Logistics Industry News Dated 10th April 2017

Logistics News Headlines

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The starting point of the Mumbai-Ahmedabad high speed corridor at BKC was a bone of contention between the railways and the Mumbai Metropolitan Region Development Authority (MMRDA) as the latter was strongly opposed to giving land to the public transporter.

The proposed bullet train will start underground from BKC and travel 21 km in a tunnel passing through the sea before emerging overground at Thane.

The MRDA had wanted to use the BKC land for the proposed International Financial Services Centre (IFSC) at BKC. (Read More)

Freight rates for select destinations up:

PTI| April 7, 2017 | UPDATED 15:00 IST

Freight rates for nine-tonne payload section for select destinations rose by Rs 500 at the local truck transport market in the national capital today following increased cargo movements against tight availability of trucks. Transporters said increased cargo movements against tight availability of trucks led to the rise in select freight rates.

Freight rates from Delhi to Jaipur, Chandigarh and Kanpur were up by Rs 500 each to Rs 15,500, Rs 16,500 and Rs 18,500, respectively.Following are todays freights per 9-tonne load (in Rs): Jaipur 15,500 Hyderabad 56,000 Chandigarh 16,500 Vijayawada 58,000 Ludhiana 17,000 Bengaluru 64,000 Kanpur 18,500 Chennai 67,000 Indore 21,000 Mysore 69,000 (read more)

Iran ups oil freight rate, cuts credit period for Indian cos:

 PTI|7 April 2017 10:59 PM |  New Delhi

Iran has cut by one-third the time it gives to Indian refiners to pay for oil they buy from it and has also raised ship freight rates as a retaliatory measure to New Delhi’s decision to reduce Iranian oil imports. Iran, India’s third biggest oil supplier, used to give a 90-day credit period to refiners like Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) to pay for the oil they would buy from it.

Iran oil sale terms were the most attractive for Indian refiners. Besides a liberal credit period, it also shipped the oil to India for a nominal 20 per cent of normal ocean freight. Other Middle-East sellers offer not more than 15-day credit period.  Sources said National Iranian Oil Co (NIOC) has also decided to cut the discount it offers to Indian buyers on freight from 80 per cent to about 60 per cent (read more)

CoM Min in talks with WB for Logistics Performance Index:

PTI| March 7, 2017 | UPDATED 17:10 IST

The World Bank is likely to assist the commerce ministry in preparing Logistics Performance Index (LPI) to rank states with a view to improve domestic as well as international trade.The LPI ranking would encourage states to work and improve upon their logistics infrastructure. Inadequate infrastructure is impacting the countrys trade and investments also.

“We are working for this index. The ministry is in talks with the World Bank for this. We would identify the bottlenecks and suggest ways to improve those,” an official said.

During the second meeting of the Council for Trade Development and Promotion in January, the ministry had decided to introduce this index (read more)

Konkan Rail to raise equity capital to fund new projects:

TNN | Updated: Apr 8, 2017, 08.43 AM IST

Konkan Railway Corporation Limited (KRCL) has decided to increase its authorised equity share capital in order to raise funds for its various capital expenditure projects. A press note issued by KRCL said that Union minister for railways Suresh Prabhu has decided to increase the share capital for providing more financial support to Konkan Railway. The authorised equity share capital had been increased to Rs 4,000 crore, in December 2016 (read more)

 

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