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Around the SHIPPING WORLD in 1 minute as on 19th September 2023

Around the SHIPPING WORLD in 1 minute as on 19th September 2023

(1) Hazira Port Resolves Dispute Over Container Levy with New Agreement

The Adani Hazira Port has successfully resolved a disagreement regarding an additional fee it had planned to impose. Three well-established container freight stations (CFSs) that serve Hazira Port have now agreed to a new service level agreement. This agreement requires them to promptly clear containers selected by shipping lines within specific timeframes. If they deviate from these timeframes, they will face charges based on the terminal tariff rates. Under this revised agreement, the timeframe for container clearance has been set at 6 days for exports and 4 days for imports at Hazira Port. If the CFSs fail to meet these agreed-upon deadlines, they will be responsible for the charges specified in the terminal tariff. Adani Hazira Port communicated this resolution through a revised advisory. In a previous customer advisory dated August 25, Adani Hazira Port had announced its intention to levy additional charges of Rs 2,500 for a 20 ft container and Rs 4,000 for 40 ft and 45 ft containers when import-loaded containers were taken to a CFS as designated by the shipping lines. Additionally, CFS operators were instructed to maintain a Pre-Deposit Account (PDA) balance at the terminal starting from September 8 to facilitate invoicing for CFS nomination charges related to import-laden containers.

(2) 10 Land Customs Stations to Be Established in Bihar Along Indo-Nepal Border: Shah

Union Home Minister Amit Shah announced on Saturday that the Central government has chosen 10 locations to create Land Customs Stations (LCS) in Bihar along the international border to enhance trade between India and Nepal. An LCS is a facility that provides transit, customs, immigration, and cargo handling services for goods and passengers traveling between two neighboring countries. Shah stated, “The Centre is in the process of setting up a total of 19 Land Customs Stations along the Indo-Nepal border to boost bilateral trade between India and Nepal. Out of these, ten will be in Bihar.” These 10 Land Customs Stations will be established at Galgalia (Kishanganj district), Bairgania (Sitamarhi), Bhimnagar and Kunauli (Supaul), Jainagar (Madhubani), Valmiki Nagar (West Champaran), and several other places. Shah made this announcement during an event inaugurating a newly constructed residential building complex of the Land Ports Authority of India (LPAI) near Jogbani Integrated Check Post in Araria district of Bihar.

(3) Bunker Platform ENGINE Launches Fuel Trading Service

Five years after launching a bunker information and news platform, ENGINE has expanded into bunker trading by launching a new global marine fuel trading service. ENGINE decided to enter the trading arena with its newly formed bunker company, ENGINE X, after observing the challenges clients frequently face when conducting trades in a market that has become increasingly complex. According to ENGINE X, what used to be just two main fuel grades has now expanded to include a variety of fuel types and grades, including new renewable options like biofuels, green methanol, bio-LNG, and hydrogen. Demand for these alternative fuels for bunkering is expected to grow rapidly from a small base as global and regional environmental regulations make it progressively more costly to rely on fossil fuels. ENGINE X noted that these fuels exhibit wide variations in calorific content and combustion performance, and having a deep understanding of them can be crucial for clients who are grappling with cost control while also striving to comply with increasingly stringent regulations.

(4) India’s Steel Tycoon Plans $336 Million Share Sale of Port Unit

JSW Infrastructure will launch its initial public offering (IPO) on September 25 and close it on September 27. The price range for the IPO has been set at ₹113-119 per equity share. The steel-to-power conglomerate led by Sajjan Jindal is unlocking the value of its ports business after a hiatus of 13 years. Its power business, JSW Energy, went public in 2010. JSW Infrastructure is India’s second-largest private port operator, following Adani Ports & SEZ. In a rare move, the public issue consists entirely of fresh shares worth ₹2,800 crore, with no shares being sold by the promoters. With the proceeds from the IPO, the company plans to repay ₹880 crore of its outstanding debts, finance capital expenditures of ₹865.75 crore for an LPG Terminal Project, establish an electric sub-station, purchase and install a dredger, and expand the Mangalore Container Terminal. The remainder will be used for general corporate purposes.

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