Hormuz Crisis: Indian Shipowners Seek Govt Intervention; 27 Vessels Stuck, Rs 10,000-Crore Assets At Risk

Indian shipowners have written to the Ministry of Ports, Shipping and Waterways, seeking the government's intervention to secure the flow of Indian vessels stuck in the Strait of Hormuz due to the Iran-Israel war.

The Indian National Shipowners' Association (INSA), in its letter to the shipping ministry, said 27 Indian-flagged vessels are currently stuck in the region. This puts shipping assets worth over Rs 10,000 crore at risk, INSA underlined in its letter, as seen by NDTV Profit.

Late on Monday, Iran officially announced the closure of the Strait of Hormuz. An offiial of the Islamic Revolutionary Guard Corps, the country's paramilitary force, said those ships that attempt to pass through the strait will be "set ablaze".

The move holds the potential to destabilise the global energy market, as the Strait of Hormuz accounts for 20% of the world's global oil flow, according to a Reuters report. INSA noted in its letter than nearly 85% of India's liquified petroleum gas (LPG) imports transit through the region.

At least three tankers have been attacked in the Gulf since Feb. 27, when the war broke out between Iran and the US-Israel combine. One of the vessels linked to INSA had a narrow escape, as a missile missed striking it by a slim margin, the letter said.

Some Indian vessels are waiting at the south of Hormuz to load critical energy cargo, INSA 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 the stranded Indian vessels.

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