World News
India Approves $1.38 Billion Maritime Insurance Pool Amid Middle East Conflict
India has approved creation of a domestic maritime insurance pool backed by a INR 129.8 billion ($1.38 billion) sovereign guarantee to cut reliance on foreign underwriters amid Middle East conflict.
The plan is to create the Bharat Maritime Insurance Pool (BMI Pool), offering cover across hull and machinery, cargo, protection and indemnity, and war risk for Indian-flagged and controlled vessels, India's shipping ministry said in a press release on April 18.
The recent action follows volatility caused by the war in the Middle East and disruption in the Strait of Hormuz, where marine insurers raised premiums or withdrew cover, exposing shipowners to higher costs and uncertainty.
Sarbananda Sonowal, India’s shipping minister, said the pool strengthens India’s ability to safeguard maritime trade from external shocks.
India moves over 70% of its trade by volume and about 95% by value by sea, but marine insurance has largely remained in foreign hands.
The BMI Pool aims to ensure continuity of cover, including for vessels operating in high-risk regions, while supporting India’s ambitions to expand its maritime footprint.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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