Iran’s Oil Exports Plummet as Sanctions Bite Says IEA
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 Tanker Firm Says it Insured Ships Despite Sanctions
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. …
U.S. Exempts India, Other Countries, Not China, from Iran Sanctions
The United States extended exemptions from its tough, new sanctions on Iran’s oil trade to seven more economies on Monday, leaving China the last remaining major importer exposed to possible penalties at the end of the month. In the latest …
Data Shows Iran Petro-Chemical Exports Plunge Due to EU Insurance Sanctions
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 …
Refueling by EU Shippers May Violate Iran Sanctions
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 …
UK Seeking Delay to EU’s Iran Ship Insurance Ban
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 …
Shipping Exec: India’s State Insurers to Provide $50 Million Cover for Iran Oil Buy
Indian state-run insurers have agreed to give limited cover to local ships for carrying Iranian oil, helping the energy-hungry country import reduced volumes from sanctions-hit Tehran from July, a Shipping Corp of India director said on Tuesday. “We have in …
Lloyd’s Register Withdraws from Iran Due to Sanctions
Maritime risk management firm Lloyd’s Register has shut its operations in Iran and can no longer vouch for the safety of the OPEC member’s fleet due to Western sanctions, the head of the company told Reuters. Lloyd’s Register, a classification …
Is Marine Insurance the Stranglehold on Iran?
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 …
