• 01 June 2023

Lloyds Registry withdraws registration of Indian Ships carrying Russian Oil

Lloyd's Register of Shipping, a UK-based classification society, recently withdrew the registration of several Indian-flagged ships that were carrying Russian oil to India. This decision has created a ripple effect in the global shipping industry, with various countries and stakeholders reacting in different ways.

The impact of this action on the delivery of Russian oil to India is significant. Indian refiners rely heavily on Russian oil imports, with Russia being the largest supplier of crude oil to India in 2020. The affected ships were carrying up to 20% of India's monthly crude oil imports from Russia, and this loss could potentially disrupt the country's energy security.

The withdrawal of registration by Lloyd's Register of Shipping was due to the alleged violation of safety and environmental norms by the Indian ships. This action by the classification society has highlighted the need for stricter enforcement of safety and environmental regulations in the shipping industry.

In response to this news, various countries have expressed their concerns and opinions. The Russian Energy Ministry has stated that they are monitoring the situation closely, and they have offered alternative shipping routes to ensure the continued delivery of oil to India. The Indian Ministry of Shipping has also expressed concern and has assured that they are taking necessary steps to address the issues raised by Lloyd's Register of Shipping.

Other countries, such as the United States, have also reacted to this news. The US State Department has issued a statement urging all countries to comply with international shipping standards and regulations. This statement highlights the importance of maintaining a safe and sustainable shipping industry, which is essential for global trade and commerce.

In conclusion, the withdrawal of registration by Lloyd's Register of Shipping has had a significant impact on the delivery of Russian oil to India and has highlighted the need for stricter enforcement of safety and environmental regulations in the shipping industry. Various countries have reacted differently to this news, with some offering alternative solutions and others calling for greater compliance with international standards. This incident serves as a reminder of the importance of maintaining a safe and sustainable shipping industry, which is critical for global trade and commerce.
Go Back


Website by: Xpoteck