Gateway at Galathea Bay
Why in the news?
The notification of the International Container Transshipment Port at Great Nicobar Island as India’s 13th major port marks a significant step in enhancing maritime trade in the Indo-Pacific region.
India’s 13th Major Port
- Name and Location: The new major port is the International Container Transshipment Port (ICTP), situated at Galathea Bay on Great Nicobar Island.
- Strategic Importance:
- The port is strategically located on the East-West international trade route.
- It is near major transshipment terminals such as Singapore, Klang, and Colombo.
- The ICTP has a natural draught of 20 meters, allowing it to accommodate larger vessels.
- Economic Impact:
- The port aims to capture transshipment cargo from Indian east coast ports, as well as from Bangladesh and Myanmar.
- This initiative could save Indian ports between $200-220 million annually in transshipment charges.
- Development Phases:
- The port will be developed in four phases, with an estimated total cost of ₹41,000 crore.
- Phase 1, with a cost of ₹18,000 crore, is expected to become operational by 2028.