India plans new container line, maritime expansion
In a move that underscores the country's expanding global ambitions, India announced a multifaceted maritime initiative to bolster trade and widen the country's reach in seaborne commerce.
Plans call for the launch of a new liner operator, Bharat Container Line, which New Delhi hopes will reduce India's reliance on foreign vessel operators.
The project initially envisions a fleet of 100 vessels to ply what published reports described as key trade routes.
By comparison, the world's largest container carrier, Mediterranean Shipping Co., operates almost 900 vessels.National carrier Shipping Corp. of India (SCI) operates just four container ships, two owned and two chartered, according to data compiled by Alphaliner.
This week India Prime Minister Narendra Modi visited ocean carrier CMA CGM's headquarters in Marseilles with French President Emmanuel Macron, for discussions on logistics cooperation.
India also announced a $3 billion Maritime Development Fund aimed at expanding domestic shipbuilding and port infrastructure overseas. India's ambitions compare to the extensive belt-and-road development in other countries by China.
On Wednesday, SCI agreed to a strategic partnership with one of India's largest downstream petroleum importers, government-owned Bharat Petroleum Corp. Ltd., another element of the government's maritime strategy.After imports of Russian crude oil were banned by the European Union following the invasion of Ukraine in 2022, India became a key transshipment hub for diesel, aviation fuel and other products made from discounted Russian oil and sold to buyers in Europe. So much so that Russia replaced Iraq as India's biggest crude supplier, according to the Indian Ministry of Commerce and Industry.
Recent U.S. sanctions on 160 Russian tanker vessels — a 'dark fleet' of older ships with murky ownership — sought to further cut Russia off from crude markets, with partial success. While some ships and their cargo have been halted, others have made their way to terminals in China and India, according to published reports, turning off their satellite identification equipment in order to hide their locations.
Modi is scheduled to meet with President Donald Trump in Washington this week.
Find more articles by Stuart Chirls here.US aircraft carrier, merchant ship collide in Mediterranean
Analyst: Shippers' tariff fears could keep trans-Pacific container rates up during February 'dip'Trump tariffs see retailers boosting US container imports
Hydrogen trucks to get fuel station near busy East Coast container port
The post India plans new container line, maritime expansion appeared first on FreightWaves.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
33 minutes ago
- CNBC
G7 leaders gather in Canada for summit overshadowed by Middle East crisis and Trump's tariffs
Leaders of some of the world's biggest economic powers will arrive in the Canadian Rockies on Sunday for a Group of Seven summit overshadowed by a widening war across the Middle East and U.S. President Donald Trump's unresolved trade war with allies and rivals alike. Israel's strikes on Iran and Tehran's retaliation, which appeared to catch many world leaders unawares, is the latest sign of a more volatile world as Trump seeks to withdraw the U.S. from its role as world policeman. Speaking on a flight to Canada to attend the summit, British Prime Minister Keir Starmer said he had discussed efforts to de-escalate the situation with Trump and Israeli Prime Minister Benjamin Netanyahu, as well as other world leaders. Britain is sending Royal Air Force jets and other military reinforcements to the Middle East. "We do have longstanding concerns about the nuclear program Iran has. We do recognize Israel's right to self-defense, but I'm absolutely clear that this needs to de-escalate. There is a huge risk of escalation for the region and more widely," Starmer said, adding he expected "intense discussions" would continue at the summit. As summit host, Canadian Prime Minister Mark Carney has decided to abandon the annual practice of issuing a joint statement, or communique, at the end of the meeting. With other leaders wanting to talk to Trump in an effort to talk him out of imposing tariffs, the summit risks being a series of bilateral conversations rather than a show of unity. Trump is the summit wild card. Looming over the meeting are Trump's inflammatory threats to make Canada the 51st state and take over Greenland. French President Emmanuel Macron is making a highly symbolic stop in Greenland on his way to Canada, meeting the Arctic territory's leader and Denmark's prime minister aboard a Danish helicopter carrier. Macron, who is one of the very few leaders to have known Trump during his first term, was the first European leader to visit the White House after Trump took office, emerging unscathed from the Oval Office encounter. But despite the two leaders' sporadic bromance, Macron's approach to Trump has failed to bear major results, with France caught up in the president's planned tariffs on the European Union. Nor did it bring any U.S. security guarantees for Ukraine despite Macron's efforts, together with Starmer, to build a coalition of nations that could deploy forces after any ceasefire with Russia, with the hope it would convince the Trump administration to provide backup. Trump is scheduled to arrive late Sunday in Kananaskis, Alberta. Bilateral meetings between other leaders are possible Sunday, but the summit program does not get underway until Monday. Peter Boehm, Canada's sherpa of the 2018 G7 summit in Quebec and veteran of six G7 summits, expects the heads of state to pivot discussion to devote more time to the war. "Leaders can accommodate a discussion, perhaps even a statement," Boehm said. "The foreign policy agenda has become much larger with this." Leaders who are not part of the G7 but have been invited to the summit by Carney include the heads of state of India, Ukraine, Brazil, South Africa, South Korea, Australia, Mexico and the UAE. Avoiding tariffs will continue to be top of mind. "Leaders, and there are some new ones coming, will want to meet Donald Trump," Boehm said. "Trump doesn't like the big round table as much he likes the one-on-one." Bilateral meetings with the American president can be fraught as Trump has used them to try to intimidate the leaders of Ukraine and South Africa. Former Canadian Prime Minister Jean Chrétien told a panel this week that if Trump does act out, leaders should ignore him and remain calm like Carney did in his recent Oval Office meeting. "He tends to be a bully," Chrétien said. "If Trump has decided to make a show to be in the news, he will do something crazy. Let him do it and keep talking normally." Starmer had a warm Oval Office meeting with the president in February, wooing Trump with an invitation for a state visit from King Charles III. Trump has praised the British prime minister, despite their political differences. Last month Britain and the U.S. announced they had struck a trade deal that will slash American tariffs on U.K. autos, steel and aluminum. It has yet to take effect, however, though British officials say they are not concerned the Trump administration might go back on its word. Starmer's attempts to woo Trump have left him in an awkward position with Canada, the U.K.'s former colony, close ally and fellow Commonwealth member. Starmer has also drawn criticism — especially from Canadians — for failing to address Trump's stated desire to make Canada the 51st state. Asked if he has told Trump to stop the 51st state threats, Starmer told The Associated Press: "I'm not going to get into the precise conversations I've had, but let me be absolutely clear: Canada is an independent, sovereign country and a much-valued member of the Commonwealth." The war in Ukraine will be on the agenda. President Volodymyr Zelenskyy is due to attend the summit and is expected to meet with Trump, a reunion coming just months after their bruising Oval Office encounter which laid bare the risks of having a meeting with the U.S. president. Starmer met with Carney in Ottawa before the summit for talks focused on security and trade, in the first visit to Canada by a British prime minister for eight years. German officials were keen to counter the suggestion that the summit would be a "six against one" event, noting that the G7 countries have plenty of differences of emphasis among themselves on various issues. "The only the problem you cannot forecast is what the president of the United States will do depending on the mood, the need to be in the news," said Chrétien. ____ Lawless contributed to this report from Ottawa, Ontario. AP reporters Josh Boak in Calgary, Alberta, Mari Yamaguchi in Tokyo, Sylvie Corbet in Paris, Geir Moulson in Berlin and Nicole Winfield in Rome also contributed to this report.
an hour ago
Macron to visit Greenland to show European support for the strategic Arctic island coveted by Trump
NUUK, Greenland -- French President Emmanuel Macron's first trip to Greenland, the strategic Arctic island coveted by U.S. President Donald Trump, is aimed at shoring up Europe's political backing for Denmark and its semiautonomous territory. Macron's visit on Sunday comes just ahead a meeting of the Group of Seven leading industrialized nations next week in Canada that will be attended by both Macron and Trump. The French president's office said the trip to Greenland is a reminder that Paris supports principles of sovereignty, territorial integrity and the inviolability of borders as enshrined in the U.N. charter. Macron is also to meet with Danish Prime Minister Mette Frederiksen and Greenlandic Prime Minister Jens-Frederik Nielsen. Macron mentioned Greenland last week in his opening speech at the U.N. Ocean Conference, saying it isn't 'up for grabs' in remarks that appeared directed largely at Trump. 'The deep seas are not for sale, nor is Greenland up for grabs, nor are the Arctic or the high seas for sale, nor are fishing licenses in developing countries up for grabs, nor are scientific data and the security of coastal populations to be sacrificed,″ Macron said at the summit in Nice, France. Macron in recent months has sought to reinvigorate France's role as the diplomatic and economic heavyweight of the 27-nation European Union. The French president has positioned himself as a leader in Europe amid Trump's threats to pull support from Ukraine as it fights against Russia's invasion. Macron hosted a summit in Paris with other European heads of state to discuss Kyiv, as well as security issues on the continent. Sunday's visit will also be the occasion to discuss how to further enhance relations between the EU and Greenland when it comes to economic development, low-carbon energy transition and critical minerals. The leaders will also have exchanges on efforts to curb global warming, according to Macron's office. A meeting between Macron, Frederiksen and Nielsen will take place on a Danish helicopter carrier, showing France's concerns over security issues in the region, Macron's office said. Last week, U.S. Defense Secretary Pete Hegseth appeared to acknowledge that the Pentagon has developed plans to take over Greenland and Panama by force if necessary but refused to answer repeated questions during a hotly combative congressional hearing Thursday about his use of Signal chats to discuss military operations. Hegseth's comments were the latest controversial remarks made by a member of the Trump administration about the Arctic island. The president himself has said he won't rule out military force to take over Greenland, which he considers vital to American security in the high north. The Wall Street Journal last month reported that several high-ranking officials under the U.S. director of national intelligence, Tulsi Gabbard, had directed intelligence agency heads to learn more about Greenland's independence movement and sentiment about U.S. resource extraction there. Nielsen in April said that U.S. statements about the island have been disrespectful and that Greenland 'will never, ever be a piece of property that can be bought by just anyone.'
Yahoo
an hour ago
- Yahoo
Carney's first foreign policy test begins at G7 — amid Middle East crisis and Trump's trade war
Prime Minister Mark Carney will welcome leaders of the world's most powerful democratic countries Sunday for the start of a three-day meeting in the Rocky Mountains — a high-stakes summit that longtime G7 observers say could be one of the most consequential in years. Carney's priorities for this gathering in Kananaskis, Alta., reflect the challenges of our time: war and peace, energy security with a focus on critical minerals and artificial intelligence and "securing the partnerships of the future," according to the Prime Minister's Office. This will include talk about U.S. President Donald Trump's aggressive trade actions against Canada and other G7 countries. And as parts of Western Canada go up in flames, Carney has also put wildfires on the agenda. The leaders will discuss bolstering joint responses to climate disasters and some sort of "wildfire charter" is expected. Israel's strikes against Iranian nuclear facilities and military sites, which began Friday, could overshadow the discussions on the official agenda. The guest list for the summit, which includes India's Narendra Modi, has drawn some domestic criticism but Carney has argued that big global challenges should be addressed by the world's big players — even if there are some lingering tensions."It's a landmark summit because never before have these leaders had to confront so many strong, simultaneously interconnected crises," said John Kirton, director of the G7 Research Group at the University of Toronto. Kirton is pleased with the guest list Carney has assembled, saying there are more leaders of consequence coming to Kananaskis than perhaps any other such meeting in recent memory. In addition to the G7 members and India, Brazil, South Africa, United Arab Emirates, South Korea, Ukraine, Mexico and Australia — the secretaries general of the UN, NATO and EU along with the head of the World Bank will be there for at least part of the proceedings. When Trudeau hosted in 2018, Canada's guest list included leaders from "overwhelmingly little countries" with a focus on those facing endangered by rising shorelines like Jamaica, the Marshall Islands and the Seychelles, Kirton said. "Carney's list — it's a great one," Kirton told CBC News. "If you really want to lead the world, and not just the G7 part of the world, then you want the next tier of the biggest leaders there at the table." Leaders will begin to arrive Sunday and then be ferried by helicopter to the summit site. Monday's session will be broadly focused on the economy and "economic peace," and then security matters, government officials said in a background briefing. The second day will be when the non-G7 leaders will be brought in. It's also when Ukraine will be a major focus. Carney personally invited Ukrainian President Volodymyr Zelenskyy to discuss a path forward for that war-torn country. Trump has been hostile to Ukraine at times as he pushes for a swift resolution to the war Russia started — but he has largely maintained U.S. military support and anti-Russia sanctions despite some of his tough talk. On trade and Ukraine, the summit's success will depend on what Trump does or does not do, said Fen Hampson, a professor of international relations and the co-chair of the expert group on Canada-U.S. relations at Carleton University. "Even when it comes to his tech bro buddies, things can go sideways pretty quickly," Hampson said. "That's really the big risk here — does the president arrive in a good mood willing to do business, or is he in a bad mood?" While he's not expecting Trump to drop all of his tariffs after a few days in the mountains, Hampson said a U.S. "commitment to work together in a positive way" and revisit trade actions could be spun as a win by Carney. A commitment from Trump to stay the course in Ukraine would also be well-received by Carney and the Europeans in the room, Hampson said. To secure that sort of shift, Europe may commit to dropping policies that irritate Trump, including its digital services tax, while Canada could play up its newfound commitment to a stronger military and more defence spending, longtime U.S. demands, Hampson said. But depending on Trump to play nice is a risky proposition, he said. "Carney is more than just the head waiter at this meeting," Hampson said. "This is going to be a real test of his own negotiating skills." Increasing tensions in the Middle East after Israel launched airstrikes in Iran will further test Carney. Iran fired dozens of missiles toward Israel hours later. "With Israel's attack on Iran, the Israeli-Palestinian conflict and Iran-Israel dynamics have to be at least informally on the agenda," University of Ottawa political science professor Thomas Juneau said. "It makes Prime Minister Carney's job way more complicated than it already was." No joint communique Unlike at past G7 summits, Canada is not planning to get all leaders to agree to a joint communique — a sometimes unwieldy list of priorities and accomplishments that all countries agree to sign. Instead, Canada has been working with the other countries ahead of time to secure leaders' approval on a series of short, joint statements focused on concrete actions and outcomes in key areas, a senior government official said ahead of the summit. This strategy could be interpreted as a way to avoid what befell the 2018 G7 meeting Canada hosted in Charlevoix, Que. Trump did not want to sign on to a series of climate change-focused measures — something former prime minister Justin Trudeau made a priority at those talks despite Trump's well-known hostility to environmentalism. The president ultimately agreed to the joint communique while withholding U.S. support for some green measures — but then torpedoed G7 unity entirely in a series of post-summit tweets, saying he was offended by what Trudeau said at a closing news conference. Rather than squabble over policy measures Trump will never support, Carney is focused on getting G7 leaders to coalesce around things that have a reasonable chance of garnering a consensus, a senior government official said. The government is framing this agenda as a more streamlined, focused document than the last one. Trudeau, by comparison, tried to get G7 support for 28 areas of agreement in Charlevoix. Trump may be the sticking point on trade and Ukraine, but Kirton said Carney's program suggests Canada is setting up this meeting to be a success on other issues. "If you're going to hit home runs, you really need the U.S. to go along with you. On many of Mark Carney's priorities, it's easy to see Donald Trump agreeing," he said, referring to defence spending, AI and a move to crack down on deadly drugs like fentanyl. "Carney has said he wants Canada to be a global leader. This is the way to make that happen — if he can pull it all together on the spot."
