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

oil insurance tanker ship

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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When oil insurance becomes available again, Iran will sell more crude

oil insurance news

The country intends to begin boosting its shipment to awaiting customers once the sanctions are lifted. Refiners in Asia are now gearing up to purchase more crude from Iran once word has been confirmed that the sanctions have been lifted and oil insurance can once again be purchased internationally for tankers and refineries carrying and processing crude from the country. Tehran is now working hard to attempt to compete and rebuild its market share within an oversupplied marketplace. When the deal was finally reached among world leaders, last Tuesday, following…

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Oil insurance sanctions from EU to ease against Iran next week

oil Insurance News

Pending the go-ahead from the U.N nuclear watchdog changes will go into effect on January 20. The governments in the European Union are planning to implement relief to the EU oil insurance and other sanctions that were placed against Iran, on January 20, the day after a nuclear agreement goes into effect. This will mean that the Middle Eastern country will be able to find coverage for its crude exports. Following an accord from November 24, the E.U. will be implementing a six month suspension of the current bans on…

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Insurance News: South Korea halts purchases of oil from Iran

Iran Oil Insurance industry News

Despite insurance coverage, South Korea nixes Iran oil purchases In insurance news headlines today, South Korea has halted its purchases of oil from Iran as the countries refiners lose access to their insurance coverage due to sanctions from the European Union. The EU instituted sanctions against Iran were enacted earlier this year and prevent ships carrying Iranian oil from receiving insurance coverage. The maritime insurance industry, much of which is represented by the United Kingdom, expressed concerns over the sanctions but quickly complied as the measures were enacted. South Korea…

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Shipping insurance ban may not have an impact on the oil market

oil insurance news

Sanctions loom but analysts suggest a modest impact In approximately two weeks, the European Union will enact sanctions against Iran that will ban insurance companies from providing coverage for ships carrying oil that was produced in the country. The sanctions have proven to be a controversial topic for many countries that rely heavily on the oil produced in Iran. They have also managed to catch the ire of the shipping insurance industry, 95% of which is based in the United Kingdom. Insurers and politicians have argued that the sanctions will…

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Indian shipping firms to transport oil despite sanctions

Insurance news

EU sanctions putting strain on shipping industry As Europe and the U.S. begin to tighten sanctions against Iran, concerns regarding the impact these sanctions will have on the shipping industry have grown. Over the past year, sanctions have caused ripples in the industry because they threatened to prevent shipping firms that transport Iranian oil from obtaining insurance coverage. Pushed forward by the European Union, these sanctions banned maritime insurers from covering ships that carried Iranian oil. Some insurers have been granted waivers allowing them to cover these vessels, but coverage…

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Major Chinese ship insurance company to cease Iranian oil tanker coverage

Commercial insurance market for oil tankers tightens A major insurer of Chinese ships has announced that, starting in July, it will be stopping its indemnity coverage for tankers that are transporting Iranian oil. This has dealt another blow to the tanker companies that carry oil – the main export of Tehran – from the Iranian capital, and has further narrowed the coverage options available in a market that has already been pinched by payment barriers put in place by sanctions in the West. As the number of Western sanctions increase…

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EU sanctions against Iran could mark a major shift in the world of insurance

European Union sanctions against Iran’s oil trade are expected to have a significant impact on the marine insurance industry, according to the International Group of P&I Clubs, a consumer association of marine insurance providers. In July, the EU’s sanctions will be enacted and will bar insurance companies from providing coverage to ships that are transporting Iranian oil. Companies that are unwilling to comply with the sanctions or cut ties with the nation are likely to pursue self-insurance, which could weaken the industry considerably as clients begin to exodus. European insurers…

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