New Delhi, March 11 (IANS) The Indian government is actively exploring support measures for domestic shipping companies and exporters as insurance costs have shot up due to the war-risk premium that is being levied due to the Iran war, which has engulfed the Middle East region, according to a senior Finance Ministry official.Industry stakeholders have flagged the sharp increase in insurance costs during consultations held by Shipping Secretary T.K. Ramachandran and Department of Financial Servic…
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New Delhi, March 9 (IANS) The government is preparing to take action against what it describes as “profiteering” by shipping companies and port operators, following complaints from exporters about steep and often undisclosed surcharges amid disruptions caused by the ongoing conflict in West Asia, according to a report.The government authorities have asked shipping lines and port service providers to fully disclose all fees upfront, including fixed, conditional, and ancillary charges, before …
New Delhi, March 8 (IANS) The Central government has relaxed customs procedures for export cargo that is returning to India after ships were forced to turn back due to disruptions in key maritime routes, including the closure of the Strait of Hormuz.The move comes after several vessels carrying Indian export consignments were unable to reach their destination ports because of the ongoing disruptions in the region.As a result, some ships have returned to Indian ports with cargo that had already b…
New Delhi, March 6 (IANS) Qatar’s Energy Minister Saad al-Kaabi has warned that war in the Middle East continuing for a “few days” could cause Gulf exporters declaring force majeure, halting deliveries, pushing oil to $150 a barrel and natural gas to $40 per MMBtu (Metric Million British Thermal Unit) within weeks.”Everybody that has not called for force majeure we expect will do so in the next few days if this continues. All exporters in the Gulf region will have to call force majeure,” the m…