Oil insurance expiration may cease Japan’s imports of Iranian crude

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The country has been providing its own cover for tankers making the shipments and this may not renew. This month will likely start the cessation of the importing of Iranian crude in Japan as it is allowing its self-provided oil insurance to expire and has not yet established a new way to cover the tankers. Japan first created its own special shipping insurance coverage to overcome prior sanctions against Iran. Since the oil insurance is set to expire with the close of March, the country will be ceasing its loading…

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Japanese Iranian oil insurance shipping costs to rise this year

oil Insurance News

According to recent reports, Japan’s maximum coverage for tankers carrying crude from Iran is expected to rise. According to sources quoted in several oil insurance news reports, Japan is preparing to raise the maximum cover for tankers transporting crude from Iran within the 2015-2016 fiscal year (April-March). This is the result of an increase put into place by the International Group of P&I Clubs, among other factors. The weakening of the Japanese yen, in comparison with the American dollar has also had an effect on the oil insurance protection and…

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Iran oil insurance sanctions may soon be eased

Iran Oil Insurance industry News

The recent nuclear deal could cause the sale of crude to rise considerably in the country. Now that a nuclear deal has been reached, it is believed that the Iran oil insurance sanctions may soon be eased, assuming that the country will indeed uphold its end of the agreement. This will mean that big buyers of crude, such as India and China, will be able to boost their imports. One of the elements of the agreement that was reached on Sunday between Tehran and six world powers was that the…

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Oil insurance between India and Iran hits delay

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This has led the container and crude trade between the countries to experience a considerable disruption. Uncertainty over oil insurance coverage has caused crude and container trade between India and Iran to grind to a halt in some areas and face massive disruptions in others, as certain ships now find themselves stranded outside the ports of both of those nations. These delays have happened as a result of the lack of approval from New Delhi regarding the Iranian coverage. The Indian approval had not yet been granted to Iranian underwriters…

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Oil insurance provided by India to refiners of crude from Iran

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The country will be backing up its own coverage in order to allow refineries to open the doors to Iranian import. India has announced that it will be providing a sovereign guarantee of approximately $158 million (10 billion rupee) in order to back local oil insurance coverage for Indian refineries that are processing Iranian crude. This news was revealed by two government sources, saying that it is hoping to boost imports paid for in local currency. Iran has recently agreed to allow the country to pay for its crude imports…

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Insurance news from India shows ongoing consideration of Iranian oil coverage

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Insurers from Iran have offered to provide cover for tankers transporting that country’s crude. The latest in the insurance news saga regarding Iranian oil tanker coverage, particularly when it is headed to India, is that Iran is offering to provide the coverage for the ships so that Indian companies will be able to accept it. However, the Indian companies still hold some reluctance as they do not want to expose themselves to sanctions. India has been considering adding an additional state guarantee of $327 million to this insurance news, to…

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Oil insurance limitations reduced Japan’s Iranian crude imports in April

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Compared to a year ago, the shipments have plummeted to a tiny sliver of what they used to be. As oil insurance sanctions from the European Union and the United States against Iranian crude transportation continue to press on, the size of the imports to Japan have shrunken enormously. When compared to what they had been in April 2012, they were 96 percent smaller in April 2013. Year over year, there has been a reduction of 96 percent in the crude imports to Japan from Iran as a direct result…

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