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NEW DELHI: India’s southern state of Kerala was on high alert Sunday after a Liberian-flagged vessel carrying hazardous cargo sank off its coast.

The Indian Ministry of Defense said the 184-meter MSC Elsa 3 container ship was en route to Kochi from Vizhinjam on Saturday, when it issued a distress call.

All 24 members of the vessel’s crew — which included nationals of Russia, Ukraine, Georgia, and the Philippines — were rescued by the Coast Guard and the Navy.

“The vessel went down with 640 containers, including 13 with hazardous cargo and 12 containing calcium carbide,” the ministry said.

It did not specify what other hazardous substances were onboard, but calcium carbide becomes dangerous on contact with water, producing acetylene gas, which is flammable and explosive.

The vessel was also loaded with more than 84 metric tons of diesel and 367 metric tons of furnace oil.

Diesel and furnace oil are both classified as marine pollutants. They are toxic to marine life and can contaminate coastal ecosystems.

The Kerala State Disaster Management Authority issued a public warning on Saturday, when the ship started losing containers in the Arabian Sea. The authority’s secretary told reporters that “there is a chance the cargo, including containers and oil, will wash ashore.”

The Indian Coast Guard has deployed spill detection systems.

“ICG aircraft equipped with advanced oil spill mapping technology are conducting aerial assessment of the affected area,” it said. “As of now, no oil spill has been reported.”

What complicates pollution response is strong currents off the coast of Kerala, which if leakage occurs may move the spill toward the south, to Alleppey and Kollam districts, Prof. Biju Kumar, dean of the Faculty of Science, University of Kerala, told Arab News.

“These are the best fishing grounds, as far as Kerala is concerned. Any kind of oil spill will have consequences, which will affect marine life. The major issue will be the fish fauna,” he said.

“The major threat is polycyclic aromatic hydrocarbons, which are the most toxic component in any oil. They may be absorbed by plankton, which is a major food source for the commercially available fish ... The PAH will remain in the water for a longer time. It essentially means that we need long-time monitoring if it happens.”

JEDDAH: ������Ƶ has completed a sukuk restructuring and new issuance of over SR120 billion ($32 billion), advancing its strategy to enhance fiscal sustainability, optimize debt management, and deepen the local debt market. 

According to the National Debt Management Center, the Kingdom finalized its sixth early repurchase transaction in the domestic market, involving the early redemption of government sukuk maturing between 2025 and 2029 valued at approximately SR60.4 billion.  

To refinance these obligations, the NDMC issued new sukuk amounting to SR60.3 billion across five tranches with maturities stretching from 2032 to 2040. 

The move supports ������Ƶ’s broader efforts under Vision 2030 to diversify the economy, strengthen fiscal buffers, and develop domestic capital markets amid regional and global uncertainties. 

In a release, the NDMC stated: “This initiative is a continuation of NDMC’s efforts to strengthen the domestic market and enables NDMC to exercise its role in managing the government debt obligations and future maturities.”  

It added: “This will also align NDMC’s effort with other initiatives to enhance/optimize the public fiscal in the medium & long term.”  

The new sukuk issuance was structured across five tranches with staggered maturity dates. The first tranche amounts to approximately SR21.5 billion and matures in 2032. The second tranche is around SR1.8 billion and matures in 2035, while the third tranche totals SR14.2 billion and matures in 2036. The fourth tranche is valued at SR5.9 billion and matures in 2039, while the fifth and final tranche is around SR16.9 billion, maturing in 2040. 

To facilitate the transaction, the Ministry of Finance — as the issuer — and the NDMC appointed HSBC ������Ƶ, SNB Capital, and Al Rajhi Capital, as well as AlJazira Capital and Alinma Investment, as joint lead managers. 

The Kingdom’s current cost of debt stands at 3.6 percent per annum — among the lowest in emerging markets — and benefits from a low-risk profile, supported by a diversified financing strategy, the ongoing development of the domestic market, and conservative, transparent risk thresholds for managing the debt portfolio. 

The move aligns with the country’s Vision 2030 and its Financial Sector Development Program, which targets expanding the banking sector’s assets from SR2.63 trillion in 2019 to SR3.515 trillion by 2025, increasing the stock market’s capitalization to 80.8 percent of gross domestic product, and growing the volume of debt instruments to 24.1 percent of gross domestic product. 

The program also aims to promote digital financial innovation, boost SME financing from 5.7 to 11 percent of bank lending, expand the insurance sector’s role in the non-oil economy, and raise the share of non-cash transactions to 70 percent, while maintaining adherence to international financial stability standards. 

It also ensures adherence to international standards on financial stability to safeguard the sector’s robustness.