India: Shipowners against move allowing PSU oil firms to import crude on CIF/CFR basis

The Indian National Shipowners’ Association (INSA) has written to the Prime Minister seeking reversal of a recent decision of the Shipping Ministry to allow PSU oil companies to buy 35 per cent of crude imports on CIF/CFR basis. It believes that such a decision will lead to an outflow of $771 million (₹5,685 crore) to
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The High Court of England and Wales in London has continued the injunction first made on 31 August 2018, prohibiting the Government of Djibouti’s port company, Port de Djibouti S.A. (PDSA) from interfering with the management of the joint venture company, Doraleh Container Terminal S.A. (DCT). On 31 August, the Court issued a without notice
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The euro zone needs a “sizeable” and well designed fiscal instrument to fight crises while avoiding moral hazard by member states, the president of the European Central Bank Mario Draghi said on Wednesday. “First, it should be sizeable, so that it can restore full fiscal stabilisation capacity,” Draghi told an audience in Berlin. “And second,
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Ten years ago, China shielded itself from the global financial crisis with a wall of stimulus. Facing President Trump’s tariff onslaught, that feat of self-preservation looks much harder to repeat. The simple reason is that even if President Xi Jinping’s government were to conclude that the economy needed massive spending to keep growth on track,
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A total of eight incidents of armed robbery against ships1 were reported in Asia in August 2018. No piracy incident was reported. There was also no report of abduction of crew in the Sulu-Celebes Seas and no hijacking of ships for theft of oil cargo reported in August 2018. AUGUST 2018 NUMBER OF INCIDENTS In
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Bunker fuel prices at the key Italian port of Genoa have outperformed the nearby bunkering hubs of Gibraltar and Malta due to supply concerns arising from the motorway bridge collapse in the city. Delivered 380 CST bunker fuel at the port of Genoa gained $4/mt on the day Wednesday to $442/mt, while at Gibraltar the
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The European shipowners are pleased with the European Council’s decision of 30 July to extent the mandate of EU NAVFOR Somalia Operation Atalanta until 31 December 2020. The objectives of the Operation Atalanta is the deterrence, prevention and repression of acts of piracy and armed robbery off the Somali coast and the protection of the
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The U.S. and China clashed at a World Trade Organization meeting with Washington demanding reforms to make the Chinese economy more responsive to market forces. Chinese Ambassador Zhang Xiangchen said Beijing wouldn’t respond to heavy-handed tactics. “Extortion, distortion or demonization does no good to resolve the issues,” Zhang said Thursday in Geneva. “Holding our feet
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NEW DELHI: With an objective to deliberate on trade related issues and policy matters pertaining to exports from Eastern India, an interactive session was organized under the aegis of FIEO with Mr Suresh Prabhu, Hon’ble Minister of Commerce & Industry & Civil Aviation on July 7, 2018. The session was attended by leading exporters of
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 Collapse of Indian rupee to a lifetime low of 69.10 against the US dollar will not give an extra edge to domestic exporters, but provide a level playing field in global market, FIEO said recently. Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said the development will not provide any additional support to
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