Global Trade

Shipping companies Face Brunt of Ukraine Russia War

Shipping companies Face Brunt of Ukraine Russia War

The ongoing war between Ukraine and Russia has left shipping companies in India in crisis.

The shipping activities in Northern black sea are closed and the insurance cover has been withdrawn by the P&I.

There is a lot of congestion at neighbouring ports and trans-shipment ports.

Trade to Russia and CIS countries is affected as Shipping lines are not accepting goods for Russian ports.

Containers that are bound for Ukraine and Russia are lying at different trans-shipment ports which is creating a big hustle.

Payments are also affected due to blockage of SWIFT in Russia.

To protect the Indian shipping companies from the adverse impact of this crisis some steps are being taken like 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.

This information was given by the Union Minister for Ports, Shipping and Waterways, Shri Sarbananda Sonowal in a written reply to the Lok Sabha.

Related posts

Gartex Exhibition postponed

Perfect Sourcing Newsdesk

Nike revenues drop by 38%.

India’s garment exports to soar post FTAs with EU, Australia, Canada, Britain

Perfect Sourcing Newsdesk

Leave a Comment