Russia Offers India Large Vessels On Lease

Russia has reportedly offered India to lease and build very large crude carriers (VLCC) as insurance on Russia’s oil.

Traditionally, India could not secure significant amounts of Russian crude as there were no VLCCs. However, with Indian imports from Russia touching almost 30% of the total requirement, VLCC is now the need of the hour.

This can also help eliminate insurance liability on India as after placing a price cap, most insurers have reportedly backed out from insuring Russia’s crude, mentioned sources. The offer was extended when Russia’s Russian Deputy PM, Alexander Novak, met the Indian Ambassador to Russia, Pavan Kapoor, on 9 December.

In 2021, bilateral trade between Russia and India went up by 46.5%, exceeding $13.5 billion. Until September 2022 (from January), trade touched $20.4 billion.

Reference: newindianexpress, timesnownews, moneycontrol

Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Latest Shipping News You Would Like:

U.S Navy Accuses Iranian Vessels Of Harassing Its Marine Attack Helicopter With Lasers

Posted on September 29, 2023

The vessels of IRGC shone a laser several times at a US attack helicopter as it was carrying out its routine operation in the international airspace yesterday, over the Gulf.

European Maritime Companies Ditching Toxic Ships On Bangladesh Beaches, Killing Workers

Posted on September 29, 2023

European maritime majors are now ditching old vessels for scraps on Bangladeshi beaches in polluting and dangerous conditions that have taken the lives of workers pulling them apart, informs Human Rights Watch.

HII Achieves Construction Milestone For Virginia-Class Submarine USS Arkansas

Posted on September 29, 2023

Newport News Shipbuilding has hit a significant and new milestone in the building of a Virginia-class sub dubbed Arkansas (SSN 800).

Improperly Declared Dangerous Goods Putting Lives At Risk In The Supply Chain

Posted on September 29, 2023

Over the past decade, containership fires have seen a disturbing rise, with a notable number resulting in casualties and total losses.

NYK To Trial Mooring System To Suppress Hull Shaking With Jera And Trelleborg Marine Systems

Posted on September 29, 2023

At many ports facing the open sea, hull shaking caused by sea swells and long-period waves has led to cargo-handling interruptions and ship evacuations, reducing port operation efficiency.