India taking measures to secure merchant ships amid rise in attacks in the Red Sea region: Report

Several shipments are receiving escorts in the open seas with assistance from the Indian defence forces, an official said on conditions of anonymity, reported Moneycontrol.

On January 4, the government convened a meeting with representatives from shipping companies and exporters to discuss the Suez Canal crisis and the consequent rise in shipping expenses.

"The cost of freight and insurance have increased as ships are being forced to take the longer route to avoid the Red Sea region. Though, there is no shortage of containers, vessels are facing longer turnaround time by 14 days on account of longer routes across Africa," the official was quoted as saying by Moneycontrol.

According to the report, India is considering a variety of measures, including subsidisations for Indian exporters to counterbalance higher shipping costs and insurance premiums.

New Delhi is also working with the US-led multi-nation coalition to guarantee the safe route of merchant vessels in the Red Sea.

After the Israel-Hamas war in October, the Red Sea, a crucial route for around 12 percent of global trade, has gained attention due to periodic attacks on commercial vessels by Yemen's Houthi rebels.

These incidents have raised concerns about the potential impact on global maritime commerce.