Latest news with #SynergyMarineGroup
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Business Standard
25-04-2025
- Business
- Business Standard
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.
Time of India
25-04-2025
- Business
- Time of India
India's maritime fundamentals remain strong despite US tariffs, says Synergy Marine CEO
Mumbai: 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. #Pahalgam Terrorist Attack Pakistan suspends Simla pact: What it means & who's affected What is India's defence muscle if it ever has to attack? Can Pakistan afford a full-scale war with India? 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. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo 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. Live Events "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% 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% increase in shore-based hiring this year, particularly in technical management, data analytics, crewing, and digital innovation roles-reflecting 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 Japan-its 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.
CBS News
25-03-2025
- Business
- CBS News
It's been 1 year since Baltimore's Key Bridge collapsed. Where does the rebuild stand?
One year ago, Baltimore's iconic Francis Scott Key Bridge collapsed in the middle of the night after it was struck by a large cargo ship leaving the Port of Baltimore. The deadly collapse crippled the port - and traffic around Baltimore - for months. Within a matter of months, state and federal leaders collaborated to fund and reconstruct a brand-new bridge, which is expected to be finished by the fall of 2028. On March 26, 2024, investigators said the DALI , a 948-foot vessel managed by Singapore-based company Synergy Marine Group, lost power before crashing into the Key Bridge. Six construction workers performing road work on the bridge died after falling into the Patapsco River. The National Transportation Safety Board (NTSB) said the ship lost power four times in 12 hours before the collision. Earlier this month, the NTSB faulted the Maryland Transportation Authority (MDTA) for not conducting a critical vulnerability assessment on the Key Bridge, which it said could have identified the structure's risk of collapse. The NTSB review found the level of risk for a catastrophic collapse for the Key Bridge was nearly 30 times higher than acceptable risk levels. "The MDTA would've had information to proactively identify strategies to reduce the risk of a collapse and loss of lives associated with a vessel collision with the bridge," MDTA chair Jennifer Homendy said when releasing the board's findings. The Key Bridge construction is expected to cost about $2 billion and it could take at least four years to complete. Here's where we stand: Maryland leaders unveiled the vision of the new Key Bridge in February. The rebuild will visually mimic the original bridge's architecture while having structural improvements. Officials said the new bridge will be taller, to accommodate ship traffic with ease. The cable stay design of the new bridge will allow the federal shipping channel to expand from 700 ft. to 1,000 ft. wide. The base of the bridge will also be raised to 230 ft., which is a 45-foot increase to accommodate ship traffic. The roadway will still be two lanes wide going in each direction. Other pier support structures will be implemented to secure the structure. According to the MDTA , other bridge features include: "Our new bridge will also be constructed in accordance with the most advanced industry standards and the very best in infrastructure design," Maryland Gov. Moore said. "We are going to use the best materials available and employ many Marylanders to build it." In December 2024, Congress passed a deal on a federal spending package , which allocated $100 billion for disaster relief, including the entire cost of a new Key Bridge. At the time, Maryland Gov. Wes Moore said the efforts to complete the work on a new Key Bridge were "on time and on budget." "The collapse of the Francis Scott Key Bridge was a national crisis, and meeting the moment would require an act of national unity," Moore said. "Now, we must bring our work to completion by rebuilding the Francis Scott Key Bridge." In the spring, demolition will begin to remove the remaining pillars of the Francis Scott Key Bridge. Immediately after that, Gov. Moore said construction will begin. In-water construction of the new bridge, which will connect the I-695 Baltimore Beltway, is expected to begin in the fall of 2025, but that will also require permit verification from the U.S. Coast Guard, according to officials. MDTA anticipates the new Key Bridge to reopen by October 15, 2028 .
