Samsara Newsletter

Week 8, 2019 (Feb 16 - Feb 22)

Policy & Economy News

India to remain fastest growing major economy in next decade: Oxford Economics Report

India aims to be among world's top 3 economies in next 15 years: Modi

New Agriculture Export Policy to focus on exporting NE products : APEDA

Business News - The India Boom Factor

Iron ore output likely to hit record 225 million tonnes in FY20

Argentina seeks Indian investments to boost economic cooperation

Exports grow marginally by 3.74 pc in Jan; trade deficit narrows

E-commerce sector to touch US$ 200 bn by 2027 now: Morgan Stanley

Shipping News

Gold Star Line & SARJAK Container Lines in joint liner break-bulk service from West Coast of India to Middle East

CMA CGM offers wide-ranging expertise in break-bulk & OOG cargo handling to the Indian trade

CMA CGM India looks forward to a healthy grape season in 2019

Ships built in India to get priority in chartering under revised guidelines of Shipping Ministry

Logistics News

DGFT armed with fresh resources to revamp IT infrastructure to boost logistics sector: Suresh Prabhu

Indian Port News

Major Ports handle 86.51 mt of thermal coal from April 2018 to Jan. 2019

Kolkata Port flags off first container train from Netaji Subhas Dock to Nepal under the new simplified transhipment process

Chennai Port sets record in crude discharge

Policy & Economy News

India to remain fastest growing major economy in next decade: Oxford Economics Report
Daily Shipping Times - London, February 22 Top
India will remain the fastest growing major economy, much ahead of China, in the next decade 2019-28, according to a Global Economic Research Report.

According to the report prepared by Oxford Economics, which is engaged in global forecasting and quantitative analysis, India is likely to achieve an average growth of 6.5 per cent in 2019-28, the highest among the emerging economies.

India will be followed by the Philippines (5.3 per cent) and Indonesia (5.1 per cent), the report titled 'Emerging Markets Sustained Growth in EMs Calls for Thrift and Innovation' said. China has been assigned the fourth slot with an average growth rate of 5.1 per cent for the next decade (2019-28). The report is authored by eminent economist Louis Kuijs.

India is projected to grow at 7.5 per cent in 2019 and 7.7 per cent in 2020, more than China's estimated growth of 6.2 per cent in these two years, according to the International Monetary Fund's recent World Economy Outlook update.

India aims to be among world's top 3 economies in next 15 years: Modi
Press Trust of India -Seoul, February 22 Top
Prime Minister Narendra Modi on Thursday said India is on the way to becoming a USD 5 trillion economy soon and hoped that the country would to be among world's top three economies in the next 15 years.

Addressing the Indian diaspora in Seoul, the prime minister recounted several steps taken by his government in recent years, including several new initiatives, to take India on a forward trajectory.

Noting that India is among the fasted growing economy, Modi said, "our aim is to be among world's top three economies in the next 15 years."

Modi said India has jumped to 77th spot on the World Bank's ease of doing business ranking on the back of reforms and is determined to enter in the top 50 next year.

Prime Minister Modi arrived here earlier in the day on a two-day state visit. He will hold bilateral talks with South Korean President Moon on Friday. The two leaders are expected to discuss the issue of denuclearisation of the Korean peninsula, ahead of the Trump-Kim summit.

New Agriculture Export Policy to focus on exporting NE products : APEDA
Daily Shipping Times - New Delhi, February 22 Top
APEDA has been exploring various aspects of agri export and the procedural requirements for export of fresh fruits and vegetables from the Northeastern region."The agri export policy will pave the way for organizing the supply chain of agri exports from Assam, benefiting the farmers from grassroots," said APEDA Chairman Paban Kumar Borthakur. "It is required to have a farmer-centric approach for improved income through value addition at the source itself, which will help to minimize losses across the value chain," said an official of the Union Ministry of Commerce and Industry." The objectives of the agriculture export policy are to diversify our export basket, destinations and boost high value and value added agricultural exports including focus on perishables, besides promoting novel, indigenous, organic, ethnic, traditional and non-traditional agri products exports," he added. A walk-in cold storage at Aizawl airport has been established under the infrastructure scheme for maintenance of quality to enhance export from the State.

For creating awareness among the farmers and other stakeholders, APEDA is organizing a buyers-sellers meet in March, roping in importers from the Asean and the Middle East.

Guwahati - The Centre's newly framed agriculture export policy - which aims at reinvigorating the entire value chain from export-oriented farm production and processing to transportation, infrastructure and market access - would lay prime focus on exporting fresh fruits and vegetables from the Northeast to foreign markets. Export of vegetables from Assam has gained momentum since November last year, when the Government of India launched direct custom clearance facility for agri-export from the Guwahati airport to foreign destinations. In the Northeast, the Agricultural and Processed Food Products Export Development Authority (APEDA), the coordinating agency of the Union Ministry of Commerce and Industry, has created five packhouses for fresh fruits and vegetables with State Government agencies in Assam, Sikkim and Mizoram.

Business News - The India Boom Factor

Iron ore output likely to hit record 225 million tonnes in FY20
Business Standard: February 20, 2019 Top
Iron ore production in the country is projected to touch a record high of 225 million tonnes (mt) in 2019-20 as merchant miners look to ramp up output at their mines headed for expiry by March 31, 2020.

Iron ore output is estimated at 210 mt this fiscal ending in next March and climbing to 225 mt in FY20. ICRA expects that in largest ore producing state Odisha, production could rise by 10 per centas 17 mines' lease held by merchant producers are lapsing by March 2020. Together, these mines have an approved capacity to mine 66 mt of iron ore. Major mines in the state whose lease validity ends by then are under the leasehold of Rungta Mines, KJS Ahluwalia, Serajuddin & Company, Kaypee Enterprises, Kalinga Mining Corporation, Mid East Integrated Steel Ltd, KN Ram, RB Das, Tarini Prasad Mohanty, KC Pradhan and Lal Traders.

"Our assessment is that iron ore production will reach 225 million tonnes in FY2020. The spike in production will come majorly from Odisha where output is estimated at 112 million tonnes in FY2019, climbing to around 125 million tonnes in FY2020. Production in Odisha will rise significantly, with merchant miners looking to maximize output as their leases are nearing the March 2020 deadline", said Jayanta Roy, senior vice president and group head, corporate sector ratings, ICRA Ltd.

Iron ore production has been on an upswing since 2015-16, touching 155 mt, recovering from the multi-year lows of 126 mt in 2014-15 as regulatory issues and court (banning illegal mines) orders slowed the tempo in production. The ore output rose to 191 mt in FY17, and was in upwards of 200 mt in FY18 with Odisha contributing 100 mt to the pan-India output.

"Rising production trend can be gauged from the performance of merchant miners in Odisha. Such mines are now operating at 85-90 per cent of the capacity approved under environment clearance (EC). Some of the leading merchant miners have applied for hike in EC limits to scale up production", said an industry source.

Other key producing states like Karnataka are unlikely to add up to the iron ore production numbers. Industry analysts assume NMDC's Donimalai mines may remain suspended in FY 20 as well, knocking off six mt from the state's annual output. The largest iron ore miner is sparring with the Karnataka government on some commercial terms. Production, though, is expected to be offset by the expected start in operations of JSW's captive mines in next fiscal. On Goa, analysts are not betting on revival after the Supreme Court in a sweeping order in March 2018, scrapped operations in 88 mining leases. But the enhanced production in Odisha will more than recompense Goa's loss.

On Karnataka, Roy said, "On Karnataka, we foresee a production of 33 million tonnes (mt) this fiscal compared to the Supreme Court ceiling of 35 mt. FY2020 output in Karnataka would see a shrinkage in production by almost four mt, if that NMDC's Donimalai mines remain shut. The loss in output from that mine will be somewhat offset by companies like JSW Steel starting production from the mines they won at auctions".

Higher domestic production is expected to cut dependence on imports. India has already turned into a net iron ore importer with import volumes seen at 15.7 mt in this fiscal. Imports are anticipated to slide to 9.6 mt in FY20. Also, production will be in excess of the domestic demand. ICRA Reseach forecasts an overall iron ore demand of 213.4 mt in FY20. After factoring in imports, the country will be left with a surplus of 21.3 mt in next fiscal.

Argentina seeks Indian investments to boost economic cooperation
Press Trust of India - New Delhi, February 19
South American nation Argentina Monday sought investments from India in areas including renewable energy and tourism with a view to boost economic bilateral ties.

Argentine President Mauricio Macri said his country is investing heavily to create world-class infrastructure.

"You are most welcome in Argentina. If we work together, then potential is endless. I invite you," he said here at India-Argentina Business Forum meet, organised by CII.

Macri said there is potential in areas like agriculture, renewable energy and tourism.

Speaking at the forum, Commerce and Industry Minister Suresh Prabhu said there are huge opportunities in both countries to increase bilateral trade.

Argentina is a leader in agriculture sector and "we look forward to increasing cooperation in this," he said adding India has huge expertise in IT and pharma sectors.

In agri sector, he said India can seek collaboration in post-harvest technologies.

India can get natural resources from the South American nation as India is focusing on boosting manufacturing sector, Prabhu said.

Talking about the India-MERCOSUR preferential trade agreement, he said going ahead, both countries can think of alleviating this pact.

MERCOSUR is a South American trade bloc comprising Brazil, Argentina, Uruguay and Paraguay as full members.

The bilateral trade between India and Argentina stood at USD 2.94 billion in 2017-18 as against USD 3 billion in 2016-17.

Exports grow marginally by 3.74 pc in Jan; trade deficit narrows
Press Trust of India - New Delhi, February 18 Top
The country's exports grew marginally by 3.74 per cent in January due to subdued performance of key sectors including engineering, leather, and gems & jewellery, even as the trade deficit narrowed to USD 14.73 billion.

According to data from the commerce ministry, exports during the month increased to USD 26.36 billion, compared with USD 25.41 billion in January 2018.

Exports growth remained almost flat in November and December 2018.

In January, engineering exports grew by only one per cent, while leather, and gems & jewellery recorded a growth of 0.33 per cent and 6.67 per cent, respectively. Petroleum exports contracted by 19 per cent.

Imports also remained almost flat at USD 41 billion during the last month. The trade deficit stood at USD 15.67 billion in January 2018.

However, the deficit in January 2019 widened as compared to December 2018 when it stood at USD 13 billion.

Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said the nominal growth in exports is due to tough global condition and some constraints on the domestic front.

"Global trade growth is slowing down and global economies, including China and South East Asian nations, are also facing contraction in manufacturing worsening the fragile global situation," he sad.

He demanded immediate support including augmenting the flow of credit, higher tax deduction for research and development and better fiscal support for boosting exports.

Gold imports also grew 38.16 per cent to USD 2.31 billion in January this year as against USD 1.67 billion in the corresponding month of 2018.

During the April-January period of the current financial year, exports grew 9.52 per cent to USD 271.8 billion. Imports rose by 11.27 per cent to USD 427.73 billion.

The trade deficit widened to USD 155.93 billion during the 10 months of the current fiscal from USD 136.25 billion in April-January 2017-18.

Oil imports in January rose by 3.59 per cent to USD 11.24 billion. These imports rose by 36.65 per cent to USD 119.34 billion during the 10-month period of the current fiscal.

Non-oil imports in April-January 2018-19 were USD 308.39 billion which was 3.80 per cent higher as compared to the same period last fiscal.

Further, according to the data, services exports in December 2018 recorded a growth of 7.50 per cent to USD 17.93 billion. Its imports during the month rose by 12.53 per cent to USD 11.38 billion.

E-commerce sector to touch US$ 200 bn by 2027 now: Morgan Stanley
Press Trust of India - Mumbai, February 19 Top
With the new foreign direct investment (FDI) rules regarding online marketplaces and the emergence of offline to online model, Morgan Stanley has revised its estimate for the e-commerce sector, expecting it to now clock USD 200 billion by 2027, from its initial forecast of 2026.

"The new regulations released in December 2018 strive to tighten the functioning of ecommerce companies in India to ensure those with FDI holdings operate as pure marketplaces without any equity interest or control on seller entities or mandatory exclusivity clauses.

We believe these regulations will pose headwinds to growth in the near term as some of the prominent companies restructure their businesses, processes and contracts, to be compliant," the global financial services major Morgan Stanley said in a report.

However, it noted that the overall retail market is growing and online is only taking away market share from offline channels due to pricing attractiveness, convenience, and aggregation of demand.

"Also, we see the possibility of a vibrant offline to online model emerging in India which could drive growth in the medium to longer term. We now believe our previous India ecommerce sales estimate of USD 200 billion by 2026, could get pushed out by a year," it said.

The new FDI rules, which came into effect on February 1, bar online marketplaces with foreign investments from selling products from sellers in which the online marketplaces hold a stake, and also exclusive marketing arrangements.

The report noted that for companies like Amazon and Walmart that acquired Flipkart, the new regulations do increase the cost of doing business and add uncertainty, but the potential impact from the regulations are not significant in the overall context.

Shipping News

Gold Star Line & SARJAK Container Lines in joint liner break-bulk service from West Coast of India to Middle East
Exim News Service - MUMBAI, Feb. 17
Gold Star Line Ltd has announced the commencement of its GMS Service, a liner break-bulk service from the West Coast of India to the Middle East with its first call at Nhava Sheva on February 26, 2019. And it has proudly partnered with SARJAK Container Lines Pvt. Ltd under the service name of Marhaba Express, highlighted a release.

This unique service is aimed at facilitating customers with fast transits and timely delivery of shipments, along with customised solutions, to meet their requirements involving break-bulk, project shipments, heavy lifts and autos.

The scheduled port rotation is: Nhava Sheva, Kandla, Mundra, Sohar, Jebel Ali, Dammam, Umm Qasr.

Additional ports of call can be served in the rotation but are subject to sufficient cargo inducement, the release added.

CMA CGM offers wide-ranging expertise in break-bulk & OOG cargo handling to the Indian trade
Exim News Service - MUMBAI, Feb. 19
CMA CGM, a world leader in maritime transport, has developed widely acknowledged expertise in the out-of-box containerised market and its teams are today geared to meet all the special requirements of clients in this category.

Elaborating on the Group's enlarged vision in this regard, Mr Ugo Vincent, Managing Director of CMA CGM India, said that the Group has a proven track record in successfully handling the logistical challenges of break-bulk or out-of-gauge (OOG) cargo.

He pointed out that through its dedicated Project Cargo Division, the Group has developed strong global experience and unique expertise. These allow it to provide tailored solutions to clients and offer them all the advantages of the container shipping line business model, with over 200 maritime lines servicing all the world's major trade lanes through 420 different port calls. CMA CGM has the ability to transport all shapes and sizes of OOG and break-bulk ranging from industrial turbine boilers to locomotive engines and yachts, he highlighted.

This is achieved in close partnership with a connected network of operational ports and 24/7 dedicated teams worldwide.

Heavy lifting in India

In India more specifically, CMA CGM has over the recent years multiplied its intake in terms of special industrial parcels that have been carried by its vessels at the country's ports, Mr Vincent said.

The Group's strong presence in the country and the commitment of its local teams are crucial in this regard. CMA CGM has an extensive network of 30 offices spread across India, employing 600+ people. It offers a wide range of shipping solutions through 7 gateway ports and 7 feeder ports, and operates 14 direct weekly services calling in and out of the country.

"Our customers trust us because of our modernised, tailored and customer-oriented service. Our high frequency routes, adequately supported by our dedicated Project Cargo Division and our well-established presence in India, make sure that we have special focus on the expert handling of our customers' cargo," emphasised Mr Vincent.

CMA CGM India looks forward to a healthy grape season in 2019
Exim News Service: MUMBAI, Feb. 21
The CMA CGM Group, a world leader in maritime transport, is all set to facilitate smooth service to grape exporters and looks forward to a good harvest season for one of the premium products for its reefer division from India.

The seasonal fruit is one of the key harvests for the country and requires specific atmosphere, temperature and humidity level to be shipped. CMA CGM's state-of-the-art and modernised reefer containers are specifically designed for the transport of such perishable goods in a temperature-controlled environment.

Being carried on the Group's EPIC service, its reefer routes have direct weekly calls at the key Europeans ports of Hamburg, Antwerp, Rotterdam, Le Havre and London Gateway, with transit time of 21 days to Rotterdam.

The Group's experienced reefer team is well connected with its global network of 750 agencies worldwide. The team has strength of over 385,000 reefer containers travelling globally via 200+ shipping routes, highlighted a release.

Ships built in India to get priority in chartering under revised guidelines of Shipping Ministry
Exim News Service: New Delhi, Feb. 21
In a big step to promote the Make in India initiative and incentivise shipbuilding activity in the country, the Ministry of Shipping has revised its guidelines for chartering of ships by providing Right of First Refusal (RoFR) to ships built in India. Henceforth, whenever a tendering process is undertaken to charter a vessel, a bidder offering a ship built in India will be given the first priority to match the L1 quote. It is expected that this priority given to ships built in India will raise the demand for such vessels, providing them with additional market access and business support, said a release.

Prior to the revision of the guidelines, the RoFR was reserved for Indian flag vessels as per the relevant provisions of Merchant Shipping Act, 1958. The existing licensing conditions have been reviewed in consonance with the government of India's policy of promoting the Make in India initiative and the Public Procurement and Make in India orders dated 15.6.2017 and 28.05.2018 issued by DIPP. The review is also in line with the need to give a long-term strategic boost to the domestic shipbuilding industry, the need to encourage the domestic shipping industry to support the domestic shipbuilding industry, and the need to develop self-reliance and a strong synergy between these vital industries for the overall long-term development and economic growth of the country.

The Ministry of Shipping has also laid down eligibility conditions and rules for exercise of the RoFR. It would be exercised only in case the vessel being offered for charter by the lowest bidder (L1) has been built outside India. For any bidder to exercise RoFR, his bid should be within the Margin of Purchase Preference, which will be 20 per cent of L1. The two instances under which the RoFR may be exercised are that the L1 bidder is a foreigner or company registered outside India, offering a ship not built in India, and the L1 bidder is a citizen of India or company registered in India or society registered in India or Indian shipping company/organisation with a vessel registered/flagged in India, offering a ship not built in India. From amongst the bidders eligible to exercise RoFR, the priority to exercise this Right would lie in sequence from the lowest to the highest bidder within the margin of purchase preference, the release said.

The government of India has taken several steps to promote shipbuilding in the country, especially by providing long-term subsidy under the Shipbuilding Financial Assistance Policy (2016-2026). A budgetary provision of Rs 30 crore (Rs.300 million) was earmarked in 2018-19 for providing financial assistance to all Indian shipyards, excluding defence shipyards. An amount of Rs 11.89 crore (Rs.118.9 million) has already been disbursed to three shipyards, the release added.

Logistics News

DGFT armed with fresh resources to revamp IT infrastructure to boost logistics sector: Suresh Prabhu
Daily Shipping Times - New Delhi, February 21 Top
The Government has allocated Rs 132 crore (Rs.1.32 billion) to the Directorate General of Foreign Trade (DGFT) to revamp IT infrastructure for upgradation of logistics in a bid to provide paperless, faceless and transparent solutions to the problems faced by industry and trade in the movement of goods and services across the Country.

This was stated by Commerce and Industry Minister, Suresh Prabhu while addressing the 'National Conference on Logistics Policy', organised by FICCI jointly with the Department of Commerce.

Suresh Prabhu said that an efficient and cost-effective logistics framework would provide industries in the logistics business with huge business opportunities while giving a boost to service sector at a time when the government was working on a new agriculture export policy.

A well-coordinated and integrated logistics policy also has the potential for making the industry the largest employment generator in the country.

The primary objective of the draft National Logistics Policy 2018 is to facilitate integrated development of the logistics sector in the Country.

It aims to strengthen and prioritize the key objectives, focus areas and the governance framework for logistics and also clarifies the role of the various stakeholders including Central Ministries, State Governments and other key regulatory bodies.

The draft policy seeks to create a single point of reference for all logistics and trade facilitation matters in the country which will also function as a knowledge and information sharing platform. It also aims to drive logistics cost as a percentage of GDP down from an estimated level of 13-14% to 10% in line with best-in-class global standards.

Binoy Kumar, Secretary, Ministry of Steel, urged the stakeholders to suggest solutions to lend efficiencies in the system for reducing transaction costs and improve the ease of doing business.

The draft policy, he said, seeks to bring the multifarious agencies under one platform for seamless interaction, adding that the success of the policy will rest on the integration of the numerous platforms in the logistics and transport sector and at the state level.

N. Sivasailam, Special Secretary (Logistics), Ministry of Commerce and Industry, said that the effort now is make the logistics policy work on the ground for which measurable benchmarks for the next three to five years would be crucial. He solicited inputs from the stakeholders on the time period for fructification of projects and a dispassionate assessment of the adequacy of the policy instruments contained in the draft policy.

Y. K. Modi, Past President, FICCI, said that the advent of GST had made it easier for inland trade movement as most businesses were experiencing easier and quicker movement of goods. While welcoming the draft national logistics policy, he called upon industry to examine the glitches in the policy framework with the aim of making the country the most efficient logistics provider in the world.

Anant Swarup, Joint Secretary, Ministry of Commerce and Industry made a presentation on the draft logistics policy, highlighting its key objectives and the distinction between policy and the national logistics action plan.

Indian Port News

Major Ports handle 86.51 mt of thermal coal from April 2018 to Jan. 2019
Exim News Service - New Delhi, Feb. 17 Top
Data released by the Indian Ports Association shows that the country's 12 Major Ports handled 86.51 million tonnes of thermal coal during April 2018 to January 2019, up 12 per cent from the same period a year earlier.

The 12 ports are Kolkata, Paradip, Visakhapatnam, Ennore, Chennai, VO Chidambaranar (Tuticorin), Cochin, New Mangalore, Mormugao, Mumbai, Jawaharlal Nehru Port Trust (JNPT) and Deendayal (Kandla). Chennai and JNPT did not receive any coal during the period under review, reports said.

Coking coal shipments at the ports rose 13 per cent year-on-year to 47.82 million tonnes, the data showed.

Paradip Port, on the east coast, handled the highest volume of thermal coal shipments over April-January at 26.71 million tonnes, up 14 per cent year-on-year.

Kolkata Port, also on the east coast, received the highest volume of coking coal shipments at 16.30 million tonnes, up 55 per cent, reports added.

Kolkata Port flags off first container train from Netaji Subhas Dock to Nepal under the new simplified transhipment process
Exim News Service - Kolkata, Feb. 19 Top
On February 15, 2019, Kolkata Dock System of Kolkata Port Trust flagged off the first train of containers from Netaji Subhas Dock under the new simplified transhipment process from Kolkata to Nepal. The Central Board of Indirect Taxes and Customs, in association with Kolkata Customs, had notified the improved system in Public Notice 08/2019.

The flagging off ceremony was presided over by Mr Vinit Kumar, Chairman, Kolkata Port Trust.

The facility, which was first adopted at Visakhapatnam Port, is being extended to Kolkata Port on the request of the government of Nepal. Under this system, the Customs has waived the requirement for a Nepal importer to file a Customs Transit Declaration (CTD) at Kolkata Customs. The entire documentation for transit of a container is provided by the shipping line and Nepal traders are not required to interface with Indian Customs, thereby facilitating a seamless process of import for them.

In the new process, documentation has been substantially reduced. Earlier, a Nepal importer had to send 7 original documents to get the cargo cleared from Kolkata Port, which took up to 7 days to reach Kolkata. This has been reduced to one document that is electronically transmitted.

Customs seals the containers using ECTS seals and they are then evacuated from the port to Nepal by rail. The GPS-enabled ECTS seals are used to track the containers throughout its journey to Nepal.

The new process greatly reduces time and end-to-end cost for Nepali traders (roughly per container savings of $ 200). The predictability of despatches is also higher. The volumes of Nepal imports through Kolkata are expected to see an increase after the adoption of this process, said a release.

Kolkata Port Trust, which is the primary gateway port for Nepal cargo, is adopting the new process only for rail-bound Nepal containers, which account for 40 per cent of the total Nepal volume. The containers going by road will continue to be cleared by the earlier process.

Mr Vinit Kumar congratulated the officers and staff of KoPT for implementing this process, and stressed that despite all odds and challenges in the trade, Kolkata Port, including KDS and HDC, could be sustained due to unflinching customer support over the years as well as through strategic planning and marketing drive.

The Commissioner of Customs and senior officers of Kolkata Port Trust also joined the inauguration programme, the release added.

Chennai Port sets record in crude discharge
Exim News Service - Chennai, Feb. 20 Top
Chennai Port has achieved another landmark by handling 88,000 tonnes of crude oil on February 18, 2019 from the vessel m.v. NORDIC MOON which was carrying 1,46,025 tonnes through the 42" diameter pipeline from Bharathi Dock (BD-III) to CPCL refinery in Manali.

The port thus surpassed the previous record of 84,000 tonnes discharged from m.v. GIANNIS at BD-III on February 16.

This significant handling of crude oil is an indicator of the port's capability and its confidence among the trade, said a release.

Mr P. Raveendran, Chairman of Chennai Port Trust, appreciated Chennai Petroleum Corporation for taking this 42" pipeline project and expressed the hope that handling through the pipeline will cut down cost and time, the release added.