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Landed prices of imported edible oils move up despite halving of duty
New Delhi
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The landed price of major edible oils has risen by 3-5 per cent during the week ended June 20 as compared to the previous week that ended in June 13, data from industry bodies show.
The upward movement is despite India lowering import duties on crude oils by 10 percentage points, a 50 percent reduction, last month to ease inflationary pressures and to ensure steady supplies.
In fact, consumer price index-based inflation (combined) for most edible oils has remained stubbornly high since January 2025 despite overall food inflation coming down, prompting the Department of Food and Public Distribution (DFPD) to
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Time of India
12 minutes ago
- Time of India
China's automakers are taking a shortcut to European markets
Live Events BEIJING: Chinese automakers are shipping cars to Europe through the Red Sea and Suez Canal , nearly two years after the Iran-backed Houthi militia in Yemen started attacking vessels in the critical Middle East transit automakers are still shipping cars from Asia by way of a much longer, and expensive, trip around month, at least 14 car-carrier ships traveled from Chinese ports to Europe through the Red Sea and Suez Canal, according to a new analysis by Lloyd's List Intelligence , a British maritime information service. About the same number made the voyage in trips have continued even after the Houthis used drones, grenades and gunfire to sink two other cargo ships early last month. The militia group says the attacks are in solidarity with Palestinians living through Israel's war against Hamas in the Gaza shipping analysts assume that the Chinese government has reached an understanding with Iran or the Houthis not to harm car-carrier ships from China . It seems that "China has found a way to deal with the Iran-backed Houthi rebels, and they have been told that their ships will not be targeted," said Daniel Nash, associate director of valuation and analytics at Veson Nautical, another maritime data through the Red Sea and Suez Canal saves 14 to 18 days on each round trip between Asia and Europe, compared with going around Africa. This reduces costs for fuel, crews and the ships themselves by a couple hundred dollars per around Africa "adds considerable costs to a shipowner's fuel bill, increases pollution from the vessel and ultimately adds costs for buyers of new cars," said Rob Willmington, a senior analyst at Lloyd's List who led the review of voyages by car-carrier savings help Chinese automakers compete in Europe with Japanese, Korean and European automakers, which rely on European and Japanese shipping lines that are not using Red Sea automakers face other costs -- thousands of dollars for each car -- from tariffs the European Union imposed on electric vehicles from China last and other Chinese automakers have partly bypassed those tariffs by sending hybrid cars that mainly use battery-powered electric motors with small gasoline engines as other commercial vessels, including big container ships belonging to the state-owned China Ocean Shipping Co., known as Cosco, have been avoiding the Red Sea and Suez Canal since the Houthi militia began sinking or hijacking ships near Yemen in November 2023. Shipowners in Europe and Asia mostly refuse to allow companies to charter their vessels for such trips. Commercial insurers in London have become wary of insuring such voyages, charging higher rates when they automakers, notably BYD and SAIC Motor, have taken delivery in recent months from Chinese shipyards of some of the world's largest ships designed specially to carry cars. The automakers are sending these newly built vessels through the Red Sea anyway. Built in shipyards on or near the Yangtze River, these ships have a dozen decks and can carry as many as 5,000 cars, worth a total of $100 million or more, on each state-owned SAIC Motor, previously known as the Shanghai Automotive Industry Corp., and BYD did not respond to requests for comment. In addition to Chinese-owned ships, several car-carrier ships owned by a South Korean company or by a joint venture of businesses in Abu Dhabi, United Arab Emirates, and Turkey also sailed through the Red Sea and Suez Canal in June and July after stopping at car-loading ports in China, Willmington a written reply to questions, China's Ministry of Foreign Affairs did not mention car-carrier ships but said that "China has been playing an active role in easing tensions since the situation in the Red Sea escalated, and will continue to contribute to the early restoration of peace and tranquility in the Red Sea."China buys almost all of Iran's crude oil exports, which represent 6% of Iran's economy and are equal to half of the Iranian government's annual budget. Chinese officials contend that boycotts of Iran's oil exports were organised by the West but never approved by the United Nations, and so are not binding on Chinese oil Houthis announced July 28 that they would continue their campaign of attacks on ships that they believe have any connection to Israel or Israeli ports. The campaign began soon after Hamas militants from Gaza attacked southern Israel on Oct. 7, of the first Houthi targets, and the best-known incident, involved the hijacking in November 2023 of the Galaxy Leader, a car-carrier ship that was traveling back empty from Europe to Asia. The ship's 25-member crew was held hostage for 14 months in Yemen and finally released in January, but the Houthis kept the ship at a Yemeni Israeli air force bombed the vessel a month ago after reports that the Houthis were using a sophisticated radar system on the ship to track potential targets in the Red Sea for attacks.
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First Post
an hour ago
- First Post
Has China cut a deal with Houthis? Its car cargo sailing through Red Sea, others still taking a detour
An analysis by Lloyd's List Intelligence, a British maritime information service, has said that at least 14 car-carrier ships passed through the Red Sea and Suez Canal from China to ports across Europe last month read more Advertisement (File) USS Carter Hall and amphibious assault ship USS Bataan transit the Bab al-Mandeb strait. AP/Representational image Unlike other cargo ships, China is shipping its automobiles to parts of the world via the Red Sea and the Suez Canal, even amid the Iran-backed Houthi group's continued aggression in the region that has forced merchant vessels from other countries to take a different route. An analysis by Lloyd's List Intelligence, a British maritime information service, has said that at least 14 car-carrier ships passed through the Red Sea and Suez Canal from China to ports across Europe last month. STORY CONTINUES BELOW THIS AD The voyage occurred despite Houthis using drones, grenades and gunfire to sink two cargo ships last month. The terror group says that its attacks are motivated by solidarity with Gazans in Palestine. Why is China getting special treatment? Shipping analysts believe that the Chinese government has reached an understanding with the Houthis or Iran not to harm car-carrier ships from China. Daniel Nash, associate director of valuation and analytics at Veson Nautical, told the New York Times, 'China has found a way to deal with the Iran-backed Houthi rebels, and they have been told that their ships will not be targeted.' Travelling through the Red Sea and Suez Canal saves 14 to 18 days on each round trip between Asia and Europe, compared to the longer route around Africa. This shorter passage cuts down on fuel, crew expenses, and overall shipping costs by several hundred dollars per car. What are the other routes? Houthi rebels in Yemen, seeking to stop Israel's offensive against Hamas in Gaza, are attacking cargo ships plying the waters connecting Asia with Europe and the United States, forcing traffic away from the Suez Canal and around the tip of Africa. The disruption is causing delays and driving up costs, at a time when the world has yet to vanquish a resurgence of inflation. Escalating Houthi threats have triggered rerouting of global shipping via the Cape of Good Hope, with far-reaching consequences, from elevated freight and insurance costs to extended delivery times, emissions spikes, humanitarian delays, and regional port shutdowns. Governments and shipping firms are responding with naval protection, international coordination, and structural adaptations to safeguard vital trade routes.
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Business Standard
3 hours ago
- Business Standard
Man Industries shares plunge 10% as revenue drops; check Q1 breakdown here
Shares of Man Industries fell over 10 per cent on Tuesday after the company reported a marginal decline in revenue in the June quarter of the current financial year (Q1FY26) The iron and steel products maker's stock fell as much as 10.11 per cent during the day to ₹398.1 per share, the biggest intraday fall since April 7 this year. The stock pared gains to trade 7 per cent lower at ₹412 apiece, compared to a 0.20 per cent advance in Nifty 50 as of 9:40 AM. Shares of the company are down 6 per cent from their peak in June and currently trade at 15 times the average 30-day trading volume, according to Bloomberg. The counter has risen 11.8 per cent this year, compared to a 4.2 per cent advance in the benchmark Nifty 50. Man Industries has a total market capitalisation of ₹2,771.77 crore. Man Industries (India) Q1 results The company reported a 44.99 per cent year-on-year (Y-o-Y) increase in net profit to ₹27.62 crore for the quarter ended June, compared with ₹19.05 crore in the same period last year. The growth came despite a 0.88 per cent decline in sales to ₹742.13 crore from ₹748.70 crore a year earlier. At the operating level, Ebitda rose 28.2 per cent to ₹49.4 crore from ₹38.5 crore, with the Ebitda margin improving to 6.6 per cent from 5.1 per cent in the year-ago quarter. The company's executable order book stood at ₹3,200 crore as of June 2025, with deliveries scheduled over the next six to 12 months. It also has a bid pipeline of around ₹15,000 crore. The company said that the export volumes in the quarter were impacted by deferments in certain scheduled consignments due to vessel availability issues arising from the Iran-Israel conflict. These shipments are now in transit and are expected to be accounted for in the current quarter. Man Industries management commentary The company reaffirmed its FY26 revenue growth guidance of 20 per cent, supported by the strong momentum expected in the second half of the fiscal year. "This confidence is underpinned by our robust production schedule for H2FY26 and steady order inflows, which are set to significantly enhance capacity utilisation." "The strong rise in profitability and healthy margin expansion this quarter underscores the resilience, scalability, and operational excellence of our business model," Nikhil Mansukhani, managing director, said. "With our capacity expansion projects in Saudi Arabia and Jammu progressing well, we are well on track to enhance production capabilities, drive efficiencies, and strengthen our footprint in both domestic and international markets."
