South Korea became the first major Asian consumer of Iranian crude to announce a halt to imports after the government said they would be suspended from July 1 due to a European Union ban on insuring tankers carrying Iranian oil. …
A British company said Tuesday it has cancelled insurance for a Russian ship it says was carrying munitions to Syria – a shipment the British government says included refurbished military helicopters. U.K.-based insurer Standard Club said in a statement that …
In less than two weeks, Iran’s biggest oil buyers will lose access to the London-based insurance market that protects 95 percent of the world’s tanker shipments against oil spills or catastrophic collisions. Barring an unexpected last-minute deal to relax European …
A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit ratings of “a-” of Through Transport Mutual Insurance Association Limited (TTB) (Bermuda) and its subsidiary, TT Club Mutual Insurance Limited …
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 …
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 …
After an inauspicious start, 2012 could well be “another difficult and uncertain year for the maritime industry faced with the aftermath of the Costa Concordia, further problems in the euro zone, pirate attacks and increased sanctions,” according to Willis Global …
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 …
