Iran’s oil exports have fallen by an estimated 40 percent since the start of the year as Western sanctions tear into the country’s vital oil industry, the International Energy Agency said on Wednesday. The agency, which represents the interests of …
Iran’s biggest tanker operator, NITC, has $1 billion in ship insurance cover to keep its fleet on the water and serve clients in Asia despite Western sanctions on the Islamic Republic’s oil trade, a senior NITC official said on Tuesday. …
Iranian petrochemical exports have plunged nearly 90 percent in the last two weeks as most maritime firms, including those in Iran, cannot find insurance to transport the cargo due to EU sanctions, according to traders and shipping data. The impact …
European ship owners could violate impending EU sanctions against Iran without even knowing it every time they set sail, leaving them vulnerable to being blacklisted, the managing director of leading industry group Intertanko said on Friday. Vessels ranging from tankers …
The UK is seeking to persuade fellow European Union members to postpone by up to six months a ban on providing insurance for tankers carrying Iranian oil, arguing that it could lead to a damaging spike in oil prices, European …
Marine insurance, or lack of it, may yet turn out to be the most effective sanction used by Western nations in 17 years of tightening the screws on Iran’s nuclear program. A European Union oil embargo on Iran, set to …
Japanese insurers are warning ship owners that they will only cover one tanker at a time carrying Iranian crude oil through the Middle East Gulf due to tightening Western sanctions against OPEC’s second biggest producer, industry sources said. The three …
Ship owners covered by Japan P&I club must alert the maritime insurer in advance of any plans to transport Iranian oil and petrochemicals that could fall foul of Western sanctions, the insurer said. The United States and European Union have …
Key ship insurer, China P&I Club, will halt indemnity coverage for tankers carrying Iranian oil as of July amid tightening Western sanctions against OPEC’s second largest oil producer, two club officials told Reuters on Thursday. This is the first sign …
The United States exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian oil, but left Iran’s top customers China and India exposed to the possibility of such steps. The decision means banks …
