Cabinet clears introduction of new Merchant Shipping Bill
The Dollar Business Bureau In order to simplify the laws governing the merchant shipping in the country, the Cabinet has given its nod for introducing the Merchant Shipping Bill, 2016, in the Parliament. “The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the Merchant Shipping Bill, 2016 for introducing it in the Parliament,” said an official release. The Bill is a revised version of the Merchant Shipping Act, 1958 and provides for repealing of the 1958 act along with the repealing of Coasting Vessels Act of 1838, the release said. Over the years, the 1958 act had become a massive piece of legislation due to several amendments, which are carried out from time to time. Between 1966 and 2014, the Act ...
India re-elected as member of International Maritime Council for 2 years
The Dollar Business Bureau India is among the top twenty ship-owning countries of the world in terms of gross tonnage as well as deadweight In a major boost to its position in the global trade, India has been re-elected unopposed to the 40-member Council of the International Maritime Organisation (IMO) for two years. This re-election gives India an opportunity to engage with the international maritime community and advance India’s maritime interests and promote the welfare of its citizens. “This will result in huge savings for India’s EXIM trade and consumers on account of reduced insurance premium and consequently freight costs. It will improve safety of fishermen and fishing boats, and will also improve the security along India’s coastline,” a Shipping Ministry statement ...
Norms relaxed on diesel imports through old ships to promote ship breaking industry
The Dollar Business Bureau In a deliberate move to give fillip to the ship breaking industry, the government has relaxed norms for Import of High Speed Diesel (HSD) and Light diesel oil (LDO), brought on board in the old ships/vessels for purpose of breaking. Prior to this development, state trading enterprises were taking care of such imports. On an average, oil tankers accounted for 40% of the volumes scrapped during 1993-2004. Some 250 Indian companies are involved in ship-scrapping, mostly along the Gujarat coast. The ship-breaking industry in India is likely to witness hectic activity in the next 10 years with the European Union’s proposed accelerated phase-out of single-hull tankers (20,000 to 30,000 DWT — dead weight tonnage). According to ...
