Import/Export Industry Notifications

CIS and West Asian exporters were active compared to the last two weeks, resulting in 88% sale of the offered quantity of 2,28,943 kg. Exporters’ participation in large numbers pushed up prices and sales of leaf varieties at Kochi auctions this week, leading to a reasonable demand.

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The government is optimistic that the critical shortage of standard 20-feet equivalent unit shipping containers that had gripped India and the world earlier this year has been sorted out with a mix of measures undertaken on the policy and industrial sides.

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Container shipping leaders in India generally believe that the country’s abolition of cabotage restrictions on coastal transportation has been a growth driver for containerized trade there.

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Indian steelmakers stand to gain higher prices after China tweaked its import and export levies on steel, signalling that the world’s largest consumer of the alloy is willing to import more to meet its growing requirement.

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Vessels are waiting up to five days for a berth at Chittagong port. This is adding to the distress of importers during the lockdown and the month of Ramadan. Port officials say during Ramadan, working hours at the port have dropped, resulting in less productivity and longer queues for an unloading window.

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The suspension of cargo flights by China's state-run Sichuan Airlines to India is affecting raw material imports from China and disrupting the Indian pharma industry, which is at the forefront of fighting all diseases, including Covid-19.

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The container shipping sector has started to take a step towards the IMO 2050 goals of reducing carbon emissions by 50% – and that is 50% of the total emissions, not unit emissions per teu*mile. The technology is not yet ready for large vessels, but it is already here for smaller vessels.

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Crisil explained that the resale value of a 20-year-old truck is less than a 15-year-old truck, so scrapping makes sense. However, in the base case, the potential benefit is less than the truck's resale value, so scrapping does not make sense.

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The first quarter was a good one for Rotterdam and Antwerp, but with terminals fully stretched as the ports face operational challenges in the weeks ahead.

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