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Eastern Maritime Corridor
from Vajirao & Reddy Institute
Current Affairs
Eastern Maritime Corridor
By : Author Desk
Updated : 2024-12-23 12:43:13
EASTERN MARITIME CORRIDOR
New Sea Route
: The
Eastern Maritime Corridor
, a new sea route connecting
Chennai
in India to
Vladivostok
in Russia, has begun playing a significant role in enhancing trade between the two countries.
The route has become particularly important for the
crude oil
trade,
with India surpassing China as the largest buyer of Russian oil by mid-2024.
The
operationalisation
of this route is providing two major benefits: reducing
shipping time
and cutting down
transportation costs
for
commodities like crude oil, coal, LNG (Liquefied Natural Gas), and fertilisers.
KEY BENEFITS
Time Savings
:
The
Chennai-Vladivostok route
covers
5,600 nautical miles
and reduces the time for shipments between India and Russia by
up to 16 days
.
Shipments that used to take
over 40 days
via the traditional route from
Petersburg (Russia)
to
Mumbai (India)
now only take
24 days
.
This is a significant reduction in time, which directly translates into savings.
Shipping Speed
: A large vessel traveling at
25 knots (about 45 km/h)
takes approximately
12 days
to travel from
Vladivostok
to
Chennai
, compared to
40+ days
via the older route through Europe.
SHIPPING ROUTES
Vladivostok
: Located near the
Sino-Russia border
,
Vladivostok
is
Russia’s largest port
on the
Pacific Ocean
and acts as the primary hub for shipments to India.
Indian Ports
: The new route leverages
eastern Indian ports
like
Chennai
,
Paradip
,
Visakhapatnam
,
Tuticorin
,
Ennore
, and
Kolkata
, depending on the cargo type and final destination.
These ports are strategically located to facilitate the import of bulk goods like crude oil, coal, and fertilisers, as well as the export of Indian products to Russia.
COMMODITIES TRADED
Imports from Russia to India
:
Crude oil
remains the top import from Russia, followed by
coal and coke
,
fertilisers
,
vegetable oils
, and
project goods
.
Exports from India to Russia
:
The key exports include
processed minerals
,
iron and steel
,
tea
,
marine products
, and
granite
.
Other exports include
processed fruits
,
juices
, and
natural stones
.
IMPACT ON INDIA RUSSIA OIL TRADE
India’s Growing Dependence on Russian Oil
:
By
mid-2024
, India had surpassed
China
to become the
largest buyer of Russian oil
, a significant shift in global oil trade dynamics.
Urals crude
, the flagship grade of Russian oil, constitutes over
three-fourths
of the crude oil purchased by India from Russia.
Price Advantage
:
Russian crude is typically offered at a
discount
due to the geopolitical situation following the
Ukraine war (2022)
.
Despite discounts having reduced over time, Indian refiners continue to favor Russian oil because even at lower discounts, it still offers significant savings.
Shipping Savings
: The savings from the new sea route further
sweeten the deal
, making Russian crude even more cost-effective for India.
Impact of Shipping Cost Savings
: The new route significantly reduces the overall cost of importing Russian oil by lowering transportation expenses, which benefits Indian refiners.
STRATEGIC & GEOPOLITICAL IMPLICATIONS
Geopolitical Leverage
:
India’s growing engagement with Russia, particularly in
energy trade
, serves multiple purposes beyond economic gains.
It also helps India in curbing
Russia’s tilt towards China
and ensures strategic cooperation between the two countries.
India relies on
Russia
for the
maintenance of its armed forces
and
cooperation on nuclear-powered submarines
.
India-Russia Bilateral Relations
: This increasing trade, particularly in energy, is expected to solidify
India-Russia ties
Russian President Vladimir Putin
is set to visit India in
2025
, marking a milestone in diplomatic relations.
CHALLENGES & FUTURE PROSPECTS
Reliability of the New Route
: While the Eastern Maritime Corridor has provided significant benefits, ensuring consistent and reliable shipping services will be crucial for its long-term success.
Expansion of Trade
: As the route gains more operational momentum, there is potential for expanding trade in other products like
fertilisers
and
containerized cargo
, which require longer-term commitments from both countries.
Diversification of Imports
: The route also has potential to facilitate the import of a wider variety of commodities from Russia, beyond crude oil and coal.
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