GE Shipping Turns Focus to Offshore Service Sector15 Nov 2011 • by Natalie Aster
The Great Eastern Shipping Company (GE Shipping), India’s largest private shipping company and one of the oldest, has made a strategic decision to focus on the lucrative offshore service business, and trim investments in its traditional shipping business. The company will see its offshore portfolio nose ahead of the shipping portfolio in terms of total capital employed in the next 18-24 months. GE Shipping’s total investment in offshore sector stands at $1.1bn, including the $450mn that is committed over next six to eight quarters for building offshore assets. The offshore subsidiary GIL began operations in April 2006, has floated eight subsidiaries, with four of them registered in Singapore and one each in Mauritius, Australia, the UK and India.
Fortnightly Update on Indian Logistics Industry
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Shipping lines double surcharge at 2 key Chennai terminals
Importing materials in containers through Chennai port's private container terminals has become costlier with shipping lines doubling the ‘Chennai trade recovery surcharge' to $130 for a 20-foot equivalent unit (TEU). This is because of the delay in container vessels getting berths due to severe congestion. For exports too, the surcharge has been increased to $65 for a TEU from $35, according to industry sources. The shipping lines said that situation at the two terminals operated by DP World and PSA Singapore, respectively, has not improved in the last few days leading to delays in arrival and departure of their vessels. The average evacuation at DP World Chennai used to be around 1,800 boxes a day but dropped to around 1,200 due to bottlenecks outside the port.
Kerala to give 60 acres of land for setting up maritime varsity
Kerala government will provide 60 acres of land for setting up a full-fledged national maritime university in Kochi, as announced by the chief minister. The Parliament standing committee had recommended setting up of five IMUs - one each at Chennai, Mumbai, Vishakhapatnam, Calcutta and Kochi. IMU, Chennai was established in 2008 as the first experiment. Its success has inspired the shipping ministry to start the other four IMUs as well, depending on the availability of land.
Indo-Pak Railway officials hold meeting to enhance trade through rail
India and Pakistan Railways agreed to extend fresh and brand new rakes to facilitate trade on both sides since there were complaints on part of the traders that damaged bogies caused huge loss to perishable items and cement bags during rainy season.
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