The 1st direct container vessel between India and Bangladesh have been send from Krishnapatnam port. The container vessel was carrying cotton set. This step is a part of coastal shipping agreement between the two countries to facilitate easy trade, many existing norms were relaxed by both countries as part of the pact.
The vessel MV Harbour-1, owned by Neepa Paribahan of Bangladesh was formally flagged off as part of a coastal shipping agreement signed by India and Bangladesh during Prime Minister Narendra Modi’s visit to Bangladesh in June, 2015. According to officials the port was aiming to become the gateway port to Bangladesh in addition to being a transshipment port because the trade potential with Bangladesh is huge.
Earlier the shipments from Indian ports being transported to Bangladesh were routed either via Colombo or Singapore. With the launch of the direct service, time taken for such shipments would come down from 2-5 days. Last November, the two countries had signed a standard operating procedure for commercial cargo movement. Various provisions were added including that the vessels from both the countries will be treated as domestic vessels upon entry.
Krishnapatnam port is the country’s largest all-weather, deep water port situated at Nellore district of Andhra Pradesh. The port is owned and operated by the Krishnapatnam Port Company Limited (KPCL) which is 92% owned by Hyderabad-based CVR Group. The London-based equity firm 3i Group Plc owns the remaining 8% equity in the KPCL.
Extra Info :
Anil Yendluri, CEO of Krishnapatnam port
The voyage aims at developing and facilitating coastal trade between India and Bangladesh after the Narendra Modi government revived the trade agreements signed by former Prime Minister Indira Gandhi in 1974.