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Exporters' logistics costs may jump 20%
Economic Times
·
1m ago
Medial
India's exports are facing a potential 15-20% increase in logistics costs due to tensions between Israel and Iran, compounded by the closure of air routes over Pakistan and Iran. The increased costs are driven by higher fuel prices affecting sea transport and potential disruptions in shipping lines on the Red Sea and Suez Canal. Despite the challenges, officials are monitoring the situation, noting that air freight is significantly more expensive than sea freight.
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Israel-Hamas Conflict: Indian Exporters May Face Higher Risk Premiums, Shipping Costs
OutlookIndia
·
1y ago
Medial
Indian exporters shipping goods to Israel may see an increase in insurance premiums and shipping costs due to the Israel-Hamas conflict. The conflict, which involved a surprise multifront attack by Hamas, may impact profits for Indian exporters. The Export Credit Guarantee Corporation of India may charge higher risk premiums for exports to Israel. While trade volumes may not be significantly affected at this stage, disruptions at major ports like Haifa, Ashdod, and Eilat could have a more serious impact. The duration and intensity of the war will determine the real impact on trade.
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Amazon working with govt agencies to push MSME exports in India: Director Bhupen Wakankar
Thehindubusinessline
·
1y ago
Medial
Amazon Global Selling is partnering with the Ministry of Commerce and the Director General of Foreign Trade to further boost exports from districts with good export potential. The platform has already formed partnerships with various governmental and industry bodies, logistics providers, banks, and venture capitalists. Through these collaborations, Amazon aims to drive awareness and education of e-commerce exports, particularly at the district level, leveraging the infrastructure and on-ground presence of the DGFT and local export promotion councils. Amazon Global Selling currently has over 125,000 exporters on its platform, with a revenue target of $20 billion by 2025.
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Exporters suggest shifting shipments from Bandar Abbas port to Chabahar amid Iran-Israel conflict
Economic Times
·
1m ago
Medial
Exporters in India propose shifting cargo shipments from Iran's Bandar Abbas port to the Chabahar port amid the Iran-Israel conflict. The shift, they argue, is necessary to safeguard trade routes to Afghanistan, Central Asia, and Russia, which could be severely impacted if tensions escalate. Rising air freight rates by 15% and potential further increases in sea freight costs are also concerns. The Indian government and exporters plan discussions with Chabahar authorities to explore the port's capacity and feasibility.
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Iran-Israel conflict not to have much impact on Tata Steel unless it lasts long: MD a& CEO T V Narendran
Economic Times
·
1m ago
Medial
Tata Steel CEO T.V. Narendran stated that the Iran-Israel conflict currently has little impact on the company, as 95% of sales are domestic. However, prolonged conflict could impact global markets and Tata Steel. Narendran highlighted that increased oil prices and logistic costs could affect trade if tensions persist. Even though Tata Steel's primary exports are to Europe and the US, any extended conflict may present challenges in trade, logistics, and costs.
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Hindalco Q3 net jumps 71% as aluminium, copper biz shine
Livemint
·
1y ago
Medial
Hindalco Industries, the flagship company of the Aditya Birla group, reported a 71% increase in its consolidated net profit for the quarter ended December. The jump in profit was driven by strong performances in its aluminium and copper businesses. Earnings before interest, tax, depreciation, and amortization (EBITDA) for the copper business grew by 20%, while the aluminium upstream business saw a rise of 54% in EBITDA. Despite a 1% decline in revenue, Hindalco remained on its growth track with a strong performance and reduced production costs.
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US logistics startup Flexport to lay off 20% of its workforce: report
Economic Times
·
1y ago
Medial
US logistics startup Flexport is reportedly planning to lay off around 20% of its workforce. The company, which handles global freight shipments through its digital platform, has been hit hard by the pandemic-induced economic slowdown. The layoffs come as part of a broader restructuring effort aimed at cutting costs and increasing operating efficiency. Flexport had raised $1 billion in a funding round earlier this year, valuing the company at $3.2 billion.
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FarEye launches initiative to mentor logistics startups
Economic Times
·
1y ago
Medial
Logistics technology platform FarEye has introduced its 'last-mile innovation nexus' initiative, aimed at supporting startups in raising funds and receiving mentoring from global experts in the logistics field. This launch, which took place during 'The Last Mile Leaders Event', saw over 40 supply chain experts from various industries exploring technology's potential in reducing logistics costs. FarEye's CEO, Kushal Nahata, revealed that within five years, autonomous drones could handle 30% of urban deliveries, significantly cutting delivery times and costs. The initiative is also aligned with sustainability goals, such as the adoption of electric vehicles and greener logistics practices.
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‘Start-up ecosystem should not just focus on services but also products in manufacturing sector’: DPIIT Secretary
Business Today
·
4m ago
Medial
The central government, alongside state governments, has implemented a logistics policy aimed at reducing logistics costs. Focused on enhancing the start-up ecosystem in manufacturing, the government emphasizes reducing regulatory burdens and fostering industry support to decrease technology reliance on foreign nations. Initiatives include deregulation and lowering business costs, supported by a Cabinet Secretary-led task force. Additionally, PLI schemes have significantly bolstered investments, production, exports, and job creation.
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Logistics-as-a-service on ONDC hits 1 million transactions in June
Economic Times
·
1y ago
Medial
The Open Network for Digital Commerce (ONDC) in India has reached a milestone of one million transactions in June for its on-network logistics-as-a-service. This initiative aims to bridge the demand gap for third-party logistics and improve delivery across the network. Sellers using on-network logistics can optimize costs and ensure timely deliveries. The service is currently available in all 28 Indian states and seven union territories, with Karnataka, Delhi, and Telangana seeing the highest order deliveries. ONDC is receiving interest from various consumer goods, direct-to-customer brands, and fashion domains to optimize service costs.
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Delhivery, AWS and Nexus launch startup accelerator Velocity for logistics companies
Economic Times
·
1y ago
Medial
Logistics major Delhivery has partnered with Amazon Web Services (AWS) and Nexus Venture Partners to launch a six-week accelerator program called Velocity for logistics startups. The inaugural edition of Velocity had 20 selected startups, receiving mentoring and insights on fundraising strategies and growth hacking. Delhivery aims to build a logistics ecosystem to help new entrepreneurs transform their ideas into functional business solutions in the rapidly growing logistics industry.
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