Shipping companies are facing crisis as 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, the Parliament was told on Friday.
More fall out of the war is that insurance cover has been withdrawn by the Protection and Indemnity (P&I), payment affected due to blockage of SWIFT in Russia, and trade to Russia and CIS countries has been affected as shipping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, Shipping Minister Sarbananda Sonowal told the Lok Sabha in a written reply.
He said that the government has taken steps to protect the Indian shipping companies from the adverse impact of this crisis and meetings are held 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 ONE Shipping is carrying containers to Vladivostok, he added.