TC Nov-Dec 2021 Issue

TRADE CHRONICLE
solution by forming mutual groups to
protect each other. These groups are
commonly known as Protection and
Indemnity (P&I) Clubs. These function
to protect and indemnify the owners/
members against any sudden claim
from third parties.
It is not unusual for a ship to be arrested
in port for not paying all claims on time
but it is also customary for the relevant
P&I Club to issue a bond or bank
guarantee for the vessel to get released
and continue its business while the
judicial process continues in court. The
P&I being mutual and not for profit, is
aimed at rescuing a member, facing
sudden and heavy losses, by collective/
additional contribution from other
members. Calls are subscribed
instead of paying premium. Similarly,
ships that are moth-balled or laid up
for period exceeding three months
may request for return of calls. The
principle on which it works is that no
engagement in voyages and ventures
mean no risk or hazard and as such 80
to 90 percent of the subscription may
be refundable.
An analysis of the history of the
development of financial services in
London shows that shipping was the
base for most other developments.
The systems and procedures were
developed by the industry itself.
To quote Lloyd’s CEO: “For more than
three centuries, the Lloyd’s market has
been sharing risk to protect people and
businesses, inspiring them to create a
braver world”.
Courtesy ( Business Recorder )
Boskalis to advance
emission-free shipping
A broader maritime consortium in
which Boskalis is participant has been
awarded a EUR 24 million grant to
conduct research into accelerating the
use of methanol as a low-carbon fuel
within the shipping industry. Methanol
can enable significant reductions
in CO2 emissions compared to
traditional fuels and is viewed within
the international maritime sector as
one of the most feasible ‘clean’ fuels for
large-scale adoption by the industry.
The program is entitled Methanol as
an Energy Step Towards Zero-Emission
Dutch Shipping and sponsored by
the Dutch Government’s Rijksdienst
Railways revenue increases
to Rs 48,651.7m
The revenue of Pakistan Railway has
increased from Rs 47,587.9 million in
2019-20 to Rs 48,651.7 million in 2020-
21, registering an increase of around Rs
1,063.8 million.
“Pakistan Railways has earned Rs
48,651.7 million during 2020-21 as
compared to Rs 47,587.9 million
during 2019-20,” an official in the
Ministry of Railways told media. The
official said the working expenses of
Pakistan Railways has also decreased
to Rs 95,883.8 million in 2020-21 as
compared to Rs 97,740.4 million in
2019-20.
Regarding the up-gradation of Main
Line-I, he said it was a flagship railway
infrastructure project under China
Pakistan Economic Corridor (CPEC)
which ECNEC approved on August
2020 at a rationalized cost of $6.806.
He said the project had been planned
to be executed in three packages while
preliminary design of the project had
been completed and a formal request
for the loan for package-I had been
conveyed to the Chinese side through
Economic Affairs Division (EAD).
voor Ondernemend Nederland
(Netherlands Enterprise Agency). The
research project aims to develop clean
energy technology with a high degree
of flexibility and broad applications
within the shipping industry, from
yacht building to offshore work
ships and high-powered dredgers.
The total research budget amounts
to approximately EUR 38 million
including a contribution from Boskalis.
The consortium, which includes ship
owners, yards, suppliers of specialist
maritime equipment and knowledge
institutions, will retrofit six different
vessel types to test the viability of
methanol fuel systems.
Peter Berdowski, CEO of Boskalis,
“Alternative fuel types are the most
18
Nov - Dec - 2021
New Gwadar Int’l Airport to
be operational by Sept 2023
The New Gwadar International Airport
(NGIA), the $ 246 m green field airport
being built at an area of 4,300 acres
would be operational by September
2023. According to an official source,
the passenger terminal building of the
project would be completed by June
2023; work related to air traffic control
by March 2023, while the overall
construction of the airport would be
finished before September 2023.
To be owned by a joint venture
between Pakistan, Oman, and China,
the airport would handle domestic and
international operations.
It was expected to stimulate the
development in Gwadar peninsula
and boost trade between Pakistan
and China. The airport would be
operated under open sky policy and
developed under the guidance of the
Civil Aviation Authority (CAA). The
NGIA project was initiated as an early
harvest high-priority project of the
CPEC programme in 2014.
significant driver
for developing a
more sustainable
m a r i t i m e
industry and
we continue to be at the forefront of
initiatives exploring the emissionreduction
potential presented by
methanol and other clean technologies.
This research program looking into the
use of methanol as a low-carbon fuel is
another important step along the road
to realizing net-zero objective.”
Boskalis is already part of a joint
industry project known as the Green
Maritime Methanol Consortium
which has previously investigated the
feasibility of methanol as a sustainable
fuel for the maritime sector.