exports from India Scheme (MEIS), Export Oriented Units Scheme and sector specific schemes, including Electronics Hardware Technology Parks Scheme and Bio-Technology Parks Scheme; Export Promotion Capital Goods Scheme; and Duty-Free Imports for Exporters Scheme- violated provisions of the trade body’s norms.

Kenya risks losing port to China casting shadow over India's outreach in Eastern Africa Read more at: //economictimes.indiatimes.com/articleshow/72136046.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

NEW DELHI: Kenya risks losing the lucrative Mombasa port to China should the country fail to repay huge loans advanced by Chinese lenders in what would be a rerun of Hambantota episode in Sri Lanka casting a shadow on India's outreach in Eastern Africa.

Kenya was one of three African countries identified in a March 2018 report by the Washington-based Center for Global Development as at risk of debt distress as a result of its Belt and Road participation. The others were Egypt and Ethio ..

Read more at:
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China is now the single largest financier for infrastructure in Africa, funding one-in-five projects and constructing every third one, according to a Deloitte report. Forty out of Africa’s 55 states, along with African Union have signed memoranda .

China is now the single largest financier for infrastructure in Africa, funding one-in-five projects and constructing every third one, according to a Deloitte report. Forty out of Africa’s 55 states, along with African Union have signed memoranda .

China is now the single largest financier for infrastructure in Africa, funding one-in-five projects and constructing every third one, according to a Deloitte report. Forty out of Africa’s 55 states, along with African Union have signed memoranda .

China is now the single largest financier for infrastructure in Africa, funding one-in-five projects and constructing every third one, according to a Deloitte report. Forty out of Africa’s 55 states, along with African Union have signed memoranda .

China is now the single largest financier for infrastructure in Africa, funding one-in-five projects and constructing every third one, according to a Deloitte report. Forty out of Africa’s 55 states, along with African Union have signed memoranda .

hina is now the single largest financier for infrastructure in Africa, funding one-in-five projects and constructing every third one, according to a Deloitte report. Forty out of Africa’s 55 states, along with African Union have signed memoranda

hina is now the single largest financier for infrastructure in Africa, funding one-in-five projects and constructing every third one, according to a Deloitte report. Forty out of Africa’s 55 states, along with African Union have signed memoranda