Innovating for a Greener Tomorrow
ClassNK, a world-renowned ship classification society, successfully hosted the “ClassNK Indian Technical Seminar” on November 21 at the Novotel Hotel in Mumbai. This esteemed event convened maritime professionals and thought leaders to deliberate on the industry’s pressing challenges, emerging regulatory landscape, and pioneering solutions. With a rich legacy dating back to 1899, ClassNK, headquartered in Tokyo, has consistently driven advancements in maritime safety, environmental stewardship, and technological innovation.
Mr Sumithran Sampath Dr Yoshiya Yamaguchi
Mr Sekhar Padala Mr Ashish Matta Mr Yuta Inaba
- Pratik Bijlani
The event drew a distinguished gathering of industry luminaries, including Mr Yoichi IGA, Regional Manager (Middle East & South Asia) at ClassNK; Mr Naruchika Kozuma, General Manager (Business Department) at ClassNK; Mr. Adi Aga, Managing Director at P&I Services of India; Mr Vikas Gupta, Additional General Manager (Technical) at Dockendale; Capt Pramod Kumar, Director at Eminence Marine; and Mr Sanjeev Mehra, MD at Kenmark Tech Solutions, among other notable personalities.
Dr Yoshiya Yamaguchi, Executive Vice President of ClassNK, delivered a thought-provoking keynote address at the seminar’s inauguration, addressing the emerging challenges posed by economic uncertainty, climate change, and rapid technological advancements. He underscored the importance of collaboration and digital transformation in overcoming these obstacles. Dr Yamaguchi emphasized ClassNK’s commitment to supporting customer business transformation and becoming a strategic partner in shaping the future of the maritime industry.
ClassNK’s Principal Surveyor, Mr. Shekhar Padala, presented an update on IMO developments, highlighting strategies for decarbonization, including MARPOL amendments and the introduction of technical and economic measures. He also discussed advancements in maritime autonomous surface ships (MASS) and SOLAS regulatory amendments, with a focus on safety and sustainability.
Mr Yuta Inaba presented an informative session on the “FuelEU Maritime” regulation, a pivotal element of the European Union’s decarbonization strategy. He emphasized the regulation’s lifecycle-based approach to greenhouse gas (GHG) emissions and its emphasis on alternative fuels and energy efficiency. Mr Inaba also explained compliance mechanisms, such as banking and pooling, and showcased ClassNK’s digital tools designed to facilitate regulatory compliance, providing a practical guide for shipping companies navigating these regulatory changes.
Mr Ashish B Matta delivered a presentation that garnered significant attention from the audience, as he explored the transformative potential of alternative fuels, advanced energy-saving technologies, and digitalization in the maritime industry. He discussed the challenges and opportunities associated with zero-emission fuels, such as ammonia and hydrogen, and highlighted pioneering projects, including the Suiso Frontier and ammonia-powered tugs. Mr Matta emphasized the importance of collaboration in driving the industry’s transition toward a sustainable future, noting ClassNK’s comprehensive efforts in safety assessments, certification, and collaboration.
The seminar concluded with a closing address by ClassNK’s General Manager, Mr. Sumithran Sampath. A cocktail reception followed, allowing attendees to network and discuss key takeaways from the seminar.
The “ClassNK Indian Technical Seminar” showcased ClassNK’s commitment to a sustainable maritime future. Through discussions on decarbonization, digitalization, and regulatory updates, ClassNK reinforced its role as a trusted partner in advancing the maritime industry’s resilience and innovation.
Cabinet Scraps Bank Guarantees for Telecom Spectrum; DIPA Applauds Move as Major Win
for Digital Infrastructure
The Union Cabinet’s landmark decision to waive bank guarantees for spectrum acquired before 2022 represents a pivotal moment of financial relief and strategic support for India’s telecom sector. This progressive move demonstrates the government’s commitment to strengthening the digital infrastructure ecosystem and providing critical support to telecom operators during a challenging industry landscape.
Mr. Manoj Kumar Singh, D.G., DIPA
The waiver, which extends to spectrum acquisitions made prior to 2022, builds upon the forward-thinking reforms initiated in 2021. By removing the bank guarantee requirements retroactively, the government has created a more flexible financial environment that will enable telecom operators to optimize their capital allocation, enhance liquidity, and accelerate infrastructure investments. This decision is particularly significant for operators like Vodafone Idea, who have been navigating complex financial challenges.
Mr Manoj Kumar Singh, Director General, Digital Infrastructure Providers Association (DIPA) mentioned that we view this decision as a strategic intervention that will catalyze the growth and resilience of India’s telecom infrastructure. The bank guarantee waiver is not just a financial mechanism, but a powerful signal of governmental support for the digital transformation agenda. It will provide telecom operators with muchneeded breathing room to restructure their financial strategies, invest in network expansion, and prepare for the next generation of digital connectivity. Bank guarantees have traditionally locked substantial capital, with telecom operators typically maintaining 3-5% of spectrum auction value as guarantee, translating to hundreds of crores of rupees.
By removing these guarantees for pre-2022 spectrum acquisitions, the government is effectively unlocking critical working capital that can be strategically reinvested in network infrastructure, technology upgradation, and expansion of digital connectivity. Bank guarantees have been a significant financial constraint for telecom operators. This waiver will provide immediate liquidity relief, enabling operators to redirect financial resources towards critical infrastructure development, especially in underserved and rural regions.
It’s not just a financial measure, but a strategic intervention that supports our national digital transformation agenda. DIPA estimates that the bank guarantee waiver provides a substantial financial boost to accelerate 5G network rollout, invest in rural connectivity, and modernize existing telecommunications infrastructure.
The timing of this intervention is particularly crucial. As India rapidly advances towards 5G deployment and prepares for the upcoming 6G stack, such supportive policy measures are instrumental in creating an enabling environment for technological innovation. The waiver will release locked-up capital, potentially freeing up resources for critical infrastructure investments, network modernization, and expansion into underserved regions.
DIPA has consistently advocated for policy reforms that support the telecom infrastructure ecosystem. This decision aligns perfectly with our vision of creating a robust, competitive, and innovative digital infrastructure landscape. By reducing financial constraints, the government is empowering telecom operators to focus on what matters most: delivering seamless connectivity, driving digital inclusion, and supporting India’s ambitious digital transformation goals.
We commend the government’s proactive approach and look forward to seeing how this policy intervention will translate into tangible improvements in digital infrastructure, connectivity, and technological innovation across the nation.
MMT
Transforming Tanker Operations
Technology group Wärtsilä will supply an integrated propulsion package for a new vessel being built for U.K. based tanker owner and operator, Pritchard-Gordon Tankers Ltd. (PGT). The integrated package includes the high-performance and fuel flexible Wärtsilä 32 main engine. This order is the third in a series of three such vessels, all with a similar Wärtsilä scope of supply. These three 10,600
DWT newbuild vessels are the latest in PGT’s fleet renewal programme, which is centred around efficiency and lower emissions. This latest order was booked by Wärtsilä in Q3 2024.
“The tanker sector is under increasing pressure to lessen its carbon footprint, and we are committed to having a fleet that is highly efficient and provides greater flexibility for new sustainable technologies and future fuels. For this reason, we are delighted to have the propulsion package supplied by Wärtsilä, a company with an outstanding track record in developing sustainable engine technology. Their support throughout the vessel design development process has been very much appreciated,” says Richard Groves – New Build Manager, Pritchard Gordon Tankers Ltd.
In addition to the Wärtsilä 32 main engine, the fully integrated Wärtsilä package for each of the three vessels includes the gearbox, shaft generator system, controllable pitch propeller (CPP), the Wärtsilä EnergoPac efficiency rudder, the Wärtsilä ProTouch propulsion control system, a selective catalytic reduction (SCR) system, and an Open Water lubricated sterntube.
“The integrated package approach is very much in demand as the industry moves rapidly towards greater efficiencies and decarbonised operations,” comments John Grant, Sales Manager for Newbuild, UK & Ireland, Wärtsilä Marine. “These three new vessels feature the very well proven and reliable Wärtsilä 32 main engine. The engine not only optimises fuel consumption but also has the ability to operate on various types of fuel today while being an engine design platform ready for future fuel marine market requirements. We are delighted to support Pritchard-Gordon Tankers with solutions that will complement its fleet renewal programme.”
The ships have been designed by FKAB Marine Design and are under construction at China Merchants Jinling Shipyard (Yangzhou) Dingheng shipyard. The Wärtsilä equipment for the first two ships is due to be delivered in 2024. The order for the equipment of these two vessels was booked by Wärtsilä in Q3 2023. The Wärtsilä equipment for the third vessel will be delivered during 2025 and 2026. MMT
Eni and MSC Unite to Drive Decarbonization Innovation
- Pratik Bijlani
In a landmark move for maritime sustainability, Italian energy giant Eni and Swiss shipping leader MSC Group have signed a Memorandum of Understanding (MoU) to collaborate on advancing energy transition and reducing emissions across their operations.
The agreement focuses on leveraging lowercarbon energy solutions such as liquefied natural gas (LNG), bio-LNG, and HVO biofuels for MSC’s extensive logistics and cruise fleets. Additionally, the
partnership will explore renewable lubricants and energy solutions to decarbonize MSC’s facilities. This collaboration signals a broader synergy between the two companies, encompassing logistics, intermodal transport, and agro-industrial ventures aimed at producing biofuel feedstocks and enhancing transport solutions.
Claudio Descalzi, CEO of Eni, remarked on the partnership’s potential, stating: “The only way to succeed is by uniting the skills, resources, and technologies across a range of stakeholders. This agreement marks the start of our collaboration with MSC in the decarbonisation of transport and cruise services.”
MSC, known for its commitment to sustainable shipping, continues its strong advocacy for LNG as a marine fuel, with plans to integrate bio-LNG and renewable synthetic LNG into its operations. The shipowner recently unveiled its ambitious fleet renewal strategy, featuring 100 dual-fuel vessels and a $2 billion investment in LNGpowered containerships. Diego Aponte, MSC Group President, emphasized the partnership’s strategic value, saying: “At MSC, we are focused on achieving a successful energy transition. Eni has been one of these partners for many years, and this MoU is a welcome and natural evolution of our relationship.”
The agreement also extends to waste management, circular economy initiatives, and the redevelopment of decommissioned sites, underscoring both companies’ shared commitment to sustainability. This partnership represents a significant step in decarbonizing the maritime industry while fostering innovation and collaboration across the value chain.
MMT
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Family Legacy, Industry Expertise:
The Cornerstones of Success
MrAlexandros Stafilopatis’ upbringing in a family deeply rooted in the maritime industry fostered an organic understanding of its requirements. His father, a captain, and his uncle, an engineer, instilled in him the importance of empathy and expertise. He spent time on voyages in the North Sea, South America, and the U.S. Gulf, gaining insight into the seafarer’s unique mindset and sacrifices.
As an endurance athlete, Mr Stafilopatis has completed triathlons and marathons in New York, London, and Edinburgh. This passion complements his business ambitions, as shipping demands long-term commitment and high standards. He appreciates fine cuisine, particularly Greek, Japanese, and Indian, reflecting his global outlook.
Literature also inspires him, especially Joseph Conrad’s works. Conrad’s experiences as a seafarer and captain offer valuable lessons. Mr Stafilopatis believes in living by a code, matching philosophy with deeds, and fostering a culture of integrity.
As the third-generation leader of Byzantine Maritime Gas Pte Ltd, he guides his children, who share his passion for shipping, to explore their interests and skills. Embracing openness and adaptability is crucial in the ever-evolving industry.
In an intimate conversation with Marex Media’s
Mr Alexandros Stafilopatis Byzantine Maritime Gas Pte Ltd
Delphine Estibeiro, Mr Stafilopatis, reveals the values and experiences shaping his approach to shipping, family, and leadership.
Building on Tradition, Charting the Future…
I’m one of the proud owners of Byzantine Maritime Gas, a diversified shipping company headquartered in Athens. Our legacy dates back to 1927 when my grandfather began shipping operations in Constantinople. Since then, we’ve expanded globally, with offices in New York, London, Manila, and Mumbai. Our fleet operates in dry bulk, tankers, and gas, with a focus on state-of-the-art vessels. Notably, we pioneered dual-fuel gas carriers using LPG propulsion, built at premier shipyards like Hyundai. Over 20 years, we’ve contracted nearly 30 new-build ships. Our business model emphasizes both high-quality ships and management teams, with in-house technical management groups in Singapore and Athens. We prioritize organic growth, maintaining physical offices and capabilities in core areas like manning, recruitment, and training. This approach enables us to maximize efficiency and deliver exceptional service to top-tier customers, including Exxon, BP, Total, and Trafigura. Our customer-centric focus ensures seamless shoreto-ship operations, solidifying our reputation as a trusted partner in the oil and gas industry.
Hooked on Shipping…
I graduated from university in 1990 and immediately dove into the family business, starting work in our New York office on Monday morning. The allure of shipping captivated me from the start. In those early days, our company operated older vessels in South America and Central America, where my proficiency in Spanish proved invaluable. My family gave me the freedom to learn the business from the ground up, spending extensive time with seafarers on our ships, familiarizing myself with ports, and developing a deep appreciation for the industry.
Shipping’s unique blend of finance, technology, and human resources resonated with me. As a vital component of the global economy, shipping offers an incredibly diverse playing field. This breadth of opportunity fascinated me from the outset, and I was hooked.
A Family Affair…
Our company’s current chapter was founded by my father, Francis Stafilopatis, and my uncle, Mario
Stafilopatis, who brought a wealth of engineering and commercial experience to the table. I joined the business in 1990, and over the past 15-20 years, my cousins, my uncle’s daughters, have also become actively involved. This deep family commitment has been a driving force behind our success.
However, we recognize that our most valuable asset lies not in our family ties, but in our people –the skilled seafarers who are the backbone of our operation. With the shipping industry evolving at an unprecedented pace, we prioritize investing in their training and development. As ships become increasingly sophisticated, we need experts with technical backgrounds, strong educational foundations, and IT proficiency. Fortunately, Indian seafarers possess a unique combination of skills, positioning them to meet the challenges of tomorrow’s shipping industry.
Indispensable Role of Shipping in Global Logistics…
Shipping has long been a vital component of international trade, but its significance has been amplified by the rapid globalization of the past 30 years. As the world has become increasingly interconnected, the importance of shipping in facilitating global logistics has become starkly evident. The COVID-19 pandemic served as a stark reminder of this reality, as disruptions to the logistics system highlighted the critical role shipping plays in maintaining the flow of goods and services. In today’s globalized world, shipping is no longer just a supporting industry, but a fundamental pillar of international commerce.
Our Trading Policy…
We maintain a steadfast policy of avoiding high-risk areas, particularly in the Red Sea, to ensure the safety of our ships and seafarers. We believe that exposing them to unnecessary danger is unacceptable. Our commitment to safety is unwavering, and we achieve this by entirely avoiding trading in these areas.
Additionally, we strongly condemn the RussianUkrainian war, viewing it as a blatant violation of long-established international norms. In line with this stance, we adhere to sanctions and refrain from trading with Russia, Iran, and Venezuela. Our focus on integrity and seafarer welfare is unwavering.
We pride ourselves on partnering with top-tier customers and operating exceptional vessels. Protecting the lives and livelihoods of our seafarers
is paramount. By closing the door on high-risk trading, we effectively manage and mitigate potential dangers.
Investing in Strong Relationships…
With over 15 years of presence in the Philippines, we’ve developed a diverse crew base. Entering the gas business in 2015 demanded even greater specialization from our crews. Our successful partnership with Anglo Eastern, spanning eight years, underscored the importance of expert officers and engineers.
Recognizing Mumbai’s pool of talented professionals, we established our own office to foster direct connections with our seafarers. This personal approach is rooted in our heritage as traditional Greek ship owners, where partnership between seafarers and owners is paramount.
Greek shipping’s success relies on this organic collaboration, enabling seamless operations and a deep understanding of the needs at sea. By investing in strong relationships and localized presence, we ensure top-notch crew management and operational excellence.
Tapping into India’s Maritime Potential…
When we began collaborating with Indian officers in 2015, we swiftly recognized their pivotal role in the future of seafaring. To establish a direct connection with the Indian market, we sought a front-row seat. Our Mumbai office, initially focused on manning, will evolve into a full-fledged management hub, unlocking additional commercial opportunities in the Indian subcontinent.
We’re bullish on India’s remarkable economic growth and aim to capitalize on this momentum. By planting our roots in this vibrant market, we’re poised to ride the wave of success, embracing the country’s burgeoning influence in global trade.
Pioneering Sustainable Shipping Solutions…
As a trailblazer in contracting advanced dual-fuel LPG carriers, we’re intimately familiar with the complexities and specialized expertise required. Indian seafarers, with their exceptional skills, are ideally positioned to navigate this cutting-edge landscape.
Furthermore, our ownership and operation of ammonia carriers underscore our commitment to innovative, eco-friendly solutions. We firmly believe
ammonia will emerge as a vital zero-emissions fuel in the energy transition. As technology rapidly evolves, we’re poised to capitalize on this shift, cementing our position at the forefront of sustainable shipping.
A Shared Goal...
Meeting the 2050 emissions target appears highly ambitious, considering the shipping industry’s current snapshot. However, success hinges on crucial factors: substantial investment from the shipping community, effective regulation, and government-backed funding for infrastructure and technology.
I firmly believe that collective effort can make 2050 achievable. We’re committed to playing our part, having invested in modern, eco-friendly vessels that align with our sustainable vision. By doing so, we’re positioning ourselves to contribute meaningfully to this transformative journey.
Enhancing Maritime Efficiency through Innovative Investments…
We are committed to reducing our environmental footprint and boosting operational efficiency through strategic investments in our shipping fleet. This includes adopting cutting-edge technologies such as dual-fuel vessels and zero-friction paints, which significantly minimize energy consumption. Furthermore, we are upgrading our portfolio with the latest, state-of-the-art ships constructed at renowned shipyards, ensuring our fleet remains modern and sustainable.
Unlocking Efficiency through Digitalization in Shipping…
Digitalization presents a transformative opportunity for shipping companies to optimize their operations and reach new heights of efficiency. As modern ships and management systems grow increasingly sophisticated, harnessing data through digitalization becomes crucial. By leveraging digital technologies, management can tap into valuable insights, making informed decisions and streamlining processes to drive business growth and competitiveness.
Navigating Volatility and Regulatory Shifts in Shipping…
Shipping inherently mirrors the volatility of global commodity markets, characterized by boom-andbust cycles. This unpredictability presents challenges when paired with the impending energy transition, which will be driven by regulatory requirements. The
shipping industry’s traditional dynamics, fueled by commodity market fluctuations and entrepreneurial spirit, must now adapt to a structured transition framework. Integrating these contrasting forces over the next 25 years will pose a significant test for our industry.
Comprehensive Global Footprint…
With operations spanning North America, Europe, the Indian subcontinent, and Asia, we recognize the importance of a comprehensive global footprint in the shipping industry. To capitalize on emerging opportunities and optimize efficiency, we believe it’s essential to maintain a widespread physical presence. This strategic approach enables us to operate as a true global player, poised to navigate the complexities and seize the advantages of an increasingly interconnected shipping landscape.
A Balanced Foundation for Future Growth…
Our business strategy is built on three core pillars: gas, clean petroleum products, and dry bulk commodities. We believe these sectors will drive global economic development in the years to come. The electrification of automobiles, for instance, will fuel demand for lithium and other dry bulk commodities. Meanwhile, our LPG and dual-fuel
carriers are poised to transport emerging fuels like ammonia. As countries like India meet their growing energy needs over the next 25 years, hydrocarbons will remain essential. With our diversified portfolio, we’re confident in our ability to thrive in this evolving landscape.
Foster Lasting Relationships…
We take pride in operating some of the world’s most advanced and efficient vessels. However, we recognize that our true strength lies in our people. To continue excelling, we rely on loyal and highly skilled seafarers to crew our ships. As a familyrun business, we value personal connections and are committed to nurturing talent. Our Mumbai office serves as a vital link to India’s exceptional maritime professionals, enabling us to foster lasting relationships with the best Indian seafarers and secure our continued success.
Western Shipping Announces Strategic Expansion into Indian Market
Western Shipping Pte Ltd achieved a critical milestone in its global expansion on September 12, 2024, with the grand launch of “Western Crew Management Services (India) Pvt Ltd”, its new Crew Management office in Mumbai. Western Shipping, founded in Singapore, is a global leader in marine services, focussing on ship management and technical support for a fleet of LPG and Product tankers. With a reputation for providing high-quality services, the company’s operations include crew management, vessel maintenance, safety compliance, and environmental stewardship, serving clients globally.
The establishment of in-house Manning Office in Mumbai was crucial for following reasons.
• Mumbai, known as one of the world’s busiest maritime hubs, is at the centre of India’s shipping sector.
• Western Shipping strengthens its presence in the region for better access to India’s large talent pool of seafarers and maritime specialists.
This approach not only enhances the company’s crew management capabilities, but also allows for improved recruiting, training, and management of Indian seafarers. The local presence in Mumbai is expected to strengthen communication and coordination with seafarers and their families, resulting in smoother operations and more effective crew management.
The Opening Ceremony began at the Premises with ribbon-cutting by the Owners “Mr. Alexandros Th. Stafilopatis of Byzantine Maritime Gas PTE. LTD” and the Chief Guest for the day “Capt. (Dr) Daniel Joseph, Deputy Director
- Pratik Bijlani
General of Shipping (Crew), DG Shipping, Government of India”.
Following the ribbon-cutting, Capt Yogesh Jadhav [Head of Crewing at Western Crew Management Services (India) Pvt Ltd] welcome the Owners, Chief Guest and other dignitaries including Seafarers by giving an inspiring address, adding, “This is something fresh; we started in India. As most of you are aware, we already have operations in Singapore, Greece, and Manila, as well as commercial offices in New York and London. So, having an office in Mumbai is a major milestone, and there are a number of things we’re looking into to get started.” His address emphasised the significance of the new Mumbai office and its potential to bolster the Indian shipping industry.
The expansion into Mumbai demonstrates Western Shipping’s commitment to expanding its global network. India’s expanding shipping industry provides numerous prospects, and the Mumbai office improves partnerships with Indian shipowners and clients, preparing Western Shipping for new commercial endeavours. Furthermore, the office enables more localised services, such as better coordination of vessel operations, technical services, and compliance with both local and international marine regulations.
The evening event, which was held at JW Marriott, Juhu commemorated this significant achievement, allowing guests to network with notable industry figures such as Capt Mahesh Yadav, Director of Education and Training at FOSMA, Capt. S.M. Halbe, CEO of MASSA, Capt. Maneesh Pradhan, Chairman of MASSA, and Mr. Pawan Kapoor, Managing Director of the ISF Group. Capt. Hemant Arora, HSQE Compliance Manager/DPA and Capt. Karni Rathore, Operations Manager at Western Shipping, welcomed the attendees.
Mr. Panos Zavlagas and Mr. Alexandros Th. Stafilopatis delivered speeches on the company’s history and development
progress. Mr. Panos highlighted the company’s growth and shared his vision for the future, stating, “Today, with the official opening of our new crew management office in Mumbai, we are entering the final phase of our plan, which is to fully manage inhouse all LPG vessels, which will be completed in the next two months, and enter the fast-developing Indian money market.”
The inauguration of the Mumbai office is a critical milestone in Western Shipping’s global strategy, assuring the company’s continued leadership in ship management while creating new opportunities for Indian seafarers. In closing, Mr. Panos stated, “I am absolutely confident that with the high quality people we have in Western Shipping offices in Singapore, Manila and Mumbai, our success is guaranteed.”
MMT
Brazil Barometer
Macro
Environment October presented a cautiously optimistic outlook for Brazil’s economy, highlighted by IMF’s upward revision of 2024 GDP growth forecast from 2.1 % to 3 %. This adjustment marked the largest upgrade among major global economies. FX and money markets The Brazilian Real experienced continued depreciation against the US Dollar during October, with the BRL/USD exchange rate averaging 5.63 for the month. The exchange rate reached 5.79 by month-end, its highest level of the year, driven by divergent monetary policies between Brazil and the US.
Exports of iron ore reached 35.3 million tonnes, representing a 4 % month-on-month decline and a 5 % year-on-year increase, supported by robust demand from China. Conversely, corn exports totalled 6.406 million tonnes, reflecting a marginal 0.25 % decrease month-on-month and a substantial 24.2 % decrease year-on- year. Imports Chemical fertilizer imports surged to a five-year high of 4.937 million tonnes in October, reflecting a 9.2 % increase year-on-year and a 6.4 % recessionon-month. This record-breaking import activity aligns with the continued expansion of Brazil’s agricultural sector.
MACRO ENVIRONMENT
• Brazil’s economic performance reflects diverging indicators. Resilience remains a key theme, underpinned by strong quarterly GDP growth of 1.4 % in Q2, fuelled by government stimulus and rising private consumption. These factors have been instrumental in driving economic momentum despite challenges from weaker commodity prices and fluctuating trade balances.
• The IMF recently upgraded Brazil’s2024 GDP growth forecast from 2.1 % to 3 %, the largest upward revision among major global economies.
• This highlights the relative strength of Brazil’s economy, which has demonstrated the highest and most consistent growth in Latin America over recent quarters.
• In October, Brazil posted a trade surplus of $4.34 billion, with exports totalling $29.46 billion and imports at $25.12 billion.
• While export values showed marginal monthon-month growth, the notable 7.3 % increase in imports resulted in a 13.55 % decline in the trade surplus compared to September.
• On an annual basis, the trade dynamic shifted as exports decreased by 0.7 %, while imports rose by 22.5 %.
PRICE ENVIRONMENT
• In October, Brazil’s Consumer Price Index rose to 4.76 % year-on-year, marking the second consecutive acceleration after a 4.42% increase in September.
• Despite this uptick, inflation figures came in slightly below economists’ expectations.
• On a month-on-month basis, the CPI rose by 0.56 %, continuing the upward trajectory from the 0.44 % increase observed in September
• The Producer Price Index increased by 0.66% in September, reflecting growth across 18 of 24 monitored sectors.
• The food manufacturing sector posted a 3.70 % increase, leading the gains, while the extractive industries experienced the sharpest decline, with prices falling by 5.85 %.
• Year-on-year, consumer prices recorded a 1.06 % increase, highlighting moderate inflationary trends at the producer level, driven by sectorspecific dynamics.
FX AND MONEY MARKETS
• Last month, Brazil’s Central Bank maintained its benchmark interest rate at 10.75 %, unchanged since the 265th meeting earlier this year.
• Despite the stable rate, expectations for a further monetary tightening are mounting. Economists surveyed by Reuters forecast two additional 50-basis-point rate hikes before year-end, likely to occur during the November and December meetings.
• This anticipated tightening reflects the Central Bank’s commitment to counter inflationary pressures.
• The Brazilian Real continued to depreciate
against the US Dollar in October, with the BRL/ USD exchange rate averaging 5.63.
• Fluctuations were relatively mild compared to earlier in the year, yet the month-end rate of 5.79 marked the highest level observed in 2024, highlighting persistent pressure on the Real.
• The Real’s weakness is attributed to divergent monetary policies between Brazil and the United States.
EXPORTS
• Following a rebound in September, Brazil’s iron ore exports last month totalled 35.3 million tonnes, reflecting a 4 % decline month onmonth. However, exports were 5 % higher yearon-year.
• During the first ten months, iron ore exports reached 325.1 million tonnes, a 5.8 % increase year-on-year.
• The primary driver was stronger demWand from China, which imported 25.9 million tonnes in October, a 6 % year-on-year increase. Other markets, such as Japan and Malaysia, also contributed positively.
• Soybean exports in October totalled 4.7 million tonnes, reflecting a 23 % decline month- onmonth as volumes receded from the peak of the spring-summer export season. Compared to October 2023, exports were down by 16 %.
• Year-to-date, soybean exports reached 94.2 million tonnes, a 1.4 % increase year-on-year. This aligns with Brazil’s forecasted record soybean export volume of 99 million tonnes for 2024.
• Despite the seasonal dip, the overall export trend demonstrates resilience, supported by robust global demand.
• In October, Brazil’s corn exports totalled 6,406 thousand tonnes, reflecting a marginal 0.25 % decrease month-on-month but a notable 24.2 % year-on-year decline compared to October 2023.
• Year-to-date, corn exports amounted to 30,800 thousand tonnes, marking a significant 27.4 % decrease compared to the same period last year.
• Despite a surge in exports during June and July, activity since then fell short of the levels achieved in 2023.
• In the first ten months of the year, sugar exports totalled 32,078 thousand tonnes, a 34.3 % rise compared to the same period last year.
• While October marked the only month in 2024 when sugar exports did not achieve a five-year high, it was only surpassed by October 2020 figure.
• In October, Brazil exported 8.4 million tonnes of crude oil, representing a 40 % increase monthon-month from September and an 18 % rise year-on-year compared to October 2023.
• Year-to-date, exports have reached 76.6 million tonnes, reflecting a 14.24 % growth over the same period in 2023.
• Petrobras’ oil output in Brazil was down 8.2 % year-on-year in the third quarter, to 2.13 million barrels per day.
• Brazil exported 1,780 thousand tonnes of wood pulp in October, a 6.2 % month-on-month increase. Compared to October 2023, wood pulp exports surged by 31.2 % year-on-year.
• Year-to-date pulp exports totalled 16,378 thousand tonnes, reflecting a 3.6 % increase from the same period last year.
• Brazil remains the world’s leading pulp exporter, with China as its top destination. However, Brazil’s pulp sector has been grappling with fluctuating global demand and increased competition from new market entrants.
IMPORTS
• Brazil’s imports of chemical fertilizers soared to a five-year high of 4,937.7 thousand tonnes in October, marking a 9.2 % year-on-year increase and a 6.4 % rise month-on-month.
• Year-to-date imports totalled 36,753 thousand tonnes, reflecting a 10.8 % growth compared to the same period in 2023.
• Brazil exported 3,729.4 thousand tonnes of sugar last month, a 3.9 % month-on-month decline. However, sugar exports showed a significant 29.75 % year-on-year increase, reflecting robust performance compared to October 2023.
• The sustained increase highlights the expansion of Brazil’s agricultural sector, with fertilizer imports consistently setting five-year records from July onwards. Wheat imports in October reached 552.4 thousand tonnes, up 6.7 % month-on-month, and showed an impressive 95 % year-on-year surge, nearly doubling from October 2023.
• Total wheat imports for 2024 so far amount to 5,703.9 thousand tonnes, representing a significant 64.7 % rise year-on-year.
• This year, Brazil’s customs cleared over 600 thousand tonnes of wheat in four months, compared to no comparable activity in 2023, emphasizing robust demand and expanded trade flows.
PORT CONGESTION
• In October, the Port of Santos experienced an average congestion of 41 vessels, a 19.51 % month-on-month decrease from the 49 vessel’s recorded in September.
• This marks a notable month-over-month decrease in congestion of 19.51%.
• The decrease in congestion is most notable when comparing to the average of the same period last year. In October 2023, the average number of congested vessels in Santos was 79.
• Combined congestion at the Ports of Tubarao and Vitória averaged 25 vessels in October 2024, slightly higher than the 23 vessels observed in September, representing a 4.1 % increase.
• Year-on-year, the congestion also rose marginally by 4.1 % from 24 vessels recorded in October 2023, suggesting stable yet slightly heightened demand pressure on these ports.
• By the end of October, the number of congested vessels at Tubarao and Vitória combined declined to 20.
Baltic Indices
• In October, the Capesize Baltic C3 (Tubarao/ Qingdao) Index closed at 20.425 USD/mt, with the monthly average settling at 23.76 USD/mt.
• This reflects a 14.35 % month-on-month decline from September’s average of 27.74 USD/mt, emphasizing a significant downturn in the Atlantic iron ore trade route.
• On a year-on-year basis, the C3 Index saw a marginal 3.6 % decrease, indicating relative stability in long-term pricing despite the recent monthly drop. Capesize Baltic Index
• The Panamax Baltic P8 (Santos/Qingdao) Index closed October at 35.05 USD/mt, with a monthly average of 38.02 USD/mt.
• This represents a 2.61 % decline month-onmonth from September’s average of 39.03 USD/ mt, suggesting softer demand in this segment.
• Year-on-year, the P8 Index recorded an 8.6 %
decrease compared to the October 2023 average of 41.63 USD/mt, reflecting broader market challenges.
© Pure Ventures
DB Schenker Deploys RemoteControlled Forklifts to Boost Warehouse Productivity
Forklifts are now being operated remotely at DB Schenker’s Contract Logistics site in Kassel, Germany. The drivers control the vehicles from a distance. With a remote driving setup, drivers are connected to several different vehicles at different locations via the enabl platform.
Lucas Mömken, Vice President Global Engineering & Innovation in Contract Logistics, DB Schenker: “The collaboration with enabl allows us to react flexibly to fluctuations in demand and automate our processes to increase productivity. We see this partnership as a valuable addition to our CL digitalization strategy, which will help us to secure our competitiveness in the long term.”
Julian Wadephul, CEO enabl Technologies: “Our solution has been in continuous use at DB Schenker for nine months and has shown that our product meets the needs of our customers and market trends. This collaboration is a big step for us on the way to becoming a global leader in warehouse
automation. We are pleased that our safety concept makes it possible to dispense with a support driver with immediate effect.”
Remote-controlled driving has the potential to increase efficiency and eliminate staff shortages by separating the driver from the forklift. DB Schenker is continuing its collaboration with the German technology startup to increase the automation of its logistics processes. A Letter of Intent describing the long-term collaboration to scale enabl’s advanced remote control and automation technology for forklifts at several DB Schenker international locations was recently signed.
2nd Edition of MAREX Maritime-Legal
Conference Held in Mumbai
Capt VK Gupta Honoured with Lifetime Achievement Award
The second edition of the SISL–Marex International Maritime Legal Conference & Awards, 2024 was held on November 13 at the prestigious Hotel Taj Santacruz at Mumbai.
Strengthening Marex’s core principles of serving the Maritime Community were the partners who collaborated zealously to this event, bringing in expertise, facilities and a prominence that a congregation of this aptitude truly deserves.
This year’s thematic agenda was specifically tailored to resonate with India’s growing maritime prowess and international spirit. “Navigating Maritime Tides – Current Trends and Future Horizons” was the subject around which stalwarts from the Maritime Legal, Maritime-Tech, Logistics & Supply Chain, and Commodities fraternity gathered to address their views, explore solutions for challenges and ultimately boost India’s growth in this sector.
The Conference was structured to give the participants interactive panel discussions precluded by keynote addresses which actually set the tone for the aforesaid panel discussions and expert talks that provided deep insights to a variety of aspects corresponding to Maritime trade in India.
Dignitaries that graced the conference included Chief Guest, His Lordship The Hon’ble Mr. Justice (Retd) S.C. Gupte, former Judge Hon’ble Bombay High Court and Guest of Honour, Mrs. Harpreet Kaur Joshi, former CMD of The Shipping Corporation of India.
Inviting the dignitaries to commence their addresses, Capt. Kamal Chadha,
L-R Mrs HK Joshi, Justice SC Gupte, Capt KD Bahl and Capt Kamal Chadha
- Padmesh Prabhune
MD, Marex Media Pvt. Ltd. inaugurated the conference by sharing his objective of the theme of the Conference citing the India Maritime Vision 2030, and the Hon’ble PM Narendra Modi’s eagerness to drive India to a podium position in Maritime Trade and Commerce.
Mrs. Joshi, a woman standing strong ground in a roundly male dominated sector has not only garnered acclaim and praise but also her journey in guiding SCI as India’s oldest and leading shipping company to its heights today has impressed multitudes. Mrs. Joshi focused her address on the impact commercial disputes have on the financial structure of an organisation.
Justice Gupte’s keynote address very lucidly established that the judiciary plays a pivotal role in shaping the future horizons of the Indian Maritime scene and certain amends must be made to make India a more stakeholder and resolution favourable jurisdiction.
The Weighty Bits
Once past the inaugural segment, Mr. Jugal Kataria, Director, Finance and Tax, Ernst and Young, addressed the congregation with a presentation on the Importance and Commercial Significance of the International Financial Services Centre provided by the Government of India at GIFT City, Gujarat to boost commerce, trade and business. Mr. Kajaria shared intricate details about the benefits and facilities like tax holidays and the concept of GIFT City being considered as a place outside of India under the Income Tax Act.
Terrorism and Enhancing Maritime Security was covered by the Panel constituting Mr. Chirag Bahri, Operations Manager, ISWAN; Vice Admiral Abhay Karve, Indian Navy; Ms. Chaitaly Mehta, Director at EKF Global Logistics Pvt Ltd; Ms. Sandhya Pillai, Partner VMT Legal and was moderated by Capt. Rajesh Tandon, CEO, FOSMA.
Post tea, the Panel moderated by the veteran Capt. Kapil Dev Bahl dwelled on potentially the largest maritime incident in modern history- The M. V. Dali allision with the Francis Scott Key Bridge, Baltimore. The
The Award winners
Individual Category Organisation Category
Manisha Tiwari Excellence in Maritime Legal Facilitation for Seafarers
Amitava Majumdar Excellence in Admiralty Law
Aditya Krishnamurthy Young Achiever of the YearMaritime Legal
Capt (Adv) Alex Antony Excellence in AcademicsMaritime Legal
Capt Pankaj Kapoor Exemplary Achievement in Maritime Law
Bodhisattwa Majumder Rising Star - Maritime Legal
Harsh Bhagirath Buch Excellence in Academic ResearchMaritime Legal
Capt Vinod Kumar Gupta Lifetime Achievement
Rex Legalis Excellence in Admiralty Law
Bose & Mitra & Co Maritime Legal Firm of the Year
Renata Partners Distinction in Maritime Legal Practice
Seven Islands Shipping Limited Excellence in Gender Diversity in Maritime Legal
MMS Maritime (India) Pvt. Ltd. Excellence in Maritime Legal Aid and Advocacy for Seafarers
Panel constituting of legends in the Maritime legal field in India Mr. Tony Fernandes, Consulting Average Adjuster; Ms. Leena Mody, Average Adjuster and Mr. Amitava (Raja) Majumdar, Managing Partner Bose & Mitra & Co. India’s foremost leading Maritime Law firm and Dr. Sanjay Bhavnani, Director & COO MMS Maritime (India) provided intricate details about the legality of the claims, and deliberated the report on the National Transport Safety Board which recorded the investigation on the causes that led to the incident.
Addressing the emerging issue in global politics of international conflicts and imposition of sanctions by various countries on conflicting nations, Advocate Aditi Maheshwari, Renata Partners Law Firm, moderated a panel comprising of Advocate Rohan Janardhan, Partner Rex Legalis; Mr. Anuj Dhowan, Legal Counsel Scorpio Shipping, and Mr. Darshan Parikh, Senior Vice President, Marsh Insurance. The core theme of this discussion was Dark Fleets and their impact on Maritime Trade.
The final panel for the evening, was the Panel moderated by Capt Pankaj Kapoor, a master mariner turned lawyer and an active Government of India advisory on maritime policy and law. The Panel was constituted by Mr Nirav Thacker, Secretary IIFF; Mr Vishrut Shrivastava, MD Yodaplus Technologies; Mr Krishnan Subramaniam, Vice Chairman, ICS, UK and discussed the emerging significance of Electronic Bills of Lading and their implications, challenges, applicability and reliability.
The conference was followed by recognition of legal experts by distribution of awards through various dignitaries of the Maritime Industry.
MMT
11th Samudra Manthan Awards Held in Mumbai
- Padmesh Prabhune
The 11th edition of Samudra Manthan Awards 2024 with its theme – ‘Harit Sagar, Surakshit Sagar’ were recently held in Mumbai to honour Maritime Excellence in various categories. While the Shipping Corporation of India, SCI, bagged the prestigious ‘Shipping Company of the Year (Indian)’ award, the Jawaharlal Nehru Port Authority was adjudged as the Major Port of the year, along with the Paradip Port Authority as the ‘Major Port of the Year – East Coast’ followed by the Deendayal Port Authority being adjudged as ‘Major Port of the Year – West Coast’ by the jury members in recognition of its exceptional services to Maritime Trade.
The Jury also bestowed upon the Lifetime Achievement Award to Asok Chattopadhyay, followed by the Outstanding Contribution to Maritime Industry and Mentoring Award to Capt Tarasingh D
Hazari. INS Cdr. Prerana Deostahlee was felicitated by the JNPA Anna Malhotra Award.
Dignitaries of the likes of Dr Surendra Ahirwar, Jt. Sec. Ministry of Commerce & Industry, GOI, Shri Sanjay Bhatia, (I.A.S Retd.), Upa-lokayukta Maharashtra & former Chairman MbPA , Rajiv Jalota, (IAS) Chairperson, Mumbai Port Trust, Capt B K Tyagi, CMD, Shipping Corporation of India, P K Mishra , JMD IRS, Ashish Pednekar Chairman MACCIA Trust Board; MD, GVP Forwarders Pvt Ltd, and Capt Vivek Bhandarkar, CEO Bhandarkar Publications, inaugurated the occasion with lighting of diyas for the event ceremony.
The event was attended by several eminent personalities from the shipping fraternity. The evening witnessed a ceremonial event with much
fun and frolic, along with the Samudra Lehar Pageant; wherein maritime professionals walked down the ramp.
Earlier in the day the event was preceded with a Symposium; ‘Coastal Transformation and Global Challenges’ with couple of ‘Panel Discussions’ held earlier in the day discussing, current trends and deliberating upon the probabilities of due course of strategic action ahead for the betterment of Indian maritime industry. The discussions witnessed participation; equally from the industry veterans along with regulatory bodies exchanging their views and concerns for future development with a three-step focus on i) Playing on competitive edge, ii) developing and enhancing capability, iii) considering alternatives (be it markets and/or routes, and /or opportunities).
The Samudra Manthan Awards honour the best in the Indian Maritime Fraternity through a meticulous selection process conducted by an eminent jury. Since 2009, Bhandarkar Publications Group has been awarding champions in 14 different categories of shipping.
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