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According to the latest updates of the Safmarine shipping company, They urge their customers to avail their online services in the wake of a lockdown across the country due to the pandemic situation caused by the COVID 19 – the Corona Virus. However, they will be fully operational and yet claim that there would be a delay in some services like the movement of containers, DO issuance and also exception handling i.e via loadings.

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Given the COVID-19 pandemic, the major Indian ports including Adani Ports have declared force majeure at its facilities. During this period, the port will not be responsible for any claims, damages, charges, etc. directly or indirectly. It could include vessel demurrages or any other delays. Accordingly, the discharge rate guaranteed under the agreement shall also not be applicable for all vessels to be handled at the port for any delay or disturbance.

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In the wake of COVID-19 outbreak, the Safmarine shipping company has been closely monitoring the situation, ensuring the safety of their employees and working towards mitigating any possible impact towards customers’ operations. Hence, the revised guidelines for the Delivery order (DO) release process has been passed to ensure smooth operations.

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The CMA CGM announces that due to the lockdown in effect to the COVID 19 pandemic, movement is restricted and the courier services are hampered due to which providing a hard copy of the invoice for Nhava Sheva, Mundra, Hazira, PIPAVAV loadings is almost impossible. Hence, they strongly urge their customers to use their MMD3 portal for shipping bill data and uploading documents, etc. They have also mentioned the process one can follow for the same.

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RBI Governor Press Conference Highlights:

1. Repo rate reduced by 75 basis points to 4.4%
2. Rev repo reduced by 90 basis points to 4%
3. GDP growth for Q4 19-20 and FY 20-21 to be affected
4. Aggregate demand may weaken
5. Future outlook uncertain and negative
6. CRR reduced by 100 basis points to 3% for 1 year to release 1.37 lakh crores
7. Min daily CRR balance reduced from 90% - 80% till 30/06/2020
8. 3.74 lakh crore liquidity injected
9. 3 month moratorium on payment of instalments of Term Loan outstanding
10. Interest on WC facilities to be deferred by 3 months
11. Such deferment not to be considered for NPA
12. Revised DP calculations by reassessing WC cycle
13. All measures not to effect credit history
14. Total liquidity injection 3.4% of GDP

The department of commerce in Indian Government has issued a notice announcing that export of surgical/ disposable masks, ventilators and the raw materials used to make them, is prohibited indefinitely with effect immediately.

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The world leader in shipping and logistics, CMA CGM group has closed a deal of Terminal Link joint venture with China Merchants Port (CMP) where 51% is owned by CMA CGM and 49% by CMP. According to this, the company reduce its debt increasing their liquidity. Also, they have managed to strengthen their balance sheet amidst the high uncertainty created by the global Covid-19 health crisis.

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A complete lockdown for 21 days in effect to the widespread of COVID 19 across the country, CMA CGM group of companies have closed down all their counters. They have also announced that the cheque and demand drafts will not be accepted until further notice and those that wish to make the payments can do so online by availing their E- payment facilities. Details for the same are available.

Click Here To See The Official Notification