logo
Maritime fundamentals remain strong despite US tariffs: Synergy Marine CEO

Maritime fundamentals remain strong despite US tariffs: Synergy Marine CEO

US reciprocal tariffs may cause friction in the short term for the maritime sector but over the long term, India's fundamentals remain strong, says Synergy Marine Group CEO.
US President Donald Trump on April 2 imposed reciprocal tariffs on around 60 countries, including India, disrupting global trade. The US later suspended reciprocal tariffs until July 9 but has imposed base import tariffs of 10 per cent on all countries.
On the likely impact of US reciprocal tariffs and trade uncertainty on the Indian shipping industry, Synergy Marine Group CEO Jesper Kristensen said, In the short term, they (tariff actions) may cause friction.
Over the long term, India's fundamentals remain strong. The country's expanding port capacity, growing export base, and skilled workforce make it a resilient and adaptive player in global shipping, Kristensen added.
Synergy Marine Group is a global ship management company.
When asked about the impact of trade uncertainty on jobs in the shipping sector, Kristensen said that demand for multi-disciplinary maritime professionals is rising, not falling.
"Driven by digitalisation, decarbonisation, and regulation, shipping is transitioning toward skills-based hiring. Demand for multi-disciplinary maritime professionals is rising, not falling.
Our hiring outlook remains strong and forward-leaning. Synergy currently employs over 28,000 seafarers worldwide 70 per cent of whom are Indians. In the current fiscal year, we expect this proportion to increase further, in line with fleet expansion and the growing demand from shipowners for highly skilled Indian officers and crew, he said.
Synergy also has a significant shore-based presence, employing around 3,000 professionals across offices in seven cities in India.
We anticipate an 8 per cent increase in shore-based hiring this year, particularly in technical management, data analytics, crewing, and digital innovation rolesreflecting both our continued growth and the evolving expectations of shipowners globally, Kristensen said.
On future outlook, Kristensen said that the group is focusing on expanding its global footprint through selective new partnerships west of Suez, while further deepening long-standing relationships in Japanits largest and most strategically significant market over the next three years.
We are also progressing into the offshore segment through our joint venture with EDT Offshore, marking a deliberate move into technically demanding and safety-critical operations that are central to the energy transition, he added.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US tariffs: Smartphones, PCs may become expensive for customers, says S&P
US tariffs: Smartphones, PCs may become expensive for customers, says S&P

Time of India

time29 minutes ago

  • Time of India

US tariffs: Smartphones, PCs may become expensive for customers, says S&P

NEW DELHI: Smartphones and personal computers (PCs) may become expensive as a result of manufacturers passing on the higher costs, arising from US tariffs , to end-consumers, S&P Global Ratings said. 'We expect PC and phone makers will pass on the higher cost to customers even if it leads to some demand destruction, especially for consumers who make up 45% of PC sales and most of smartphone sales,' the global credit ratings agency said in a research note, seen by ETTelecom . It noted that smartphone makers, such as Apple and its key suppliers, and personal computer (PC) manufacturers heavily reliant on China, are the most vulnerable to the US tariffs. 'S&P Global Ratings believes the most vulnerable companies are those with the largest reliance on China's integrated technology production infrastructure and the U.S. as a major end market,' it said in the research note. In particular, it said Apple and its key suppliers, including Hon Hai Precision Industry (Foxconn), may be the most disrupted due to reliance on China for production. Apple, with a shipment share of over 60% in the US market as of Q4 2024, faces a risk given its significant reliance on production in China. iPhones account for nearly 50% of Apple's revenue, with the US representing approximately a third of its global smartphone shipments, said S&P. The Cupertino-headquartered firm, however, has been shifting its production supply chain to India, which is expected to cover most of Apple's iPhone shipments to the US by 2026, the credit rating agency estimated. In turn, Korean Samsung 's bulk of production happens in Vietnam and India. 'Vietnam and India account for the bulk of Samsung's production base. Smartphone production is labor intensive, favoring production in countries with low labor costs such as India and Vietnam. Tariffs on these countries pose further risk for the issuers with significant U.S. smartphone exposure such as Apple and Samsung and their suppliers,' said S&P in its research note. Xiaomi is the only outlier that does not have direct exposure to the US consumer market. Its chips, too, are fabricated in Taiwan, and are unlikely to be a target of the US export restrictions, and neither will be subject to China's tariff on US goods. The Donald Trump administration has imposed a 10% baseline tariff on all countries, including India, with China also imposing reciprocal tariffs on the US. Notably, consumer electronics items, including smartphones and laptops, remain exempt from tariffs. However, Trump has threatened to impose a 25% tariff on all smartphone brands, particularly targeting Apple iPhones and Samsung handsets made outside the US, unless they are manufactured in America, the US media reported recently. Apple's vendors nearly doubled exports of iPhones from India in March–a majority to the US–to ₹20,000 crore, from ₹11,000 crore a year ago, ET reported in its April 7, 2025, edition. Recently, the International Data Corporation (IDC) projected that global smartphone shipments may grow by just 0.6% year-on-year to 1.24 billion units in 2025, down from the 2.3% year-on-year shipment growth it forecasted in February. 'Since April 2nd, the smartphone industry has faced a whirlwind of uncertainty. While current exemptions on smartphones have offered temporary relief, the looming possibility of broader tariffs presents a serious risk,' Nabila Popal, senior research director with IDC, said in a report separately. Popal added that despite complexities driven by geopolitical uncertainties and trade risks, India and Vietnam are expected to remain the key alternatives to China for smartphone production. 'However, additional tariffs of 20-30% on US-bound smartphones could post a serious downside risk to the current U.S. market outlook,' she had said. Laptop, PC makers also at risk Beyond smartphones, PC makers Dell, HP and Lenovo are also exposed to tariff risk. S&P said this is due to high input costs, from which tariffs are calculated, and high reliance on China for manufacturing laptops. Desktops, by contrast, are assembled across Asia and Mexico. The credit rating agency estimates the US PC sales contribute to about 15%-20% of the operating profit for each of Dell, HP and Lenovo. S&P noted that Dell's contract manufacturers have already shifted their production of US-bound PCs outside China, while HP is expected to do so by June-end. It, however, cautioned that shifting PC assembly to the US would not meaningfully offset tariff risks, unless components like processors, memory modules and display panels sourced from Taiwan, South Korea and China are tariff-exempted by the US.

How the Satcom permit may force Elon Musk's Starlink to do in India what it has been refusing to do so far: Listen to ...
How the Satcom permit may force Elon Musk's Starlink to do in India what it has been refusing to do so far: Listen to ...

Time of India

time31 minutes ago

  • Time of India

How the Satcom permit may force Elon Musk's Starlink to do in India what it has been refusing to do so far: Listen to ...

Elon Musk 's Starlink recently received a licence from the telecom department for providing satellite internet services (Satcom) in India. The licence is a key milestone that will take it closer towards launching commercial operations in the country. With this, Starlink becomes the third company after Eutelsat OneWeb and Jio Satellite Communications to get a licence from the Department of Telecommunications ( DoT ) to provide satellite internet services in the country. A fourth applicant, Amazon's Kuiper is still waiting for approvals. Starlink's satcom permit from the Indian government may now force the company to do what it had not been doing so far per se, which is cooperate with security agencies on matters related to India's national security. As a report in Economic Times says, the licence will make it mandatory for Starlink to share information, including details of users or owners of satellite kits seized in the country, particularly in the North-East region in the past few months, information that the US company was unwilling to share earlier. When Startlink said no to India's security agencies India's security agencies have reportedly pointed out the misuse of Starlink devices in Indian territory, especially in the border areas, officials said. However, the Elon Musk-owned company has been reluctant to provide details, directing agencies to use US law enforcement or international protocols. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Spiele kostenlos in deinem Browser - Kein Download oder Installation erforderlich! Taonga Farm Jetzt spielen Undo In March this year, the Ministry of Home Affairs (MHA) reportedly asked the Department of Telecommunications (DoT) to investigate, as Starlink's non-cooperation raised concerns. The DoT has not yet submitted its report, but officials note that with the satcom license, Starlink must comply or risk a show cause notice and potential license revocation. Experts have 'security warning' on Satcom services Experts warn that Starlink services in Bhutan and Bangladesh could lead to smuggled terminals in India due to challenges in geofencing international borders. Security remains a priority, and none of the three satcom licensees -- Starlink, Bharti-backed Eutelsat OneWeb, and Reliance Jio-SES -- have so far received security clearances, delaying commercial operations. While OneWeb and Jio-SES have trial spectrum and have conducted security demonstrations, Starlink, which received its Global Mobile Personal Communication by Satellite permit last week, has not yet been allocated trial airwaves. OneWeb and Jio-SES have had Satcom permits and IN-SPACe approval for over two years, while Starlink awaits regulatory clearance. AI Masterclass for Students. Upskill Young Ones Today!– Join Now

Bid to revive J&K tourism: BJP leader plays cricket in Pahalgam; watch video
Bid to revive J&K tourism: BJP leader plays cricket in Pahalgam; watch video

Time of India

time34 minutes ago

  • Time of India

Bid to revive J&K tourism: BJP leader plays cricket in Pahalgam; watch video

Screengrab PTI NEW DELHI: Jammu & Kashmir BJP leader Ravinder Raina on Tuesday played cricket with Pahalgam locals in a bid to revive normalcy in the Valley, which witnessed a sharp decline in tourism after the April 22 terrorist attack at Baisaran meadow. In the clip, the BJP leader was seen bowling and batting with the local kids of the Valley. The efforts are being made from several quarters to revive tourism in Kashmir as travel agents from across the country will converge in Kashmir this weekend to boost tourism in the Valley. The Travel Agents Federation of India (TAFI), which is one of the country's biggest umbrella organisations for agents with over 1,600 members, will be holding its meeting in Srinagar and Pahalgam from June 13-16 to instil confidence among the fraternity. Srinagar hotels and flights commanded a big premium before the Pahalgam attack as Kashmir was seeing unprecedented tourist footfalls post Covid. But after the April 22 attack, tourists already there left Kashmir in droves and those who had plans to visit cancelled the same. J&K is currently focussed on ensuring a safe Amarnath Yatra as they hope that will send out a message that tourists can return to Kashmir. The yatra duration has been curtailed to 38 days, instead of 52 days in 2024, and will be on between July 3 and August 9, 2025. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Your Address of Pride – Signature Global SPR Signature Global Book Now Undo A total of 581 companies from various Central Armed Police Forces, along with personnel from the Jammu and Kashmir Police, will be deployed along the pilgrimage routes to ensure safety of the lakhs of pilgrims. The tourism industry in Kashmir has been badly hit since Pakistan-backed terrorists killed 26 civilians in Pahalgam on April 22. The attack sent a shockwave across the nation, prompting the government to take kinetic action against terror camps deep into Pakistan and Pakistan-occupied Jammu and Kashmir (PoJK). The Indian forces, in a big action, destroyed the terror camps of Jaish and Lashkar located in Pakistan's Bahawalpur and Muridke.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store