Shipping costs are increasing as carriers implement an Emergency Conflict Surcharge. This charge applies to cargo passing through the Strait of Hormuz and the wider Middle East. One major shipping company is adding between $2,000 and $4,000 per container. More operators are expected to follow suit. This impacts India’s imports of crude oil and fertilizers. […]
Emergency Conflict Surcharge ups shipping costs for traders
Indian ships are stranded in West Asia. The Indian National Shipowners Association reports 27 Indian flagged vessels are stuck. These ships are valued at over 10,000 crore rupees. The Hormuz Strait closure is impacting vital energy supplies for India. The association is urging the government to intervene for safe passage of ships and seafarers.
War risk insurance for ships in the Gulf is being cancelled. The Iran conflict has disrupted shipping. Several tankers are damaged. Two seafarers have died. Around 150 ships are stranded near the Strait of Hormuz. Oil and gas prices have jumped. Shipping costs are set to rise further.
India, Canada sign $2.6 billion uranium deal, target $50 billion trade by 2030 with CEPA push
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India and Canada have signed significant agreements on uranium and critical minerals. Both nations aim to boost bilateral trade to $50 billion by 2030. This partnership includes cooperation in defense, technology, and renewable energy. The leaders finalized terms for a comprehensive economic partnership agreement. This move signifies a reset in relations and unlocks new opportunities […]
India’s government is actively addressing the trade impact of the West Asia conflict. Discussions with exporters and logistics firms are underway to manage disruptions. Measures are being planned to ensure smooth cargo movement and protect exporter interests. The focus is on maintaining supply chain resilience and continuity of trade flows.
India and the US are progressing towards a trade agreement. Both nations are working to improve market access and lower trade barriers. An interim agreement will see India reduce tariffs on US industrial and agricultural products. It also addresses barriers for US medical devices and IT goods.
Japan and South Korea have voiced concerns over delayed Indian import clearances, citing regulatory issues like quality control orders and safeguard duties. Indian officials state that only shipments with inadequate documentation are being held, emphasizing no country-specific bias. Meanwhile, India’s domestic steel sector anticipates a significant boost in capital expenditure.
India and Canada have officially begun talks for a Comprehensive Economic Partnership Agreement. This marks a new chapter in their trade relations. Both nations aim to finalize the pact by the end of 2026. They have set a target to increase bilateral trade to 50 billion dollars by 2030. This agreement will cover goods, services, […]
State-owned GIC Re will withdraw Marine Hull War Risk cover from several high-risk regions starting in early March, including the Persian Gulf, Black Sea, and Red Sea, amid rising geopolitical tensions. Ship owners should review their insurance arrangements, as there will be no war risk protection from GIC Re for operations in these regions after […]
India has issued a maritime advisory for its seafarers. This comes amid rising tensions in the Middle East. The advisory urges vigilance and adherence to official guidance. Shipping companies must monitor Indian crew safety. This proactive step aims to ensure maritime safety and readiness for swift response.