Chartered container shipping services have been launched between Russia and India for the smooth transfer of critical commodities, ET has learned.
Russian freight shipper Inteco and China-based Swift Transport Group have set up joint subsidiaries for container shipping services between Vostochny in Russia’s Far East and ports in China, according to sources.
China spent around $19 billion buying Russian oil, gas and coal in the three months ended May, almost double the amount a year earlier. India spent $5.1 billion over the same period, more than five times what it was a year ago.
India and Russia have held talks to revitalize the Vladivostok-Chennai shipping corridor as part of the partnership in the Indo-Pacific region.
Meanwhile, the first shipment from Russia via Iran has reached the Indian port after the International North-South Transport Corridor (INSTC) started operations. A shipment via the Eastern Branch of INSTC is on its way to India. On July 5, in a series of high-level talks, India called on Iran to facilitate regular use of the 7,200-kilometer INSTC.
Speaking at the 6th Caspian Summit in June, Russian President Vladimir Putin said that Russia is developing port infrastructure in the Caspian region. “First of all, we are talking about the construction of the North-South International Transport Corridor … This is a really ambitious project, a 7,200-kilometer transport artery from St. Petersburg to ports in Iran and India,” stressed the Russian President.
“An agreement between the Caspian Sea countries on transport cooperation, which came into force last year and aims to make the Caspian Sea region a major international logistics hub, should allow for a faster start of this corridor,” Putin said. In 2021, cargo throughput between Russia and India increased by 46.5%.
