The government is holding talks with shipping companies to free up cargoes stuck in the Middle East after the outbreak of the United States-Israel-Iran war in the region, said Union Commerce Minister Piyush Goyal on Friday.
“We are in dialogue with the Ministry of Shipping and with all the shipping companies also, and I do hope we will find a resolution to this issue,” the minister said.
This marks the first statement about the government’s efforts to bring back the Indian-flagged ships in West Asia.
There are reportedly about 38 Indian-flagged ships carrying crude and LNG with about 1,100 sailors stuck in the Persian Gulf.
Also, three Indian sailors are reportedly dead during attacks off the Oman port.
During an event on Friday in New Delhi, the commerce minister said that he was in talks with the shipping ministry and the affected companies on the matter.
He further said that the government will take steps to ease the burden on exporters, such as the high cost of insurance and cargo shipments.
“Every day the inter-ministerial group talks to the exporters. Even this morning, they must have had an engagement. They take feedback, and we will not be found wanting in supporting our exporters in any way. We should continue to meet all the commitments that we have made to our buyers, whether in goods or services,” Goyal said.
The minister indicated at some formal measures to support the burden that Indian exporters face.
After the war started, the strategic Strait of Hormuz is not operational for ships to transit through the narrow passage.
Iran has warned that it will destroy any shipment passing through the Strait.
The Strait used to allow a short passage to almost 20 percent of the world’s oil needs and about 40 percent of India’s.
Countries in the Asian region are looking at ways to secure fuel supplies. While China is reportedly negotiating with Iran seeking passage of its ships, India will be reverting to Russian oil supplies after the US granted a moratorium of 30 days for the same.
