Indian firm says it shipped non-military explosives to Russia
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Time of India
29 minutes ago
- Time of India
US-sanctioned tanker sale to India scrapyard shows dark fleet pain
The sale of a US-sanctioned tanker being pulled apart in India includes extended payment terms and measures to shield the identity of the owner, unusual clauses that point to growing pressure on older dark fleet vessels as sanctions enforcement tightens. Contract II — built almost three decades ago and sanctioned in 2019 under the name Jasmine for its involvement in the Iranian oil trade — beached in late June at Alang, a ship-breaking center in western India that has become a hot spot for dark-fleet vessels. More such ships have turned up at the hub over the past months, as penalties make it harder to keep old tankers in the illicit oil trade. An eight-page sale document seen by Bloomberg, a rare glimpse at the financial terms around a sanctioned ship's demolition, includes details of a 180-day period for payment, far longer than what people familiar with the ship-scrapping business described as the industry standard of a few days or weeks. The buyer, listed as Shantamani Enterprise LLP in the contract dated May 20, can wire-transfer partial payments, interest free, over the period of almost six months. 'No seller would accept to wait for his money so long after delivery,' said Andrew Wilson, head of research at BRS Shipbrokers, who reviewed parts of the contract. 'This indicates that the seller needs to get rid of this ship rapidly.' Bimco, a global shipping organization that creates standard contracts, said a buyer would usually make a deposit and then pay what's left of the purchase price no later than three banking days after delivery has been decided. Two calls to Shantamani went unanswered and the company didn't respond to an email with a list of questions about the purchase. The US and European Union have repeatedly added more ships to their sanction lists for supporting Russian, Iranian and Venezuelan oil exports. A year ago, there were 191 sanctioned tankers, while the tally is now at 886, or 78% of the dark fleet, according to BRS. Older sanctioned tankers, with no chance of taking on mainstream trades, now either have to compete with younger ships in the blacklisted flotilla, or else head for the breakers. Selling at a Discount The document lists Thousand Miles Shipmanagement Corp. as the seller of the vessel — a company with a registered address in the Seychelles that's linked to other US-sanctioned entities, but has no online presence or contact details. Brokers that deal with ship scrapping will sometimes set up a special-purpose vehicle to handle the final delivery of vessels sent for demolition, but the use of shell companies to shield owners is also common with dark-fleet tankers. Industry participants questioned by Bloomberg did not have any knowledge of Thousand Miles. Bank account details are almost always listed in the document too, according to industry sources. However, that information is absent from the Contract II document, which lists the payment price at 14.04 million United Arab Emirates dirhams ($3.82 million). UAE dirhams are not commonly used as currency for such deals, far more frequently settled in US dollars, they added. They asked not to be named as the matter is sensitive The payment terms and use of a shell company are measures intended to make it harder for the transaction to be traced back, while sweetening the deal enough for would-be buyers to take the risk, according to Charlie Brown, a senior adviser at United Against Nuclear Iran. It fits a trend in the trade of blacklisted ships, said Brown, who focuses on maritime sanctions enforcement at the advocacy group. As with most such deals, the tanker was sold at a discount relative to the market, based on the rate for scrap steel in India at the time the document was drafted. That could make sense for both seller and buyer, with Thousand Miles likely keen to get rid of blacklisted tonnage, and the scrapyard seeking to keep margins healthy and stay ahead of the competition at a time when the sector is battling a downturn. The process of pulling apart Contract II started this week, according to the people familiar with the industry. Demolition typically begins around a month after a ship has beached to allow for fuel removal and official authorization for scrapping.
Hindustan Times
29 minutes ago
- Hindustan Times
NSA Ajit Doval meets Putin in Moscow day after Trump slaps tariffs
National Security Adviser Ajit Doval met Russian President Vladimir Putin at the Kremlin during his visit to Moscow for bilateral talks focused on security, economic, and energy cooperation. NSA Ajit Doval meets Russian President Vladimir Putin at the Kremlin.(Kremlin ) The meeting came a day after US President Donald Trump announced steep new tariffs on Indian imports in response to New Delhi's continued purchases of Russian crude oil. Trump, on Wednesday, signed an executive order imposing an additional 25 per cent tariff on Indian goods, effectively doubling the total tariff burden to 50 per cent. India has defended its energy trade with Russia, maintaining that its oil imports are 'driven by national interest and market dynamics.' In a video released by Russian state media outlet Sputnik News, Doval described India's relationship with Russia as 'very special,' underlining the depth of long-standing strategic ties between the two countries. 'We have got a very special relationship, long relationship and we highly value our strategic partnership. We have had high-level engagements and these have contributed very substantially,' Doval said. He also welcomed the announcement of an upcoming state visit by President Putin to India, saying summit meetings have historically marked key moments in bilateral ties. 'We are very excited and delighted to learn about the visit of His Excellency, the President of Russia, President Putin, to India. I think that the dates are almost finalized now. The more important thing is that the summit meetings have always been a watershed point,' Doval added. According to sources cited by news agency ANI, while Doval confirmed that plans for the Russian president's visit are underway, no specific dates were finalised during his engagements in Moscow. India and Russia continue to expand their defence cooperation. In 2018, India signed a $5.43 billion deal for five squadrons of the S-400 Triumf air defence missile system from Russia. So far, three squadrons have been delivered.
The Hindu
29 minutes ago
- The Hindu
Russia's Putin holds meeting with NSA Ajit Doval
Russian President Vladimir Putin held talks with National Security Adviser (NSA) Ajit Doval at the Kremlin on Thursday (August 7, 2025), Russia's state-run RIA news agency reported, citing the Kremlin press service. RIA not disclose what was discussed at the meeting. Russia and India stressed their commitment to a "strategic partnership" in bilateral security talks in Moscow on Thursday (August 7, 2025), a day after U.S. President Donald Trump announced higher tariffs on imports from India because of its purchases of Russian oil.
