Impacts Of Russia-Ukraine Conflict On Shipping Sector
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Due to the conflict between Russia and Ukraine the Shipping companies are facing the following issues:-
- Shipping activities in the northern black sea are closed
- Insurance cover has been withdrawn by the P&I.
- Containers bound for Ukraine and Russia are lying at different transhipment ports.
- Payment affected due to blockage of SWIFT in Russia.
- Congestion at neighbouring ports and transhipment ports.
- Trade to Russia and CIS countries has been affected and Shipping lines are not accepting goods from Russian ports.
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The following steps have been taken to protect the Indian shipping companies from the adverse impact of this crisis:-
- Meetings are taken at regular intervals with all stakeholders to review the situation.
- Shipping lines have been requested to explore alternative routes for Commonwealth of Independent States (CIS) / Russian cargo.
- EXIM Traders were informed that M/s ONE Shipping is carrying containers to Vladivostok.
This information was given by the Union Minister for Ports, Shipping and Waterways, Shri Sarbananda Sonowal in a written reply to the Lok Sabha.
Reference: pib.gov.in
Impacts Of Russia-Ukraine Conflict On Shipping Sector appeared first on Marine Insight – The Maritime Industry Guide
Source: Maritime Shipping News