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Recent Current Affairs related to Shipping

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2 June 2026 AGREEMENTS

Nikos Christodoulides, the President of the Republic of Cyprus, visited India at the invitation of PM Narendra Modi. He held bilateral discussions with PM Modi at Hyderabad House in New Delhi.

During his visit to Mumbai, President Christodoulides participated in the traditional bell-ringing ceremony at the National Stock Exchange of India Ltd (NSE) and attended the Cyprus-India Business Forum. Both countries signed 6 MoUs across various sectors and made 8 major announcements to strengthen bilateral cooperation.

18 May 2026 BANKING

The Department of Financial Services (DFS) under the Ministry of Finance (MoF) has launched the “Bharat Maritime Insurance Pool” (BMIP) in New Delhi. The BMIP is established with a total value of $1.5 billion, which includes a sovereign guarantee of $1.4 billion (₹12,980 crore).

The initiative aims to reduce the heavy reliance of Indian vessels on foreign International Group (IG) Protection and Indemnity (P&I) Clubs for third-party liability coverage.

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