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 …
A widely expected ban on European insurance cover for Iranian oil exports from July 1 is threatening to curtail shipments and raise costs for major buyers such as Japan and South Korea, insurance industry sources say. Last week the European …
The European Union will allow some insurance on Iranian oil shipments before its full embargo starts on July 1, member states agreed on Thursday, responding to concerns from Asian importers heavily reliant on the EU for their coverage. The decision, …
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 …
European Union diplomats on Tuesday postponed a decision on whether to grant any exemptions to insurance provided for Iranian crude shipments when the bloc implements oil sanctions on Iran, an EU diplomat said. Asian oil importers have lobbied European governments …
EU foreign ministers are expected to discuss how the bloc’s Iran oil embargo will impact shipping insurance when they hold a scheduled meeting next week, an industry source said on Friday. The ministers are due to meet in Brussels next …
The world’s largest container firm suspended operations at several Iranian ports on Thursday, potentially disrupting critical food shipments as it complies with tightening U.S. sanctions. Maersk line, a unit of A.P. Moller-Maersk , manages several refrigerated ships and container vessels …
Iran’s biggest crude oil tanker operator, NITC, said on Friday that its club of ship insurers had declined to renew policy cover for the coming year due to the impact of tightening sanctions in the European Union. Western nations suspect …
