- The Indian National Shipowners' Association said 27 Indian-flagged vessels are currently stuck in the region
- INSA has written to the Ministry of Ports, Shipping and Waterways
- Iran declared the vital strait closed and threatened to set ablaze any ship that tried to pass through it
After the Iranian Revolutionary Guards declared the vital Strait of Hormuz closed and threatened to set ablaze any ship that tried to pass through it, shipowners have written to the Ministry of Ports, Shipping and Waterways, urging the government to secure the flow of Indian vessels.
Nearly 20% of global oil and gas exports flow through the narrow waterway between Oman and Iran. The stakes are high for India as well, because roughly 40% of the oil and over 50% of the liquefied natural gas (LNG) that the country imports flow through this route.
The strait has been declared shut by Iran following US-Israel strikes on the country, which began on Saturday and have resulted in the deaths of several key figures, including Iranian Supreme Leader Ayatollah Ali Khamenei. Live updates
In a letter, seen by NDTV Profit, the Indian National Shipowners' Association (INSA) said 27 Indian-flagged vessels are currently stuck in the region and shipping assets worth over Rs 10,000 crore are at risk.
On Monday, state-run media in Iran said a sixth ship had been targeted in the strait. Among the tankers hit so far was one which had 15 Indians among its crew.
In its letter, INSA noted that a tanker owned by an affiliate had a narrow escape and a missile had missed it by a small margin.
Some Indian vessels are also waiting south of the strait to load critical energy cargo, it added.
The shipowners' body, while flagging the potential spike in freight and insurance costs, appealed for diplomatic outreach to Iran and Israel to ensure safe passage for stranded Indian vessels.
Negligible Movement
Global ship-tracking Intelligence company MarineTraffic's Live Ships Map shows a large number of cargo ships anchored in safe zones near major ports in the Middle East, with almost negligible movement visible through the Strait of Hormuz.
Red dots on MarineTraffic's Live Ships Map represent ships returning after delivering export and import consignments to ports. Green dots represent ships carrying consignments, which were en route to various ports when the war broke out.
Billions of dollars worth of exports from India to several countries in Central Asia are also stranded in ports and aboard cargo ships.
Deepak Kumar, exporter and Director of Fortune Rice Limited, said, "Only a few ships are currently transiting the Strait of Hormuz because the risk of damage from the war is high. Most cargo ships are parked in safe zones near major ports in Central Asian countries."
Sources have told NDTV that India is in a comfortable position from an energy standpoint and has at least 25 days of crude oil and refined oil stocks.
