indian shipping companies headed for troubled waters
The center\'s motion to abolish the right to preemptive (ROFR) Terms of transport of goods in India- Ships flying flags The only benefit of Indian shipping companies is Threatening the survival of the domestic shipping industry. Indian shipping companies expect a bleak future A combined fleet of 1,372 ships with a total capacity of 12. 35 million gross tonnage (GT)— Thinking about going. Register ships from India and fly flags in tax havens in Panama and the Bahamas to survive and compete with foreign companies. Due to the recent relaxation of the norms in favor of foreign shipping companies, the government is now ready to cancel the ROFR clause, which ensures that India- Registered vessels transport Indian bulk dry/liquid goods from Indian public and private sector companies at the lowest price quoted by foreign shipping companies at a price that matches the price. Therefore, while it will not add any additional costs to importers or exporters, it provides guaranteed business to the national fleet at the price quoted on foreign routes. At present, 92% of India\'s export import trade is collected by ships flying foreign flags. If ROFR is scrapped, the 8% guaranteed to Indian ships is likely to disappear. This benefit is due to the fact that foreign flag ships do not pay any taxes in India, while Indian companies are more costly because they have to pay multiple taxes. In 2017 alone, Indian shipping companies invested about Rs 700 in their business expectations. All these investments are at stake, said the ship owner. Recently, the United Shipping Department issued an order allowing foreign flag ships to transport import and export goods Loading containers, agricultural products, gardening, fisheries, livestock goods and fertilizers between two or more Indian ports, but without permission from the General Directorate of shipping. All this means that if there is an Indian flag vessel, there is no chance of doing business. The Indian shipping company said it was considering the move without any negotiation process. In addition, they said that the integrity and safety of the transport of critical goods appeared to be completely ignored during periods of war or economic sanctions. \"The proposal to cancel ROFR is not only a step backwards, but also involves data facts that show that such a policy contributes to the growth of Indian flag tonnage and that freight is beneficial to consumers-after all, indian ships only match the lowest percentage of foreign flags, \"director Anil Devli- General of the National Shipowners Association of India said. \"It is sad that an industry that employs nearly 30,000 people with assets of about Rs 68 000 and contributes more than £ 8 to finance, adding:\" Within a year, 000 crore was forced to shut down unnecessarily. \". \"The preemptive right is the only driving force for the Indian flag, which has many shortcomings compared to the foreign flag. It\'s also a free incentive for anyone. Canceling ROFR will hit the Foundations of Indian shipping, \"G. Said. Shivakumar, executive director, great Oriental Shipping Co. , Ltd. The government rejected the Indian shipping company\'s move, ROFR will have- Ranjit Singh, executive director and CEO of the ESAL shipping company, said the hit companies are at a disadvantage to foreign cruise ships. Mr. Singh added: \"This unfortunate move will prompt Indian shipowners to plan to cancel immediately Register their ships from India and mark them out of India as this will reduce their operating costs. Analysts say \"strategic strikes\" Registering ships from the Indian flag will pose a strategic blow to Indian security as the merchant fleet has been the second line of defense for coastal security. However, some experts believe that the government\'s goal is to transfer goods from railways and roads to waterways in order to reduce logistics costs and ensure faster transportation of goods, products that failed to be delivered by domestic lines. \"This move should not be viewed in isolation. The government wants to build a huge As we do not have a strong domestic shipping industry, the scale of cargo transportation is transferred to the waterways that foreign shipping companies can provide, \"Jaga Narayan Padmanaban, director of infrastructure consulting at CRISIL
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