Petronet LNG is contesting arbitration claims totalling ₹625.42 crore, plus applicable taxes, from the owners of three dedicated liquefied natural gas (LNG) carriers whose operations have remained largely suspended since March 2026 following conflict-related disruption in the Middle East.

The company disclosed the claims in its financial results for the quarter ended 30 September 2026. It has not recognised a provision, maintaining that the demands are not sustainable under the relevant time charter agreements. The arbitration outcome and any resulting financial liability remain undetermined.

Which vessels are involved?

The dispute concerns Disha, Raahi and Aseem, chartered by Petronet to transport LNG from Qatar to India.

The vessels operate under long-term agreements with India LNG Transport Company (No.1) Ltd, India LNG Transport Company (No.2) Ltd and India LNG Transport Company (No.3) Ltd, respectively.

Their operations have been suspended since 2 March, apart from one vessel deployed for approximately seven days in June. Claims for vessel hire and associated costs increased from ₹89.30 crore at the end of March to ₹625.42 crore by the end of September. The disclosed amount represents claims under dispute, rather than an arbitration award or an admitted payment obligation.

How did the shipping disruption arise?

Petronet’s earlier financial disclosure traced the disruption to armed conflict and related hostilities beginning on 28 February 2026. The company said these events affected navigation through the Strait of Hormuz and regional LNG loading operations.

Petronet issued a force majeure notice to QatarEnergy LNG S. (2) on 2 March under its LNG sale and purchase agreement. It subsequently notified the owners of its three chartered vessels and its Indian customers on 3 March.

QatarEnergy also invoked force majeure on 4 March, prompting further notices to Petronet’s customers the following day. Petronet reported that scheduled cargoes could not be loaded from 3 March onwards.

The underlying supply arrangement covers 7.5 million tonnes of LNG annually on a free-on-board basis, with Petronet arranging shipping and holding corresponding long-term gas sale agreements with customers in India.

Why are the long-term charters significant?

The three carriers form part of Petronet’s established shipping arrangements for Qatar-origin LNG. The company says it secured the vessels through long-term charters to improve transport reliability and limit exposure to freight-rate fluctuations.

Disha and Raahi each have cargo capacity of approximately 138,000 cubic metres, while Aseem can carry approximately 155,000 cubic metres.

Shipping Corporation of India participates in the ship-owning arrangements alongside international partners. Its published fleet information confirms the carriers’ capacities and their role in long-term LNG transportation. These dedicated assets connect overseas supply contracts with India’s LNG receiving infrastructure.

What is Petronet’s position on the claims?

Petronet had stated in its March-year-end disclosure that, based on legal advice, it considered the vessel owners’ claims untenable under the relevant charter provisions.

The September disclosure maintains that position. The company’s auditors drew attention to the claims and the uncertainty surrounding their financial consequences in their review of the quarterly results. The disclosed position does not establish how the arbitration will resolve the parties’ competing contractual interpretations.

Separately, Petronet reported quarterly profit of approximately ₹1,235 crore, up 53% year on year, while revenue from operations declined 35% to approximately ₹7,200 crore.

The shipping dispute therefore remains an unresolved exposure alongside the company’s reported operating and financial performance. Any eventual payment obligation will depend on the proceedings’ outcome.

Shreeji secures bonded trucking permission at Navi Mumbai airport

Shreeji Translogistics has received permission to transport import and export transhipment cargo under bond from the Air Cargo Complex at Navi Mumbai International Airport to other gateways across India, expanding its access to the airport’s developing freight network.

The Vashi-headquartered logistics company announced the permission in a stock exchange filing on 3 November 2026. The approval extends its customs-bonded trucking business, a segment in which it has operated since 2002.

Management said cargo operations at Navi Mumbai International Airport were expected to create additional opportunities for the company. The announcement did not disclose committed cargo volumes, contract values, deployment requirements or a date for the first movement.

What does the permission cover?

The permission covers bonded trucking of both import and export transhipment cargo from Navi Mumbai International Airport’s Air Cargo Complex to other Indian gateways.

Bonded trucking provides the road transport connection between customs-controlled cargo facilities. It allows air cargo to move between gateways as part of its international journey, subject to the applicable customs procedures.

For Shreeji, the approval adds another airport location to an established service offering. Its management described the development as an expansion of its presence in customs-bonded transport, rather than entry into a new business segment.

How does bonded trucking support airline networks?

Shreeji’s published service information explains that bonded trucking enables airlines to serve cargo destinations without operating flights to every location. Road movements connect those destinations with airports served by the airline’s flight network.

The company uses containerised trucks for these movements and offers arrangements for non-standard cargo dimensions. Its bonded trucking services cater to customs-notified air cargo complexes across India.

This model links the road and aviation components of an international shipment. It provides an inland transport option where cargo origins or destinations do not coincide with the airport used for the international flight.

Shreeji builds on existing Mumbai operations

The company already has a history of permissions for bonded cargo movement through Mumbai’s existing airport.

Mumbai Customs Public Notice 49/2025 recorded Shreeji’s earlier authorisation to transport specified airlines’ import cargo from the Mumbai Air Cargo Complex to customs-notified air cargo complexes, inland container depots, container freight stations and air freight stations.

The same notice approved export bonded trucking between Mumbai’s Air Cargo Complex and other notified facilities, subject to airline authorisation and customs approval. These earlier permissions concern the existing Mumbai airport and provide background to the company’s expansion at Navi Mumbai.

What cargo infrastructure is being developed at Navi Mumbai?

Navi Mumbai International Airport’s published cargo plans provide for an initial annual handling capacity of approximately 500,000 tonnes, increasing in phases to 2.6 million tonnes.

The airport lists facilities for pharmaceuticals, perishables, express shipments, oversized cargo, dangerous goods and other specialised consignments. Its infrastructure includes temperature-controlled areas, separate cargo storage zones, customs offices and parking for trucks, trailers and refrigerated vehicles.

A planned airport cargo community system is intended to connect stakeholders through a shared digital platform, while automated truck-slot management is designed to organise terminal access.

The wider cargo development programme also includes a proposed 300,000-square-foot automated FedEx hub. Groundbreaking took place on 18 February 2026, with FedEx announcing a long-term investment of approximately ₹2,500 crore.

That facility is planned as a regional consolidation and redistribution centre supporting trade with Southeast Asia, the Middle East, Europe and the United States. Shreeji’s new permission adds a road transport capability to the airport’s expanding cargo ecosystem, although its announcement does not identify any commercial arrangement with the proposed FedEx hub.