Impact of the Russia-Ukraine Conflict on the shipping sector
The Centre said in Parliament on Friday that the shipping companies are facing crisis as the northern Black Sea is closed due to the Russia-Ukraine war, leading to congestion as containers bound for Ukraine and Russia lying at different transshipment ports.
Shipping Minister Sarbananda Sonowal told the Lok Sabha in a written reply that more fall out of the war is that insurance cover has been withdrawn by the Protection and Indemnity (P&I), payment affected due to blockage of SWIFT in Russia, and trade to Russia and CIS countries has been affected as shipping lines are not accepting goods for Russian ports.
To save the Indian shipping companies from the adverse impact of this crisis the Government of India has held meetings at regular intervals with all stakeholders to review the situation. The Shipping lines have been requested to explore alternative routes for Commonwealth of Independent States (CIS)/ Russian cargo.
EXIM Traders were informed that ONE Shipping is carrying containers to Vladivostok, he added.
Russia launched military action against Ukraine, and the war risk premiums for ships sailing to the region have moved up commensurate with the uncertainty. Amid allegations of an Estonian-owned cargo ship sinking off Odessa after detonating a sea mine and a Bangladeshi vessel being hit by a missile near Olvia, several shipping firms have suspended operations.
[With Inputs from IANS]
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