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Shipping Technology’s CEO highlighted that the investment would allow the company to fast-track its R&D initiatives and deliver cutting-edge solutions that address the industry’s most pressing challenges, including fuel efficiency and regulatory compliance.
It is anticipated that this merger will reduce duplication, boost productivity, and stimulate innovation, putting the new company in a stronger position to take on South Korean and Japanese shipbuilders, who have historically dominated the sector.
Hambantota International Port (HIP) is set to achieve a remarkable 50% growth in its operational throughput by the end of 2024, signaling a significant expansion in its role as a strategic logistics hub in South Asia.
The surge in STS calls, which involve the transfer of bunker fuel from one vessel to another, highlights the increasing demand for fuel supply services at Indian ports. This growth is attributed to several factors, including the expansion of port infrastructure, improved regulatory frameworks, and India's strategic location along major global shipping routes.