Economy
Jaishankar at G20 Atlanta: Hormuz ship attacks hit Global South's fuel, food costs
India's external affairs minister told fellow G20 foreign ministers that attacks on civilian shipping threaten supplies of fuel, food and fertilisers, even as all 29 Indian seafarers on two struck tankers were confirmed safe.
Desh Flash desk31 October 2026, 7:35 am IST2 minUpdated 31 October 2026, 7:35 am IST
External Affairs Minister S Jaishankar used the G20 Foreign Ministers' Meeting in Atlanta on Friday to warn that repeated attacks on civilian ships and seafarers are hurting developing nations hardest, and to press for freedom of navigation under international law.
In a post on X, he said the Global South is bearing a disproportionate share of the fallout from Middle East hostilities, with the availability and price of fuel, food and fertilisers all at risk. For import-dependent economies, that is the kind of pressure that tends to show up quickly in pump prices, farm input costs and household budgets.
Jaishankar called for an end to attacks within the framework of international law, singling out the UN Convention on the Law of the Sea (UNCLOS). He also said India and Liberia have launched a joint initiative to safeguard seafarers, a notable step given how much of the world's shipping relies on flag states like Liberia and crews from countries like India.
He broadened the message beyond shipping. Developing economies, he argued, are being denied their right to industrialise through market flooding, weaponised supply chains, restricted market access and distortions. He also cautioned that tactical calculations should not blind countries to terrorism, which he said has come back to hurt even those who practised it.
The remarks came after limpet mine damage to the Panama-flagged tanker MT LOUISE 1 in the Strait of Hormuz. It carried 27 Indian seafarers, and the incident is described as the first confirmed use of such explosives against a vessel there since the US-Iran war began in February.
On the human front, there was relief. Ports, Shipping and Waterways Minister Sarbananda Sonowal said all 29 Indian crew members across two tankers hit on October 29 and 30 were unharmed. Besides LOUISE 1, the Liberia-flagged VLCC MT ARZANAH, with two Indians aboard, was also targeted in a projectile attack.
Why it matters for readers and markets: Hormuz is a key artery for global crude, so any threat to tanker traffic feeds into freight, insurance and energy price expectations. India's diplomatic push signals that securing sea lanes and crew welfare is now firmly part of its economic agenda. Source: NewKerala.