The Bharat Maritime Insurance Pool (BMIP), managed by GIC Re, aims to provide comprehensive war-risk coverage for hull, machinery, and cargo, specifically for Indian-flagged vessels. This initiative addresses unique maritime insurance needs, ensuring robust support through member companies while enhancing operational capabilities and addressing current and emerging risks in India’s maritime sector.
India is reevaluating its shipping strategy in the Gulf due to rising geopolitical tensions leaving vessels stranded. With vital trade routes threatened, officials focus on ensuring the safe return of ships before new deployments. Concerns over crew safety and logistical challenges heighten as authorities monitor risks and explore alternative routes.
Swan Defence and Heavy Industries Limited (SDHI) has partnered with DNV to elevate India’s maritime and shipbuilding landscape. This collaboration aims to enhance ship classification standards, integrate advanced technologies, and promote sustainable shipping. It positions India as a competitive hub, aligning with global aspirations to rank among the top shipbuilding nations by 2047.
Seven foreign crew members from the MSC Elsa 3 have petitioned the Kerala High Court for permission to return home after nearly a year of detention following the ship’s sinking. They argue their continued stay is unnecessary, especially as 15 others were allowed to leave in August despite similar circumstances.
India is prioritizing the return of its stranded ships in the Gulf before sending any vessels to load fuel, according to Mukesh Mangal from the Ministry of Ports. He highlighted the urgency of securing all Indian-flagged vessels in the Strait of Hormuz, with ongoing coordination between shipping and foreign ministries.
India’s Permanent Representative to the UN, Parvathaneni Harish, condemned the targeting of commercial shipping in the Strait of Hormuz as “unacceptable.” During a UNECOSOC meeting, he emphasized the need for international cooperation to ensure maritime safety and address the ongoing energy crisis exacerbated by conflict in West Asia.
The Indian government has appointed SBI Ventures as the fund manager for the ₹20,000-crore Maritime Investment Fund (MIF). This initiative aims to attract capital for the maritime sector. SBI Ventures, managing around ₹30,000 crores in assets, will oversee investments, enhancing funding opportunities within the industry significantly.
India’s oil refiners are reassessing their sourcing strategies for Russian crude as the U.S. waiver expires. Analysts predict state-run companies will diversify their suppliers, eyeing Middle Eastern, West African, and U.S. crude. This shift not only addresses regulatory risks but also aims to ensure a compliant tanker fleet for safe transport.
India has condemned the recent attack on an Indian-flagged cargo vessel off Oman, calling it “unacceptable.” The Ministry of External Affairs confirmed the crew’s safety amid concerns over maritime security in the strategically important Strait of Hormuz. India demands accountability and emphasizes its commitment to protecting maritime interests.
India has raised alarms about the West Asia crisis, warning of its impact on global energy and maritime security. At a BRICS meeting, External Affairs Minister S. Jaishankar called for practical solutions to geopolitical instability and emphasized the importance of dialogue, diplomacy, and respect for sovereignty in international relations.
The Directorate General of Shipping (DG Shipping) in India has prohibited 366 foreign-flagged vessels from hiring Indian seafarers due to serious allegations of abandoning sailors, failing to pay wages, and neglecting crew welfare. This decision reinforces the commitment to safeguarding the rights and welfare of Indian seafarers against exploitation.
India is advancing in maritime decarbonisation by utilizing renewable resources and green fuels. The report, Opportunities Ahead: Insights on Maritime Decarbonisation in India, highlights ongoing initiatives and sector strengths. However, challenges like securing agreements and infrastructure gaps must be addressed to ensure a successful transition to sustainable shipping practices.
India and Norway are enhancing cooperation in maritime, green energy, and startups. Norwegian Ambassador May-Elin Stener noted that Prime Minister Modi’s upcoming Oslo visit will strengthen ties. With 160 Norwegian companies in India, 70% in maritime, and a focus on sustainable energy, collaboration promises significant growth and innovation.
ISWAN, in collaboration with the ISWAN India Association, is launching interactive sessions to support the wellbeing of seafarers, their families, and shore staff. Programs include the Family Outreach and Seafarer Education Awareness sessions, addressing the maritime community’s needs. Registrations close one week before each session. Visit ISWAN’s website for details.
Australia and India are strengthening their defense collaboration, particularly in maritime security, as demonstrated by the recent 10th Defence Policy Talks in New Delhi. The meeting emphasized their commitment to enhancing strategic partnerships, focusing on regional stability and addressing shared maritime threats in the evolving Indo-Pacific geopolitical landscape.
