The Baltic Dry Index; Why India missed the bus
Sheela Mamidenna The Baltic Dry Index on Wednesday stood at 1,162 against a record low of 290 experienced in February. The index shows there has been a four-fold rise in figures. Indian shipping companies could have used this opportunity to reap benefits but failed to do so. This can be considered a missed opportunity and India’s lack of efficient shipbuilding and ancillary industry is to be blamed for it. At a time when Global shipping giants are reeling under pressure, a case in point being Hanjin, the Shipping Giant from South Korea declaring bankruptcy, this could have been the ideal time for India’s shipping industry to grab a share of this market which could be a huge foreign exchange churner for the country. As ...
Indian government announces measures to reform shipping industry
The Dollar Business Bureau The Indian government has taken a slew of measures to help revive India’s shipping industry and more reforms are likely to be announced soon to help speed up the transformation. India’s merchandise trade is heavily dependent on seaborne trade and ports. According to the Shipping Ministry, India’s shipping industry accounts for around 95% of India’s total merchandise trade by volume and 70% in terms of value. Meanwhile, total cargo traffic in India is forecast to grow to around 1,758 million metric tonnes (MMT) by 2017, up about 92% from around 911.5 MMT in 2012. However, complicated procedures, lack of connectivity and slow paperwork has prevented the shipping industry from transforming itself and meet growing needs. ...
