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Pharma exporters seek freight sops and logistical support as costs rise
As tensions in West Asia escalate, Indian pharmaceutical exporters are grappling with surging costs. In response, Pharmexcil is advocating for government interventions, including freight subsidies and enhanced logistical support. Meanwhile, companies are pivoting towards alternative shipping routes and ramping up their buffer stocks in anticipation of potential disruptions.
India to add small ships to West Asia from April 15 as freight surges 300%: FIEO
Amidst the turmoil of the West Asia crisis, exporters are grappling with an astonishing 300 percent hike in sea freight rates. In response, India plans to ramp up operations of smaller vessels between India and Gulf nations starting April 15. This strategic shift is designed to alleviate the backlog of shipments and mitigate the effects of soaring shipping expenses.
Iran–Israel War: India’s busiest port JNPA clears the decks as relief steps cut stranded containers
The number of stranded containers at JNPA has seen a remarkable decline. Authorities are actively collaborating with exporters and shipping companies to streamline operations. With newly implemented procedures in place, trade disruptions are becoming less frequent.
Dubai index slides 4% as oil soars on escalating Iran conflict
UAE stock markets saw a sharp decline early Monday. This downturn extended previous losses. The US-Israeli conflict with Iran is widening. Oil prices surged over 25 percent. This jump is due to supply cuts and fears of prolonged shipping disruptions in the Strait of Hormuz. Brent crude saw its biggest daily gain since 1988.
Oil Stocks IOC, HPCL, BPCL Face The Brunt As Crude Prices Skyrocket
Share prices of Oil Marketing Companies (OMC) faced the brunt on Monday as the oil price surged$114 per barrel for the first time since 2022 on Monday after the Iran war intensified, threatening production and shipping in the Middle East.
Saudi Aramco shares surge most since April 2023
Saudi Aramco shares saw a significant jump as the Iran conflict intensified. This ongoing situation is causing oil supply disruptions. Global oil prices are expected to rise further. United Arab Emirates and Kuwait are reducing production. Vital shipping routes are facing near closure. Aramco is rerouting shipments to the Red Sea.
India waives port procedures for cargo forced to turn back due to Strait of Hormuz crisis
India has eased import rules for export shipments returning home. This relief is for 15 days. Vessels can unload cargo at Indian ports without usual procedures. This measure helps traders and shipping lines facing disruptions. Customs will verify details and cancel export incentives for these returned goods. The move aims to support businesses affected by maritime route issues.
Oil and gas prices rapidly rise as Iran war shows no signs of letting up
Oil prices have surged after the US–Israel attacks on Iran escalated into a wider Middle East war, disrupting energy supplies and shipping in the region. Tankers carrying about 20 million barrels of oil a day are stranded in the Persian Gulf due to safety risks around the Strait of Hormuz, while damage to oil and gas facilities has further tightened supply.
Great Eastern Shipping to buy secondhand Kamsarmax Dry Bulk Carrier
The proposed vessel will be financed entirely from internal accruals. The purpose of the acquisition is expansion of the fleet.
GE Shipping expands fleet with new vessel buy
GE Shipping is acquiring a secondhand Kamsarmax dry bulk carrier, expanding its fleet to 41 vessels.
Industrial users stare at propane, natural gas shortage after Qatar halted production
Indian industries face potential propane and natural gas shortages. Qatar has halted liquefied natural gas production following a drone attack. This impacts industrial customers, though household piped natural gas supplies remain unaffected. Companies are monitoring the situation closely. Global energy prices and shipping costs are also rising.
Emergency Conflict Surcharge ups shipping costs for traders
Shipping costs are increasing as carriers implement an Emergency Conflict Surcharge. This charge applies to cargo passing through the Strait of Hormuz and the wider Middle East. One major shipping company is adding between $2,000 and $4,000 per container. More operators are expected to follow suit. This impacts India's imports of crude oil and fertilizers. Traders anticipate further cost hikes.