Port Wings Maritime Exim Weekly Newspaper 14 July 2021

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Published from Chennai and Circulated among the trade across the country RNI TNENG/2014/59741

Wednesday, July 14, 2021

8 Pages

Sarbananda Sonowal Reviews Projects of Ports, Shipping and Waterways Ministry New Delhi Port Wings News Network he status of all the ongoing projects of the Ports, Shipping and Waterways Ministry were reviewed by the newly appointed Union Minister Sarbananda

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The minister said that he would make all efforts in order to deliver the responsibility handed over to him. He would also take forward all the good works of the previous incumbent as well as put serious efforts with his new team in a bid to ensure that all the set milestones

Mansukh Mandaviya was earlier the Minister of State (Independent Charge) for Ministry of Ports, Shipping and Waterways, Sonowal is an MLA in Assam Legislative Assembly, and he is a former Chief Minister of Assam.

Sonowal, according to a news report in Financial Express. A few days ago, Sonowal was appointed as the Union Minister of Ports, Shipping and Waterways under Modi Cabinet 2.0. Sanjeev Ranjan, Secretary, Ministry of Ports, Shipping and Waterways, apprised the Union Minister about the status of various projects of the MoPSW. The Union Minister also interacted with all the ministry’s senior officials in his chamber.

of the projects are achieved without any delays, Sonowal said. SONOWAL NEW SHIPPING MINISTER, SHANTANU THAKUR MoS Sarbananda Sonowal, the former Chief Minister of Assam who handled the Sports and Youth Affairs ministry in the PM Modi’s first government, has been given charge of the Ports, Shipping and Waterways portfolio. Sonowal will also handle the Ayush ministry.

Sonowal served as the Union Minister for Sports and Youth Affairs, Government of India, from 2014 to 2016. Sonowal was chosen to be the Chief Minister of Assam after the 2016 Assam Legislative Assembly election and he is the first Chief Minister of the state from Bharatiya Janata Party. Shantanu Thakur, the 38-year-old Lok Sabha MP for Bongaon in West Bengal took charge as Minister of State in Ministry of Ports, Shipping and Waterways.

Carriers Eye $100bn Profits And Are ‘Set Up For Years In A Truly Crazy Market’ Chennai

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Port Wings News Network cean carriers could be on course to make a profit of $100bn this year. And Drewry says their medium-term profitability is virtually assured, due

to a paucity of supply. Even with the flood of orders for newbuild containerships stemmed for delivery in 2023 likely to break all-time records for an injection of liner capacity – and potentially tip the supply-demand scales back in

favour of shippers – carrier profits in the interim will see them “set up for years to come” says the maritime consultant. Drewry’s latest quarterly Container Forecaster report includes Contd. on page -2

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Wing 7 Feather 48

New Delhi Port Wings News Network n order to achieve the objective of Atmanirbhar Bharat, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi on 14 July 2021 approved a scheme to provide Rs.1624 crore over five years as subsidy to Indian Shipping companies in global tenders floated by Ministries and CPSEs for import of government cargo in the following manner: a. For a ship which is flagged in India after 1st F e b r u a r y, 2021 and is less than 10 years at the time of flagging in India, the subsidy support would be extended @15% of the quote offered by the L1 foreign shipping company OR the actual difference between the quote offered by the Indian flag vessel exercising ROFR and the quote offered by the L1 foreign shipping company, whichever is less. For a ship which is flagged in India after 1st February, 2021 and which is between 10 to 20 years old at the time of flagging in India, the subsidy support would be extended @10% of the quote offered by the L1 foreign shipping company OR the actual difference between the quote offered by the Indian flag vessel exercising ROFR and the quote offered by the L1 foreign shipping company, whichever is less.

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The rate at which the above subsidy support is extended would be reduced by 1% every year, till it falls to 10% and 5%, respectively, for the two categories of ships mentioned above. b. For existing Indian flagged ship which is already flagged and less than 10 years old on 1st February 2021, the subsidy support would be extended @10% of the quote offered by the L1 foreign shipping company OR the actual difference between the quote offered by the Indian flag vessel exercising ROFR and the quote offered by the L1 foreign shipping c o m p a n y, whichever is less. For existing Indian flagged ship which a l r e a d y flagged and between 10 to 20 years old on 1st February 2021, the subsidy support would be extended @5% of the quote offered by the L1 foreign shipping company OR the actual difference between the quote offered by the Indian flag vessel exercising ROFR and the quote offered by the L1 foreign shipping company, whichever is less. c. The provisions of this subsidy support would not be available in case where an Indian flagged vessel is the L1 bidder. d. The budgetary support would be provided directly to the Ministry/Department concerned. e. The subsidy support would be extended only to those ships which have bagged the award after the implementation of the scheme. f. Flexibility in allocation of funds for expenditure from one year to another and within the various Ministries/departments of the scheme. Contd. on page -2

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RNI No. TNENG/2014/59741 Postal Registration No. TN/CNIGPO/067/2021-2023 Posted at Pathrika Channel, Egmore, RMS, Chennai-8. Date of Publication - Wednesday, Posted on Wednesday (14.07.2021)


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