The shipping sector is facing a challenging time due to the Covid-19 pandemic and its recovery depends on a revival in the global economic activity, rating agency Icra said in Wednesday. The credit profile of Indian shipping companies is expected to remain under stress in the near-term and companies which are highly leveraged will be.

Global schedule reliability of liner shipping companies dropped to the lowest recorded level since Sea-Intelligence introduced the score in 2011. Namely, in February 2020 the schedule reliability was down by a further 3.4 percentage points month on month hitting 65.1%. The reliability of container shipping has been considerably impacted by the lockdown measures related to.

Swiss container shipping giant Mediterranean Shipping Company (MSC) has developed a Suspension of Transit (SOT) container shipping programme to prepare for a recovery in demand for freight services once the impact of the COVID-19 pandemic eases. The programme includes container yard storage in six transshipment hubs across Asia, the Middle East, Europe and the Americas. Specifically,.

The furious speed at which Covid-19 has spread from the most populous of all continents, Asia, to Europe and then to the US killing thousands of people is sending the global economy reeling. As country after country, including India, is enforcing comprehensive lockdown of life, the economic cost of which remains anybody’s guess, all stakeholders of.

As crew changeovers on ships globally becomes a casualty of the safety protocols to combat the spread of coronavirus, the International Maritime Organization (IMO) has urged governments and relevant national authorities to designate professional seafarers and marine personnel, regardless of nationality when in their jurisdiction, as “key workers” providing an “essential service”. In a circular.

A shipping vessel, MV Tomini Destiny, and its crew have approached the Indian government complaining that they are under duress due to unsafe offloading operations in Chittagong in Bangladesh. “The Master and crew have been forced to write direct to the flag State administration, the Indian Government and Indian Unions due to the alleged conduct.

The shipping ministry has directed the dozen state-owned ports on Tuesday to waive demurrage, ground rent beyond allowed free period, penal anchorage/berth hire charges and any other performance related penalties that may be levied on port related activities for the reasons attributable to lockdown measures from March 22 to April 14. To ensure that the.

Indian recyclers are appealing for relief from detention and demurrage charges until May, saying they are a ‘massive burden’ on an industry crippled by the country’s lockdown because of the Covid-19 pandemic. The fees, normally a routine part of the business between shipping lines and importers, are building up as cargoes are stuck at ports.

Seeking to allay public apprehensions over the docking of an Iranian ship at Karaikal port, the district administration on Tuesday made it clear that cargo movement by seaports has been permitted by the Central Government, and that there was no cause for fear since the personal distancing protocol was under strict observance. Urging the people.

To give relief to the importers and to maintain supply chains, the Director General of Shipping has issued an advisory to waive container detention charges on import shipments as a one-time measure to deal with the disruptions arising out of the Covid-19 pandemic. In order to maintain proper supply lines at Indian sea ports, the.