/Reuters Agency
A Western-sanctioned vessel carrying Russian oil for Indian Oil Corp has seen the unloading of its cargo delayed at a port in eastern India, which is believed to be due to a delay in the online verification of insurance coverage provided by a Russian insurer, according to three industry sources with direct knowledge of the matter.
Earlier this year, India tightened insurance rules for vessels calling at its ports, focusing on older vessels and the so-called “shadow fleet,” often used to transport Russian oil products.
The Aframax Tiger 6 vessel, which is under European Union and United Kingdom sanctions, was scheduled to unload its ESPO crude cargo on November 23, but was still floating near Paradip Port in the Bay of Bengal on the afternoon of Thursday the 27th, LSEG data showed.
Two of the sources said the vessel was in the process of docking at Paradip. The delayed unloading suggests India has tightened port security.
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 no forged documents are presented to Indian port authorities for docking.
Many vessels in the shadow fleet are covered by insurers outside the IG. Russia’s Soglasie Insurance Co Ltd has provided coverage for the vessel carrying oil for state-run Indian Oil Corp, the sources said, adding that the cargo was supplied by a non-sanctioned entity.
The company denied it. “The Tiger 6 tanker is not insured with Soglasie under the P&I (Protection and Indemnity) program,” it said in emailed comments to Reuters on Thursday the 27th.
India recognizes P&I coverage provided by 19 non-IG insurers, including eight from Russia, helping the South Asian nation continue to buy discounted Russian oil.
