Indian shipowners approach recent U.S.–Iran peace deal cautiously,mirroring broader shipping community concerns. Anil Develi,CEO of Indian National Shipowners Association,stressed need for clarity on terms before optimism can grow. “It’s too early to say anything,” he said,noting full normalcy might take 30 to 60 days if conditions improve.
Potential benefits of peace deal are shadowed by uncertainties. Bharat Maritime Insurance Pool,backed by $1.4 billion sovereign guarantee for re-insurance,has limited uptake. Develi noted one shipowner got a public sector insurer quote higher than London market rates,despite government promises to cover re-insurance costs. Raises trust,transparency concerns.
Tony Fernandez,insurance veteran with almost 50 years experience,blamed lack of confidence among shipowners and insurers. He suggested audit fears might make public insurers offload risks,driving up insurance costs. “This has been an old problem in the insurance industry,” he said, pointing to ongoing war-risk insurance challenges.
Indian government,proactively,has identified 34 vessels of national interest,including 16 carrying fertilizers crucial for kharif season . Among them,Indian-flagged ship Jag Arnav. Also,nine energy supply vessels marked for evacuation,three Indian-flagged,six foreign-flagged . Government focuses on LNG carriers,as natural gas is key in fertilizer production.
Evacuation efforts include naval escorts,protective measures for safe vessel passage. Marshall Islands-flagged LNG carrier Al Ghashamiya successfully transited Strait of Hormuz June 16,carrying over 90,000 tonnes of LNG to Dahej .
Now,13 Indian-flagged vessels remain in Persian Gulf,nine in Gulf of Oman,three in Gulf of Aden,eight in Red Sea. These include five crude oil carriers,one LPG carrier,three bulkers,two container ships. Total of 539 Indian seafarers on these ships,325 in Persian Gulf,214 in Gulf of Oman. Over 3,600 Indian seafarers evacuated so far.
But situation dire,Indian-flagged vessels involved in four incidents and 19 involving Indian-crewed vessels reported. Seven Indian seafarers confirmed dead,four injured,one presumed dead.
Meanwhile,significant cargo backlog awaits evacuation at ports. Major ports handle 11,299 TEUs of containers,1,771 TEUs of perishables. Non-major ports like Mundra,Pipavav,Hazira,have 28,891 TEUs of containers,1,368 TEUs of perishables stranded. Over 43,000 TEUs of cargo,including 3,100 TEUs of perishables,affected.
To ease port congestion,government measures enhance cargo handling. Extra storage allocated,support for stacking cargo in port areas extended to cut movement,costs for customers. These initiatives aim for immediate relief to trade community…yet challenges remain.
