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Around the SHIPPING WORLD in 1 minute as on 22nd September 2023

Around the SHIPPING WORLD in 1 minute as on 22nd September 2023

(1) Brazilian Iron Ore Exports Surge in August

In the third week of September, we witnessed a significant increase in freight rates across different ship categories, pointing to a strong upward trend. Simultaneously, there’s a notable sense of optimism in China’s economic activities, backed by a series of strategic stimulus measures adopted by policymakers. Over the past few weeks, Chinese authorities have rolled out a comprehensive set of measures aimed at boosting economic growth, supporting the real estate market, and strengthening the national currency.

One particularly noteworthy move came from the People’s Bank of China, which took decisive action by reducing the reserve requirement ratio for banks by 0.25 percentage points to 7.4 percent. This move effectively injected liquidity into the financial system, highlighting their commitment to sustaining economic momentum.

How the Vizhinjam port can transform India’s shipping industry

(2) Wan Hai Offers 2,500 TEU Boxship for Second-Hand Sale

Taiwanese shipping company Wan Hai has made an announcement regarding the sale of its 2,500 TEU container vessel, Wan Hai 302, as a second-hand offering. Potential buyers are invited to submit their bids, acknowledging and complying with the terms outlined in the announcement and the bidding procedure.

After conducting a thorough evaluation, the seller will choose suitable offers to advance to the second round of bidding. The final decision to proceed with the sale will be at the seller’s discretion.

The significance of Marine war risk insurance

(3) Indian Navy Proposes Second Indigenous Aircraft Carrier

In a significant stride towards bolstering India’s indigenous military capabilities, the Indian Navy has submitted a proposal to the government for the construction of a second aircraft carrier, as reported by ANI. The project is expected to be undertaken by the Cochin Shipyard Limited, based in Kochi.

The proposed carrier, known as Indigenous Aircraft Carrier-2 (IAC-2), aligns with the nation’s commitment to achieving self-reliance in the defense sector, in line with Prime Minister Narendra Modi’s “Aatmanirbharta” initiative. If government approval is obtained, building the aircraft carrier at Cochin Shipyard Limited is anticipated to create numerous job opportunities, both direct and indirect.

Prime Minister Modi had commissioned the first-ever indigenous aircraft carrier, INS Vikrant, in Kochi in 2022. The Indian Navy has long advocated for the construction of three new aircraft carriers to ensure at least one fully operational carrier on each coast, enabling a continuous presence in the Indian Ocean Region.

India abolishing cabotage laws to boost coastal shipping

(4) Liberia Issues Notice on Long-Range Identification and Tracking of Ships

The Liberia Maritime Authority has issued a notice regarding the Long-Range Identification and Tracking (LRIT) of ships. This notice offers revised guidance on the implementation, maintenance, and compliance with LRIT requirements for Liberian-flagged vessels. It clarifies LRIT requirements concerning ship terminal conformance testing and ship survey and certification.

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