As we look back upon 2016, we are also looking forward to changes and new beginning in the New Year. As the dawn of 2017 looms in the horizon, we look at global shipping news to start the year informed and aware of the status of the shipping industry. Let us look into some noteworthy global shipping news that could affect the logistics industry.
Indian Shipping News
In 2016, the new budget called for the increase revenue in all major ports if the Indian subcontinents, as well as plans that have been in motion for a few years to expand major ports. The project for deepening of Port of Chennai has succeeded with welcoming one of the largest cargo vessels into the docks carrying a tonnage of 5,782 TEU (which stands for Twenty-foot Equivalent Units and used to measure a cargo carrying capacity).
The Chennai Container Terminal Port, abbreviated to CCTP, allows for a berth of 14.5m (as part of the phased deepening plans of the port), allowing larger vessels being able to dock there, which in turn means greater tonnage and higher revenues being brought to Indian shores. With more improvements under way, the Shipping Ministry has plans to deepen all major ports throughout India, with a berth of at least 16m.
Nigerian Shipping News
With the year 2016 drawing to a close, all Nigerian stakeholders in the shipping industry were unanimous in their decelerations that it was not a good year for the country and their shipping operations. This was due to government policies that were not advantageous to the shipping industry and thus causing roadblocks for prospects and ultimately hurting incoming revenues.
With 2017, dawning, Nigerian shipping stakeholders are calling for reduction in tariffs to boost operations in the New Year. If Nigeria is looking to becoming a maritime hub in the West African region, developments and improvements should be put into effect in the year 2017 to accommodate the likes of VLCCs and ULCCs.
Cyprus Unification
With talks to unify Cyprus, many believe that this would benefit the shipping industry as it did with the Vietnamese political situation post-unification. Experts believe the lifting of Turkish embargo on Cyrus-flagged vessels would reflect similarly as it did Vietnam. With the 2nd day of talks proving to be positive, many are looking to a positive change throughout the country.
With the new year arriving in a couple of hours, we wish our customers and followers a Happy New Year!