(representative image) Ping Shun shifts course after briefly signalling first India delivery in years
| Photo Credit:
REUTERS/Norlys Perez

A US-sanctioned vessel carrying Iranian crude oil has shifted course to China from its previously signalled destination of India, where it would have been the first such shipment in nearly seven years.

The Ping Shun, an Aframax built in 2002 and sanctioned by the US in 2025, is currently signaling Dongying in China, according to Kpler, a ship-tracking firm. Earlier this week the ship had indicated it would arrive at Vadinar, Gujarat, but it has since taken a sharp turn to the south. Such destination signals are not final and may change at any time.

India hasn’t purchased Iranian crude since May 2019, when it stopped importing barrels from the country due to US sanctions. President Donald Trump has temporarily waived penalties for Iranian cargoes already at sea, but issues around payment, shipping and insurance have complicated potential transactions. 

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Published on April 3, 2026

State governments and Union Territories across the country are expected to raise a total of ₹2,54,509 crore through market borrowings during the first quarter of the 2026-27 financial year.

According to an indicative calendar released by the Reserve Bank of India (RBI) on Thursday, these borrowings will take place between April and June 2026 as part of the states’ efforts to manage their financial requirements. The central bank, acting as the debt manager for the states, has scheduled regular auctions throughout the three months to facilitate the capital raising.

As a feature of this quarter’s borrowing plan, the RBI introduced the Benchmark Issuance Strategy (BIS) on a pilot basis. The bank has decided to implement it starting this financial year. This pilot involves nine specific states, including Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh.

These nine states alone are projected to borrow ₹1,53,900 crore during the quarter under the new framework.

“Reserve Bank has been sensitising States about the adoption of Benchmark Issuance Strategy (BIS) for their market borrowings. Adoption of this strategy is aimed at enhancing transparency and providing greater clarity to investors,” the release noted.

The central bank explained that the move toward a more structured strategy is part of a long-term effort to stabilise the market for state-level securities. Under this new strategy, the participating states will issue securities within specific benchmark tenor buckets according to the pre-announced schedule.

While the nine states in the pilot lead the borrowing volume, the remaining states and Union Territories are scheduled to raise ₹1,00,609 crore through traditional market borrowing methods during the same period.

The RBI indicated that other states are expected to adopt the benchmark strategy as the programme moves forward.

The RBI maintains the authority to modify the auction dates and the specific amounts in consultation with the respective state governments and Union Territories if market conditions require such changes.

The central bank is committed to managing the process in a way that does not cause volatility in the broader financial system.

The actual amount of borrowings and the details of the States/UTs participating in the auction will be announced two to three days before the actual auction.

Published on April 3, 2026