PSA International Stretches Out New Plans To Construct A Global Mega Hub In Saudi Arabia In The Near Future
PSA International has gained a huge amount of popularity as one of the largest port operators across the globe and it has actively participated in port-based projects in Asia, Europe and America. Throwing light on its latest long-term project, PSA International has discussed new plans of building a 7.5m teu hub in Saudi Arabia after the Subsidiary Saudi Global Ports has given a green signal to a 30-year build, operate and transfer agreement at the beginning of 2020. The annual container handling capacity in Saudi Arabia Port will be enhanced to around 7.5m teu after the well-planned extension works draw close to a finish. According to the recent reports, PSA has taken a decision to invest over SAR7bn and it is being considered as the largest seaport investment undertaken by a single operator as supervised by a public private partnership in Saudi Arabia. Hence, PSA International is focused on upgrading the well-known King AbdulAziz Port to a global mega hub in the near future.
Visakhapatnam Port Trust Registers Handling Over 72.72 Million Metric Tonnes Shipment For Fiscal 2019-20
The Visakhapatnam Port Trust (VPT) has recorded an outstanding performance over the past few months and has truly achieved a huge milestone of successfully handling cargo weighing over 72.72 million metric tonnes for the fiscal 2019-20. The Vizag Port had registered cargo handling of 65.30 million tonnes in 2018-19 and it has experienced a commendable growth by 11 percent. Over the next four to five years, there is a strong possibility that a cutthroat competition will occur between the private ports in the Indian shipping arena. In order to maintain the consistency of such an exceptional growth in effective cargo handling, the Vizag Port will boost an upgrade of the port’s current mechanization to top-notch standards. Moreover, the fierce competition among the private ports will probably rise to its zenith within the country’s maritime industry once the Major Ports Authority Bill is set forth in 2020. The Vizag Port has also welcomed dealing in new commodities like rice, fly ash and sugar along with granite handling. There has also been a steep growth when it comes to the coastal export of thermal coal, iron ore and pellets, steel, fertilizers as well as container exports.
Chittagong Port Is Protecting The Environment By Providing Eco-Friendly Low Sulphur Fuels To Vessels
The Chittagong Port has taken a step forward in preserving our precious environment by providing eco-friendly, low sulphur fuel oils to both local and foreign ships in an attempt to decrease the alarming levels of marine pollution. The harmful substances released from marine fuels have been wreaking havoc in our surroundings and so, there is an urgent need to adapt marine fuels that have a low sulphur content and do not take a huge toll on our environment. Previously, the foreign vessels had to obtain eco-friendly, low sulphur marine fuels from ports in Malaysia and Singapore. Now, the Chittagong Port has joined the bandwagon of utilizing marine fuel with 0.5 percent sulphur and acting in accordance with the mandatory guidelines put forward by the International Maritime Organization (IMO).
Rice Exports From India May Experience A Commendable Growth By 42 Percent In 2020
The devastating Coronavirus pandemic has gripped the whole world in a state of uncertainty and unpredictability and it caused unimaginable loss to the global maritime trade and the negative impact is still continuing throughout 2020. On a positive note, the country’s rice exports may witness a necessary surge by no less than 42 percent from last year as a direct consequence of reduced cargo from rival exporters and the gradual diminishing of the value of Indian rupee. India is regarded as the most prominent rice exporter in the world and the sudden rise in exports can prove greatly beneficial in depleting the overloaded inventories.
Special Economic Zone Limited Acquires The Krishnapatnam Port Company Ltd Along With The Cooperation Of Adani Ports
The Special Economic Zone Limited (more commonly known as APSEZ) is reputed as the largest port developer in India and it has now teamed up with Adani Ports to facilitate the acquisition of the Krishnapatnam Port Company Ltd (KPCL) for an approximate value of Rs.12,000 crores. On the other hand, the Krishnapatnam Port Company Ltd. is a well-established, multi-cargo port facility located in the southern region of Andhra Pradesh and it is predicted that this acquisition will go a long way in promoting cargo parity between the east and west coasts of the country.