UPDATE: According to tracking data gathered by Windward Maritime Analytics Services Company, the Desh Shanti is underway again and steaming toward the Strait of Hormuz. By Nidhi Verma NEW DELHI, Aug 15 (Reuters) - An Indian ship carrying Iraqi crude has been detained by Iran in its territorial waters due to pollution concerns, the head of the refiner buying the oil … [Read more...]
Ties are Cut as India’s Joint Venture With Iranian Shipping Company Gets Strangled
(Bloomberg) -- Shipping Corp. of India said a joint-venture with the Islamic Republic of Iran Shipping Lines will end after sanctions against the Iranian company crimped the entity's ability to trade. “Between the two promoters, there has been an understanding reached that the assets of the company will be split between the promoters and it will cease operation,” … [Read more...]
STX Dalian Delivers Panamax Bulker to SCI, More on the Way
The first of four Panamax bulk carriers ordered by the Shipping Corporation of India Ltd. (SCI) were delivered last Friday by STX (Dalian) Shipbuilding Co. Ltd., China. These vessels were ordered as part replacement of SCI's Daewoo series Handymax bulk carriers which were built in 1986/87. These vessels would be of higher capacity in the Panamax size range of above 80,000 … [Read more...]
Iranian Oil Breaks the Gauntlet with Indian Tankers, and Insurance
MUMBAI--United India Insurance Co. has agreed to provide protection and indemnity cover to Indian tankers carrying oil from Iran with General Insurance Corp. offering reinsurance, two people with knowledge of the matter said Tuesday. The offer bring some relief to Indian shipping companies that aren't getting covers from European insurers since July 1 for carrying shipments … [Read more...]
Iranian Crude is Still Finding its Way to India, SCI Largely Unaffected by Sanctions
SINGAPORE (Dow Jones)--Shipping Corp. of India Ltd. (523598.BY), India's largest shipping company by fleet size, doesn't expect any significant impact on its financial performance this fiscal year due to restricted insurance coverage for carriers shipping crude oil from Iran, Chairman and Managing Director S. Hajara said Monday. Due to the restrictions, the company is faced … [Read more...]