Krishnapatnam Port vessel undertakes historic maiden voyage from India to Bangladesh

Krishnapatnam Port vessel undertakes historic maiden voyage from India to Bangladesh

Submitted by alvin on Mon, 2016-03-28 18:03 Hyderabad: Krishnapatnam Port, the country's largest all-weather; deep water port on the east-coast earmarked a historical moment for India's bilateral trade and commerce as the first direct container vessel, part of coastal shipping agreement to facilitate trade between India and Bangladesh, set sail from the port on 28th March 2016. The trade agreements which were signed during the reign of the then Indian Prime Minister Indira Gandhi in 1974 were revived back after a period of four decades during Prime Minister Narendra Modi's visit to Dhaka last year. MV Harbour-1 owned by Neepa Paribahan and built by Western Marine Shipyard is the first Bangladesh container vessel to have received the permission from the shipping departments of both the countries. Commenting on the development, Chinta Sasidhar, Managing Director, Krishnapatnam Port Company Ltd (KPCL) said "This agreement is historic not just for Krishnapatnam but for the entire nation as this would pave way for enhanced bilateral trade ties between the two closest neighbours of the subcontinent. Besides an improved connectivity the service will play a vital role in decongesting the border points and bringing down the cost and transit time involved, thereby providing the best competitive freight rates to the advantage of the industry". A standard operating procedure was signed between India and Bangladesh last November to move commercial cargo between the two countries also stating the provisions and procedures to be followed for such movement. To facilitate easy bilateral trade, many conditions have been waived by both countries. The vessels of both the countries upon entry in to India and Bangladesh shall be treated as domestic vessels and not foreign going vessels. The provision will play a key role in addressing the traffic congestion at Petrapole (India) and Benapole (Bangladesh) the two border points which pose as one of the biggest impediments to the movement of EXIM cargo. This will also offer to reduce the paper work required at the customs check points and port dues paid at Indian ports too will be at par with Indian vessels. The vessel and cargo will also enjoy complete Protection and Indemnity (P