One Indian oil tanker successfully crossed the Strait of Hormuz, while others turned back after Iran signalled the waterway's closure, amidst rising tensions and disruptions to global energy flows.
India has raised concerns with Iran over the safety of merchant shipping after two vessels were fired upon in the Strait of Hormuz, prompting them to turn back.
An India-flagged LPG tanker, Jag Vikram, has successfully crossed the Strait of Hormuz following a temporary ceasefire between the United States and Iran, marking a significant development for India's energy security.
The celebrations continued with the mehendi ceremony for Radhika Merchant and Anant Ambani.
10 non-bank and non-finance stocks from the BSE500 Index universe that offer an optimal blend of low valuation, reasonably robust revenue and earnings growth in recent quarters, a strong balance sheet, and most importantly, positive cash flow from their operations.
Meanwhile, with China switching its trading partners due to geo-political issues, increased trade with South Africa for bauxite and with the US for coal is also auguring well for vessels with tonne miles going up.
Great Eastern Shipping Company Ltd decided not to pursue divestment programme of the government to divest Shipping Corporation of India Shares.
Great Eastern Shipping Company Ltd placed an order for a 45,500 metric ton new building product tanker with Hanjin Heavy Industries and Construction Co Ltd, South Korea.
Great Eastern Shipping Company Ltd fixed March 26 record date for determining holders eligible for an interim dividend to be paid on 10.5 per cent cumulative redeemable non-convertible preference shares of Rs 10 each.
Indian shipping companies' reluctance to take piracy insurance is probably linked to sky-rocketing costs. According to the site of London-based corporate security firm BGN Risk, piracy in the Gulf of Aden could increase insurance and transport costs by $400 million. Special risk insurance for crossing the Gulf has soared from $500 a voyage last year to $20,000 now, the company said.
The year gone by, beginning July 2003, has been particularly rewarding for investors in shipping stocks.
'The coronavirus impact is much bigger than what the market had predicted. We are helpless and simply watching the market at present. Nothing can be done,' said Anil Devli, chief executive officer (CEO) of Indian National Shipowners' Association (INSA).
Broader market outperformed with the S&P BSE Midcap index adding 0.7%, while S&P BSE Smallcap index gained 0.6%.
Nifty is likely to remain under selling pressure unless and until it breach the 7,700-7,720 levels on closing basis.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
Stock to watch: Shipping Corporation and Great Eastern Shipping
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