Attacks on seafarers struck working with, raise expenses for shipping business
By
ET BureauLast Updated: Jul 16, 2026, 01:19:00 AM IST
Summary
The current wave of attacks on industrial vessels is substantially affecting the recruitment of Indian seafarers and increasing associated expenses. SV Anchan, chairman of Safesea Shipping, highlighted the skyrocketing insurance coverage premiums required by the requirement for seafarer defense. Their tanker, Safesea Vishnu, was a current casualty, targeted within Iraqi territorial waters.
New Delhi: Attacks on business vessels that have actually declared the lives of Indian seafarers are injuring recruitment and increasing expenses for shipping business, according to SV Anchan, chairman of New Jersey-based Safesea Shipping.
The business was impacted in March when its oil tanker Safesea Vishnu was assaulted in Iraqi territorial waters, eliminating an Indian seafarer.
“We are already feeling it,” Anchan stated when asked whether increasing threats to life were preventing individuals from signing up with the merchant shipping market. He was reacting to concerns in the context of a current attack on vessels transiting the Strait of Hormuz that eliminated an Indian seafarer on July 14. India’s ministry of external affairs lodged a demonstration with Iran on Tuesday.
Anchan stated the expense of securing seafarers had actually likewise increased since of greater insurance coverage premiums. “There is an independent cover for this environment which owners need to obtain. Such cover comes at a very exorbitant cost to the owners,” he stated.
Safesea had actually bid for Shipping Corporation of India, though the federal government’s divestment of the business stays on hold. Anchan satisfied Prime Minister Narendra Modi on May 30 throughout a current see to India.
He stated the restored interruption to delivering through the Strait of Hormuz had actually likewise impacted the marketplace for purchasing and offering vessels.
“Uncertainties have kept merchant shipping on wait and watch mode. Though the market is bullish, on the ground not much sale and purchase of ships is taking place,” he stated.
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