Port Wings Maritime Exim Weekly Newspaper 4 August 2021 Issue

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Aug. 4th - 10th, 2021 Issue

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

Wednesday, August 4, 2021

8 Pages

Parliament Passes Landmark ‘Inland Vessels Bill, 2021’ New Delhi Port Wings News Network arliament on 2 August passed the Inland Vessels Bill, 2021, which aims to replace over 100 years old Inland Vessels Act, 1917 (1 of 1917) and usher a new era in the inland water transport sector and also to fulfil the vision of the Prime Minister, Shri Narendra Modi, to make the Legislative framework user friendly and promote ease of doing business. Shri Sarbananda Sonowal, Minister of Ports, Shipping and Waterways moved the bill in Rajya Sabha on 2 August. Now the bill will be sent for the assent of President of India. Union Minister of Ports, Shipping and Waterways, Shri Sarbananda Sonowal said that the initiative taken is a part of the pro-active approach adopted by the Ministry by repealing colonial laws and replacing them with legislation catering to modern

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and contemporary needs and development of the maritime sector. Shri Sarbananda Sonowal, also File Photo

added that the uniform applicability of rules and regulations will ensure seamless, safe and economical trade and transportation by inland vessels using the inland waterways. Background: Shri Sonowal informed that

to realise the potential of inland water transport and promote it as a supplementary and eco-friendly mode of transport to the congested road and rail network for movement of cargo and passenger, the Government had taken several initiatives and had declared 111 waterways as national waterways. The Inland Vessels Act of 1917 was conceived to be a pure consolidating legislation having limited applicability and purposes. This Act had undergone several amendments and last major amendments done in 1977 and 2007.This Act had provisions for restrictive movement of Contd. on page -2

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Wing 7 Feather 51

Container Crisis, Spiralling Freight Rates To Hit Exports Mumbai

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Port Wings News Network t a time when export prospects are looking up with recovery in global trade, container shortage and spiralling container freight rates continue to haunt exporters, according to a news report in leading daily The Times of India. This twin blow is feared to hit exports. Container freight rates had doubled and trebled in May depending upon the destination of consignments. The situation has worsened as freight charges continue to move upwards unabatedly, said exporters. “Freight rates are surging c o n t i n u o u s l y. The charges for containers are increasing between $500 (Rs 37,000 approx) to $800 (Rs 59,000 approx) every fortnight,” said Ashwin Nayak, founder chairman, Federation of

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Indian Spice Stakeholders (FISS). For instance, a 40-foot long container for a shipment to New York will currently cost around $8,500 (Rs 6.32 lakh approx) which hovered around $7,000 (Rs 5.21 lakh approx) a month ago. The same rate was $2,500 (Rs 1.86 lakh approx) in pre-pandemic level. Some other destinations in the US and Canada have seen container charges reaching about $12,000 (Rs 8.92 lakh approx). For exports to Europe, rates have firmed up to File Photo $5,500 (Rs 4 lakh approx) currently from $4,000 (Rs 2.97 lakh approx) last month. The freight ranged from $1,000 (Rs 74,365 approx) to $1,200 (Rs 89,240 approx) before the outbreak of the pandemic, said exporters. Freight charges have spiralled for most export destinations, including Europe, Canada, Middle East. “Rates for LCL (less-thancontainer-loan) shipment, where small quantity cargoes are grouped together in one container, have surged 3-4 times,” said Bhupendra Patel, chairman (Gujarat) of Basic Chemicals, Cosmetics & Dyes Export Promotion Council Contd. on page -2

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Special Edition

special

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Port Wings plans to bring out a edition on account of 7th Anniversary

The special edition will carry articles from all verticals of EXIM trade and special interviews from well-known personalities in the sector.

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K.Sivakumar - 9444222056, C.U.Satheesh - 9444158179 Marketing Executive : 7305315408 Email: marketing@portwings.in

7

th

LAST DATE FOR ADVT BOOKING 25th Aug. 2021

Year

Anniversary

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 (04.08.2021)


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