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An India-bound tanker carrying Russian crude has reversed course and is now idling in the Baltic Sea, highlighting potential disruptions in oil trade following recent U.S. sanctions on Russian oil giants Rosneft and Lukoil. The vessel, Furia, was en route from Russia's Baltic port of Primorsk when it turned around in the Fehmarn Belt, just a week after the U.S. imposed sanctions requiring transactions with these companies to be wound down by November 21. Initially destined for India, the Furia has since indicated a new arrival in Egypt's Port Said, a common waypoint for vessels navigating the Suez Canal. Indian refiners, including Reliance Industries, which has a long-term contract with Rosneft, are now cautious about purchasing Russian oil, while European nations, including Denmark, are increasing inspections of tankers to prevent the passage of Russian crude through their waters. 
Published: Oct 29 2025, 12 pmeznews.inSynthite Industries, a leading player in spice extracts, is set to enhance its pepper sourcing operations in Indonesia, as revealed by Executive Chairman Viju Jacob. The company is considering establishing a pre-processing and blending facility in the region, aiming to strengthen its presence in South-East Asia. Jacob highlighted Indonesia's reputation for high-quality pepper and its strategic position in the spice trade, expressing a desire to collaborate with local farmers and cooperatives to improve value addition. This initiative seeks to boost local sourcing, enhance supply chain efficiency, and support farmers through technology and sustainable practices. With existing operations in Vietnam and Sri Lanka, Synthite's investment in Indonesia reflects its commitment to expanding its sourcing network. Jacob also noted the challenges facing the pepper industry, including fragmented supply chains and low farmer incomes, while emphasizing the need for high-quality production to meet rising global demand.
Published: Oct 29 2025, 4 pmeznews.inThe Indian government is taking significant steps to bolster its maritime sector and reduce the costs associated with crude oil imports, according to Union Minister for Petroleum and Natural Gas Hardeep Singh Puri. Speaking at 'India Maritime Week 2025', Puri announced plans to aggregate cargo demand from public sector undertakings (PSUs) to secure long-term charters for Indian carriers, alongside advancing a ship owning and leasing model to enhance domestic ownership. He highlighted the urgent need for India to increase its fleet, as only 20% of its oil and gas trade is currently carried by Indian-flagged vessels. With India's crude oil consumption rising from 5 million to 5.6 million barrels per day, Puri emphasized the importance of maritime strength for both national and global benefits. The government is also working to establish shipbuilding clusters and has aggregated demand for 180 vessels, with plans for further acquisitions.
Published: Oct 29 2025, 2 pmeznews.inAbu Dhabi is set to invest $2 billion in Maharashtra's ports and shipbuilding sector, marking a significant milestone as the first agreement of its kind between Abu Dhabi Ports and any Indian state government. Maharashtra's Port and Fisheries Minister, Nitesh Rane, announced the memorandum of understanding (MoU) on social media, highlighting the deal's importance in underscoring the state's global significance. The investment will cover various areas, including shipbuilding, maritime transport, port infrastructure, and water sports management, aligning with Maharashtra's long-term vision for blue-economy development. This partnership is expected to enhance the state's maritime capabilities and bolster economic growth. The announcement was made on October 29, 2025.
Published: Oct 29 2025, 2 pmeznews.inCarry forward stocks of soyabean for the 2025-26 oil year are projected at 4.66 lakh tonnes, a significant decline of 47% from last year's 8.94 lakh tonnes, while soyameal stocks are estimated at 0.68 lakh tonnes, down 49% from 1.33 lakh tonnes. Of the total soyabean stocks, 4.42 lakh tonnes are held by farmers, traders, and processing plants, with agencies like NAFED and NCCF holding 0.24 lakh tonnes as of October 14, 2025. Soyameal production is expected to fall by 7.34% to 89.56 lakh tonnes due to sluggish demand, with exports also down by 10% to 20.23 lakh tonnes. Domestic feed consumption has decreased by 6% to 62 lakh tonnes, while food segment offtake remains unchanged at 8 lakh tonnes. The Soyabean Processors Association of India forecasts a 16% drop in 2025 kharif season output to 105 lakh tonnes, attributed to adverse weather and diseases. Prices are currently below minimum support levels, prompting government procurement in key states.
Published: Oct 29 2025, 2 pmeznews.inOnion prices at Asia's largest wholesale market in Lasalgaon have surged following the Diwali break, with traders warning of potential shortages due to significant damage to the kharif crop and delays in late kharif sowing. Prices rose from ₹1,100 per quintal at the market's closure for Diwali to ₹1,350 by Tuesday, with further increases noted on Wednesday. The arrival of summer onions, which have a shelf life of six to seven months, has been limited, primarily due to adverse weather conditions that have hampered harvesting and reduced labor availability. Approximately 80% of the kharif onion crop in Nashik has been affected by heavy rainfall, with fresh supplies not expected until mid-December. In response to the situation, a central government team has visited Nashik to assess the damage and monitor the late kharif cultivation, as traders predict continued price increases that may impact retail costs across Maharashtra.
Published: Oct 29 2025, 2 pmeznews.inAt the 2025 Asia-Pacific Economic Cooperation (APEC) CEO Summit in Gyeongju, South Korea, U.S. President Donald Trump expressed optimism about finalizing a long-awaited bilateral trade agreement (BTA) with India, praising Prime Minister Modi and their strong relationship. Despite recent productive discussions between Indian negotiators and their U.S. counterparts, key issues remain unresolved, particularly concerning India's ongoing purchases of Russian oil, which have complicated tariff negotiations. While Trump hinted at potential tariff reductions for Indian goods, a significant portion of the current tariffs—25%—is a penalty linked to these oil purchases. Sources indicate that for the BTA to progress, the U.S. would need to roll back these penalties. Additionally, discussions around U.S. agricultural market access, particularly for soya and corn, are still pending resolution. The outcome of these negotiations remains uncertain as both sides navigate these complex issues.
Published: Oct 29 2025, 1 pmeznews.inThe Gujarat government announced that a proposed expansion at Pipavav Port is set to create 25,000 direct and indirect jobs. Gujarat Pipavav Port Limited has signed a non-binding Memorandum of Understanding (MoU) with the Gujarat Maritime Board for a substantial investment of ₹17,000 crore. This investment plan is contingent upon the long-term extension of the company’s current concession, which is valid until September 2028. The MoU was formalized in Gandhinagar, with Gujarat Chief Minister Bhupendra Patel and officials from AP Moller Maersk in attendance. The expansion aims to enhance infrastructure and capacity, including improvements in container handling, liquid and RoRo services, storage, rail siding, and the introduction of advanced multimodal transit solutions to better serve the Northwest region of India.
Published: Oct 29 2025, 1 pmeznews.inThe Indian government has established a committee led by former Secretary Neeraj Kumar Gupta to review the rates under two significant export incentive schemes: the Remission of Duties and Taxes on Exported Products (RoDTEP) and the Rebate of State and Central Taxes and Levies (RoSCTL). The RoDTEP scheme, which refunds unclaimed taxes and duties incurred by exporters, has been extended until March 2026, with current rates ranging from 0.3% to 4.3%. Meanwhile, the RoSCTL scheme, introduced in 2021 for garment exporters, offers rebates of up to 6.05% for apparel and 8.2% for made-ups. The committee, which includes members SR Baruah and Vivek Ranjan, will consult various stakeholders to assess the schemes and recommend ceiling rates for exports from different sectors. A comprehensive report is expected by March 31, 2026, as the government aims to enhance the competitiveness of Indian goods in global markets.
Published: Oct 29 2025, 1 pmeznews.inA new report from RaboResearch warns of a significant decline in global fertilizer demand in 2026, driven by soaring prices that have made fertilizers increasingly unaffordable. The Fertilizer Affordability Index (FAI) has plummeted to its lowest level in over a decade, exacerbated by China's recent suspension of exports for key fertilizers, including Technical Monoammonium Phosphate and urea-solution products, effective October 15. This move could trigger supply shortages and a potential 10-15% price increase. Between April and September 2025, global fertilizer prices rose by approximately 15%, with phosphates surging nearly 19%. The report also notes that record agricultural production in major regions like Brazil and the US is overwhelming the market, keeping prices depressed. Additionally, the EU's upcoming Carbon Border Adjustment Mechanism will impose a carbon tax on nitrogen-based fertilizer imports, further complicating the landscape for importers. RaboResearch anticipates continued pressure on the FAI through 2026.
Published: Oct 29 2025, 1 pmeznews.inNorwegian Minister of Fisheries and Ocean Policy, Marianne Sivertsen Næss, has highlighted the potential for enhanced collaboration in shipbuilding with India, particularly as Norway seeks to navigate global shipping challenges amid trade tensions and climate goals. In a recent interview, she expressed disappointment over the International Maritime Organisation's decision to defer the adoption of a net-zero framework, emphasizing Norway's commitment to ambitious climate targets. Næss noted that approximately 10% of Norwegian ship orders are now contracted with Indian shipyards, reflecting a growing interest in India's shipbuilding capabilities. Following discussions during Indian Ports and Shipping Minister Sarbananda Sonowal's visit to Norway, both nations are exploring initiatives in green shipping and the operationalization of the Northern Sea Route. With a new trade and economic partnership in place, Næss anticipates accelerated growth in bilateral trade, particularly in seafood and maritime technology, despite competition from countries like Australia and Chile.
Published: Oct 29 2025, 11 am
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