Since April, India has required online verification of insurance for ships covered by companies that are not members of the International Group (IG) to ensure that forged documents are not provided to Indian port authorities for berthing
NEW DELHI: A Western-sanctioned vessel with Russian oil destined for Indian Oil Corp (IOC.NS), opens new tab has had discharge of the cargo delayed at a port in eastern India due to a hold-up in online verification of insurance cover provided by a Russian insurer, three industry sources with direct knowledge of the matter said.
India earlier this year tightened insurance rules for ships calling at its ports, focusing on old and so-called shadow fleet vessels often used to carry Russian oil.
Aframax vessel Tiger 6, which is under European Union and UK sanctions, was scheduled to discharge the cargo of ESPO grade on November 23 but was floating near Paradip port on Wednesday afternoon, LSEG data showed. Two of the sources said the ship was in the process of berthing at Paradip.
The delayed offloading suggests India has stepped up security at the ports.
Since April, India has required online verification of insurance for ships covered by companies that are not members of the International Group (IG) to ensure that forged documents are not provided to Indian port authorities for berthing.
Many shadow fleet ships are covered by non-IG insurers.
Russia’s Soglasie Insurance Co Ltd has provided cover to the vessel carrying oil for state-run Indian Oil Corp, the sources said, adding that the cargo was supplied by a non-sanctioned entity.
Soglasie and Indian Oil did not immediately reply to requests for comment.
India recognises P&I cover provided by 19 non-IG insurers, including eight from Russia, helping the South Asian nation continue buying discounted Russian oil.
Reuters