The State Bank of Pakistan (SBP) has released the Karachi Interbank Offered Rates (KIBOR) for various tenors on Thursday, December 19, 2024, providing a crucial snapshot of the prevailing borrowing costs in the interbank market.
(more…)Tag: Karachi International Container Terminal
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Karachi Interbank Offered Rates KIBOR – December 06, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on December 06, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 15.75 16.25 2 – Week 15.84 16.34 1 – Month 15.97 16.47 3 – Month 16.64 16.89 6 – Month 16.72 16.97 9 – Month 16.73 17.23 1 – Year 16.76 17.26 READ MORE: Karachi Interbank Offered Rates KIBOR – December 05, 2022
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MCC Appraisement West to work on Sunday to clear pending consignments before Eid holidays
KARACHI: Model Customs Collectorate (MCC) Appraisement – West will observe Sunday, August 11, 2019 as normal working day in order to facilitate trade in clearance of their pending consignments ahead of Eid-ul-Azha.
Model Customs Collectorate (MCC) Appraisement, West on Saturday issued letter to Karachi International Container Terminal (KICT) to observe Sunday as normal working days for examination at the terminal. The collectorate decided to observe the weekly holiday as normal working day on the issue raised by Karachi Customs Agents Association (KCAA) about huge number of pending containers at the KICT.
The colletorate pointed out that despite reminders to KICT management there are 200 containers, which are remained not cleared till August 10, 2019 as Eid ul Azha is falling on August 12, 2019 following by four public holidays.
Slackness in disposal of work on part of terminal is not only effecting cash liquidity position of the traders but increase their clearance time along with causing mental agony to them, it said.
The collectorate directed the terminal operator to expedite grounding of all pending containers but also match the infrastructure and human resource with the requirement of work at the port.
Mostly, grounding at port is affected when delivery is being made at night by terminal or containers are being discharged from berthed vessels. This situation is undesirable and the terminal should make maximum arrangements to liquidate the pendency, the collectorate said.
As interim arrangement customs on its own is going to observe normal working day on Sunday and it directed the terminal to make maximum grounding in order to mitigate the worries of trade and dispose of examination work at the port.
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Customs agents express concerns over delay in grounding of containers
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Customs agents express concerns over delay in grounding of containers
KARACHI: The Karachi Customs Agents Association (KCAA) has expressed concerns over the delay in grounding of containers at Karachi International Container Terminal Ltd. (KICTL) and said it may result in choking of the terminal.
In a letter sent to KICTL management on Tuesday, the KCAA pointed out the issue regarding delay in grounding of containers at the terminal.
The KCAA has been informed by its members that they are facing unnecessary delays in clearance of their consignments within time from KICTL due to delay in grounding of containers marked for the examination.
It has been observed that since last two to three weeks backlog of the containers is increasing day by day and still there is a backlog of 8 to 10 days.
If the situation remains unresolved, there is no doubt that the terminal will be choked, due to this reason the trade will be affected very badly and will also bear heavy financial losses in shape of container detention and port demurrage charges, consequently the cost of doing business will increase.
Furthermore, in view of the forthcoming Eid-ul-Azha holidays the impact of container backlog will increase significantly.
It is pertinent to mention here that shortage of cargo handling equipments / machinery at KICTL is observed. While any new vessel is berthed all equipments / machinery are shifted towards for unloading of cargo from that vessel, thus the containers grounding process is delayed.
The KCAA suggested that in order to facilitate the trade the grounding of containers should be on first priority and thereafter the process of unloading the cargo from vessel be carried out after completion of grounding work.
Further, it is also observed that while the members are approaching to KICTL for deliveries of their consignments within the free days period but unfortunately, KICT staff informed that the container still remain on vessel so that they are unable to give the delivery, which is one the cause for delay and unnecessary demurrage being accumulated on the goods without fault of our members.
“In this context, we have come to know through our reliable members that Free Days period is being calculated by the KICTL from the date of vessel berth whereas the free days must be started when the container is unloaded from the vessel,” the KCAA said.