Ship owner asked to pay ₹125 crore for Kerala mishap
(You can now subscribe to our Economic Times WhatsApp channel
Mumbai: The owner of the container ship 'MSC ELSA 3' that capsized and sank off the Kerala coast on May 25 is liable to pay ₹125 crore for pollution clean-up, salvage, wreck removal and compensation to affected parties, which is 1.32% of the ₹9,531 crore compensation sought by the state government. This is because, per an international treaty known as the Convention on Limitation of Liability for Maritime Claims adopted by the International maritime Organisation, a shipowner's liability is capped depending on the ship's size/tonnage and the nature of the incident. "For MSC ELSA 3 , this limit is currently estimated at ₹125 crore. This is the realistic maximum payout under law, not the exaggerated figures being tossed around," a government official said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
3 hours ago
- Time of India
38 trains in Tamil Nadu to get additional stoppages from Aug 18: Union Minister
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel As many as 38 trains running across Tamil Nadu will have additional stoppages from August 18 based on public demand, Union Minister L Murugan said on to reporters here, Murugan also said the Centre has sanctioned about Rs 10 lakh crore in the last 10 years to implement social welfare schemes including modernisation and expansion of national highways, airports and ports in Tamil said he received petitions from the public demanding that express trains, superfast trains and passenger trains stop at additional railway stations in different parts of the state, and that he took the matter to the attention of Railway Minister Ashwini who accepted the demands of railway passengers, issued the necessary orders for extra stoppage, the minister of State for Information & Broadcasting and Parliamentary Affairs, additional stoppages include Ambur for Chennai Central-Shivamogha Weekly Superfast Express. The Dhanbad-Alappuzha Express will stop at Gudiyatham and Vaniyambadi for two minutes the Coimbatore-Nagercoil Express Train will stop at Irugur and Singanallur. This train will also stop at the above mentioned stations in the opposite direction and additionally at Melappalayam. The Puducherry-Kanniyakumari Express will stop at Valliyur for the convenience of further said the Central government has given Rs 6,626 crore for the state's railway projects in the Congress-led UPA regime between 2009-2014, this allocation was Rs 879 crore, he the Amrit Bharat Railway Stations Scheme , work was being carried out at fast pace to upgrade 77 railway stations in Tamil Nadu at an estimated cost of Rs 2,948 this scheme, Rs 800 crore has been allocated for the redevelopment of Chennai Egmore Railway Station and work is being carried out. Similarly, the reconstruction work of Madurai, Rameswaram, Kanyakumari, Katpadi and Salem railway stations is underway in full swing, a press release quoted him as said work of laying new tracks for a distance of 2,587 kilometers was underway at an estimated cost of Rs 33,467 crore, and 10 new railway lines, 3 broad gauge railway lines and 9 double-track lines are being on the Maduravoyal-Chennai Harbour elevated project was also progressing at 'full speed,' it quoted him as saying.
India.com
4 hours ago
- India.com
China to fail in its rare earth game as India hits JACKPOT of rare metals in...
Representational Image India rare earth elements: In a major discovery that could lead in India becoming self-sufficient in Rare Earth Elements (REEs), and even challenging China's overwhelming dominance in the sector, massive deposits of these rare minerals have been found in the Papum Pare in Arunachal Pradesh, according to officials. What REE reserves were discovered in Andhra Pradesh? As per a recent report released by India's Ministry of Mines, a large deposit of neodymium, a rare earth metal widely used in electric vehicles (EVs), modern electronics and rare earth magnets, was discovered in the region, the Economic Times reported. Additionally, REE deposits have been discovered in Karbi Anglong in Assam and Sung Valley in Meghalaya, while similar deposits are believed to exist in Singrauli region of Madhya Pradesh, the ministry said. Experts believe the crucial discovery of REE deposits would enable India to reduce its massive dependence on China for rare earth exports, which accounts for up to 90% of total REE exports to India. An indigenous supply of rare earth metals could boost India's technological and industrial development as well as propel the country's economy to the next level. Additionally, India will no longer be at the mercy of China's policies as local reserves would ensure uninterrupted supply. How India can become self-sufficient in REEs? At present, India's produces a tiny 1% of world total REE production, while China dominates the market, with 70% REE production and owning 90% the refining capacity. This means that India would need to increase REE production and refining at war footing on become self-sufficient and reduce dependence on China. According to official estimates, China controls more than 90% production of rare earth magnets, but imposed restrictions on their export in April in response to the tariffs imposed by US President Donald Trump. Why India needs rare earth magnets? Super magnets or rare earth magnets are used in the manufacturing of all kinds of advanced equipment ranging from electric vehicles (EV) to military drones and radar systems. According to industry estimates, India expects to import 700 tonnes of magnets worth $30 million this year, a major chunk of which comes from China. As per customs data, Chinese exports of permanent magnets fell 51% to 2,626 tonnes in April after the export ban came into force, while India imported 460 tonnes of rare earth magnets, most of which came from China, in the financial year that ended on March 31, 2025.
Time of India
8 hours ago
- Time of India
E20 rollout sparks consumer concerns: Mileage dip, engine woes reported — what car owners say about use of ethanol-blended petrol
Ethanol-blended petrol worries consumers (AI-image) The nationwide rollout of 20 per cent ethanol-blended petrol (E20) has triggered a wave of questions and concerns from vehicle owners, with many claiming declining fuel efficiency, sluggish performance and higher maintenance costs. Service centres say non-E20-compliant vehicles — which still account for a majority on Indian roads — are facing engine wear and gasket failures, forcing consumers to recalibrate or replace parts. Car owners were quoted by Economic Times an their experience and opinion on government's Ethanol-based fuel. Mileage and performance hit? Rahul Vaidya, who owns a 2019 Volkswagen Vento, saw his car's mileage fall from 11–12 kmpl to 7–8 kmpl. 'The ride felt heavier, and the response wasn't as crisp,' he said, before a service centre confirmed his car wasn't E20-compliant. After replacing critical components and recalibrating the engine, performance was restored. Mahesh Nair, who drives a 2021 Suzuki Brezza, reported a similar drop of over 20 per cent in mileage, along with jerky drives and poor pick-up. His vehicle required ECU tuning and E20-compatible parts to resolve the issues. 'I had no idea my car wasn't ready for E20 in the first place,' he said. Industry executives estimate non-E20 vehicles may see fuel efficiency fall by around 7 per cent, while official studies, including those by the Automotive Research Association of India (ARAI) and the Petroleum Ministry, peg the drop at 1–6 per cent. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why this MBA won't break the bank SRM Online Learn More Undo ARAI director Reji Mathai said field trials had shown 'no abnormalities,' though some plastics and elastomers did degrade under testing. Policy push vs consumer awareness The ethanol-blending programme is central to India's energy strategy. From April 2023, all new vehicles were required to be E20-compliant, with stricter enforcement beginning April 2025. Yet, nine out of ten cars currently on the road are only E10-ready, designed to handle a maximum of 10 per cent ethanol. Consumers, however, appear largely unaware. 'There's a glaring gap in awareness. OEMs must educate car buyers. Consumers are stakeholders too,' said Naveen Soni, former president of Lexus India. Two-wheeler maker Hero MotoCorp has issued advisories warning older vehicles may need modifications to run smoothly on E20. Some automakers have also hinted warranties may not hold for vehicles running on higher ethanol blends. Oil companies maintain additives are being introduced to limit corrosion. Brazil's decades-long experience with flex-fuel technology is often cited as a model, though experts note India's consumer transition is proving more abrupt. For the government, the programme has saved over Rs 1.44 lakh crore in foreign exchange since 2014, substituted 245 lakh metric tonnes of crude, and cut CO₂ emissions by the equivalent of planting 30 crore trees. Ethanol demand has also boosted sugarcane farmers' incomes, with payments this year alone expected to touch Rs 40,000 crore. But for vehicle owners, the immediate impact is higher fuel bills and repairs. 'E20 has a lower heat content than pure petrol, so a marginal drop in fuel efficiency is inevitable,' said IV Rao, Distinguished Fellow at TERI. 'The extent will vary by manufacturer and model, but consumers must not be left in the dark.' Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
