Indian shipping stocks jump; likely new rules may boost fleet

Mercator

14/10/2015 05:19

** Shipping Corp of India  SCI.NS  jumps 8.5 pct, Mercator 
 MRCT.NS  surges 10.3 pct, Great Eastern Shipping  GESC.NS  
rises 5 pct while Essar Shipping  ESPL.NS  gains 6.5 pct 
    ** New rules to boost India shipping fleet; may dent foreign 
shippers - source  ID:nL3N12D2RY  
    ** "Its an EPS accretive news if and when it materialises," 
a domestic fund manager said  
    ** Indian state-owned firms may have to give half their 
freight business to local shippers to help rescue an industry 
battered by the global commodities downturn  
    ** New Delhi is proposing importers sign 5-year contracts 
with local shipping firms 
    ** In 2013-14, India paid about $57 bln in freight payments 
to foreign firms 
    ** Shipping Minister Nitin Gadkari was not immediately 
available to comment 
 
 
 
 (RM: abhishek.vishnoi.thomsonreuters.reuters.net) 
 ((abhishek.vishnoi@thomsonreuters.com; +91 22 61807225))