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Chinese Authorities Probe Into Transpacific Rates Hitting Record Numbers And Carries Out Investigation For Six Major Liners Recently, the freight rates have soared up high by hitting transpacific rates in the record territory, which has brought forth the investigation of six major liners like Maersk, CMA CGM, Evergreen, Cosco, Hapag-Lloyd and MSC. Following the interesting turn of events with the sudden surge in freight numbers, the Ministry of Transport in China has curated special letters as addressed to the six well-established container lines in the world to come forward with explanations regarding the frequent shooting up of rates. In fact, a considerable number of shippers have raised their doubts regarding the legitimacy of the above-mentioned liners since the worldwide economy is in a disastrous state owing to the devastating Coronavirus pandemic that continues to wreak havoc. According to the Shanghai International Shipping Institute, the sudden rise in freight rates might be the outcome of huge restocking efforts that is prevalent in both the US and Europe. Mundra Port Surpasses The Jawaharlal Nehru Port Trust To Earn The Title Of The Largest Container Handling Port In India The Mundra Port as supervised by The Adani Ports and Special Economic Zone (APSEZ) has outperformed the Jawaharlal Nehru Port Trust in Nhava Sheva to be rewarded with the grand title of the largest container handling port in the country. The Mundra Port has been successful in handling an incredible figure of 0.97 million teus that exceeds the 0.85 million teus as delivered by the JNPT. Owned by the renowned Adani Group, APSEZ has also revealed its financial and operational performance in the first quarter that ended in June with a final throughput of 41.5 MMT along with an operating revenue of Rs.2,293 crores. Even during this troublesome COVID era, APSEZ has been consistent in delivering a brilliant performance with its smoothly running supply chain and doing a great job as a bankable service provider in strengthening the customer-based relations. Andaman & Nicobar Islands Is Likely To Become An Advanced Transhipment Hub In The Near Future The Government has unveiled future plans of transforming the Andaman and Nicobar Islands into a well-established transshipment hub by launching a fully functional transshipment port in Great Nicobar that involves an estimated budget of Rs.10,000 crores. The new transshipment port will serve as a boon for allowing large-sized vessels to safely anchor and also boost India’s share in the maritime trade scenario. Plus, there will be ample opportunities for providing employment to hundreds of enthusiastic individuals looking for a source of income in these rather uncertain and trying times. Andaman and Nicobar will soon be the site witnessing port-led development owing to its competitive distance in the global maritime arena. Also, an enhanced port connectivity by launching a strong network of advanced ports can prove beneficial optimizing India’s trading operations in the 21st century. The rapid construction of the deep-draught inner harbour in Andaman and Nicobar will surely be useful in simplifying the maritime logistics and promote a convenient way of boosting trade in the sea. Hindustan Shipyard Ltd. Emerges Victorious After A Groundbreaking Financial Turnaround With An Admirable Order Book In the wake of the coronavirus pandemic, the maritime sector has been dealing with an immense amount of pressure and so, any bit of positive news is very much welcome. The Hindustan Shipyard Ltd. has achieved a milestone by flaunting a healthy order book and experiencing an appreciable financial turnaround. The shipyard has also managed to bag profits in the past four financial years after a depressing gap of almost four long decades. The Hindustan Shipyard Ltd. is currently constructing two diving support vessels for the Indian Navy along with four 50 tonne bollard pull tugs. The shipyard has also been sanctioned a lucrative contract for building a semi-submersible pontoon for the Indian Navy that is charged at Rs. 450 crores. The Port Of Koper Introduces A Development Project To Boost Its Container Handling Operations While Increasing Capacity The Port of Koper has successfully launched a development project in the midst of the raging pandemic that is well-equipped in container handling services and will go a long way in boosting the overall capacity. The Slovenian port has announced that the first phase of the project is scheduled to be completed by March 2021 and includes a quayside extension that is 98.5m long and 34.4m wide. The second phase is focused on developing the additional stacking areas for newly constructed containers and is likely to be completed by the end of 2022. The daily yard capacity at the Port of Koper will also increase along with the boost in the annual capacity, which will draw remarkable benefits from the major investments in the long run. Sources: https://splash247.com/chinese-authorities-investigate-liners-as-transpacific-rates-hit-record-territory/ http://www.maritimegateway.com/mundra-beats-jnpt-q1-volumes-becomes-indias-largest-container-handling-port/ http://www.eximin.net/NewsDetails.aspx?name=44846 http://www.maritimegateway.com/hindustan-shipyard-boasts-healthy-order-book/ https://www.porttechnology.org/news/port-of-koper-begins-expansion-of-container-terminal