• Source:JND
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US-Iran War: The spark of the ongoing war between US-Israel and Iran reached India's neighbourhood, Sri Lanka, after a US submarine attacked an Iranian warship in the Indian Ocean on Wednesday. The Iranian frigate, IRIS Dena, sank in international waters off the Sri Lankan coast when it was returning after participating in the Milan naval exercise, a multilateral wargame hosted by India. Over 80 bodies of Iranian sailors killed in the attack have been recovered. The Sri Lankan Navy said it rescued 32 Iranian sailors from a sinking Iranian naval ship off the southern coast, while several bodies were recovered from the site.

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The sinking of IRIS Dena, a visiting vessel, in India's maritime neighbourhood is a matter of concern for India too, as more armed conflict in the Indian Ocean will affect India's trade on the sea route.

Tensions Likely To Heighten In The Indian Ocean

With a second Iranian warship heading towards Sri Lanka on Thursday, just a day after the sinking of the Iranian frigate IRIS Dena, the tension is likely to increase in the region. The warship is reportedly carrying more than 100 crew members and is seeking permission from the Sri Lankan government. Sri Lankan Minister Nalinda Jayatissa confirmed the development. The second Iranian warship, a probable target of the US, is in Sri Lanka’s Exclusive Economic Zone, just outside Sri Lankan territorial waters, creating a serious threat to the sea trade.

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How Indian Sea Trade Could Be Affected

If hostility continued to spread in the Indian Ocean, it would affect Indian trade with Sri Lanka and other countries. The neighbouring countries maintain robust sea trade, with bilateral trade reaching USD 5.5 billion in FY 2023-24. Sri Lanka is one of India's largest trading partners in the Indian Ocean. India’s exports to Sri Lanka were USD 4.1 billion, while Sri Lanka’s exports to India reached USD 1.4 billion in FY 2023-24. All trade is conducted through sea routes. The Indian Ocean, the world’s 3rd-largest ocean, manages almost 70 per cent of the world’s container traffic. Also, 80 per cent of India’s external trade, and 90 per cent of the energy trade, is conducted through it.

Rice Exporters Seek Urgent Relief

In another development, rice exporters in India have sought urgent government support to mitigate the impact of shipping disruptions triggered by the Iran crisis and instability across key maritime routes. According to a representation submitted by the Indian Rice Exporters Federation (IREF), exporters are facing an acute shortage of containers, suspension or cancellation of vessel calls to the Middle East, and sharply higher logistics costs. International freight rates have risen by an estimated 15-20 per cent, while war-risk surcharges and insurance premiums for Gulf-bound shipments have increased significantly.

(With agencies inputs)


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