Indian Insurance PSUs providing cover to vessels importing Iran oil
Indian Insurance PSUs providing cover to vessels importing Iran oil
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Read more74 AIS sensors on lighthouses along the entire Indian coastline have been connected Union Minister of Shipping, Shri G.K. Vasan dedicated to the nation the Automatic Identification System (AIS) Network today in Chennai at an estimated cost of Rs. 132 crore. It is a set up connecting 74 AIS sensors installed on lighthouses along the entire coastline. The system will be able to track vessels up to a distance of 50 kilometres from the coast. It is intended to help different users like DG Shipping, Ports, Navy, and Coast Guard in tracking, surveillance, search and rescue, and management of aids to navigation.The Network also has a provision to track small fishing vessels with customised transponders which will be helpful in search and rescue and also in extending help in case of any eventuality. There are about two lakh fishing vessels in Indian waters which are required to be equipped with such transponders. The Ministry of Shipping has approved a pilot project for Directorate General, Lighthouses and Lightships (DGLL) to provide transponders to 1,000 fishing vessels off the coast of Gujarat and Maharashtra at an estimated cost of Rs. 6 crore. In the next phase, it would be extended to other ...
Read moreFor state-run refiner MRPL The shipping ministry has told private company Great Eastern Shipping Co (Gesco) to supply tankers to import Iranian oil for state-run refiner MRPL, which had to slash imports from Iran in July because the shipper was unwilling to carry them.Mangalore Refinery and Petrochemicals (MRPL), Iran's biggest Indian client, has an annual contract with Gesco through Transchart, an agency of the federal shipping ministry.But Gesco refused last month to lift cargoes for MRPL because of the lack of insurance cover after European sanctions came into effect barring insurance and reinsurance for Iranian shipments.An industry official, with access to a letter sent by the shipping ministry to Gesco on Monday, said it made clear India had now allowed state-run insurers to provide some cover for Iranian shipments and told the company to provide vessels for MRPL."Finance ministry has notified insurance policy for Iran oil imports on July 30, 2012," the industry official said."You (Gesco) are requested to arrange for the necessary insurance cover immediately and nominate suitable vessels to MRPL/Transchart for loading Iran crude oil under the CoA (Contract of Affreightment)," the official quoted the letter as saying.Gesco, the country's biggest private shipper, said it has not yet ...
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