Shipping players benefit from new biz apart from 10-year high Baltic Dry

 

With Baltic Dry Index having hit 10-year high recently, Indian shipping companies are not just benefitting from high freight but also from increased trade with Bangladesh and Vietnam, industry experts said today.

“Construction activity has picked up significantly in Bangladesh as the country is focusing on infrastructure growth. Due to this, Indian shipping companies are witnessing increased cargo volumes with a lot of bulk raw material getting shipped. This is going to be a long term trend as infrastructure push is expected to continue,” Captain Rahul Bhargava, chief operating officer at Essar Shipping told Business Standard.

Shipping Corporation of India, Great Eastern Shipping, Tolani Shipping and Essar Shipping are into bulk carriers along with other segment fleet in the domestic market.

“All vessels on spot charter will earn more and most companies keep a combination of spot and contracted vessels, so the benefit would vary depending upon the portfolio,” informed Anil Devli, chief executive officer at Indian National Shipowner’s Association.

Another trade route, which has strengthened for India though a seasonal one is export of rice to both Bangladesh and Vietnam.

“Export of rice has emerged as a new business for domestic shipping companies in the last few weeks. We have already shipped close to 200,000 tonne rice to Vietnam and Bangladesh and another 150,000 tonne would be shipped soon. This trend, however, is expected to be short-lived and would last for another 2 months. But its new commodity for domestic shipping companies,” informed Bhargava.

Meanwhile, with China switching its trading partners due to geo-political issues, increased trade between the dragon country and South Africa for bauxite and with the US for coal is also auguring well with tonne miles going up.

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