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

oil insurance tanker ship
Insurance News Today - ALLIANZ REPO...
➡️ WATCH TOP INSURANCE NEWS STORIES IN: ENGLISH & SPANISH

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…

Read More

Japan chooses to continue providing its own oil insurance

oil insurance

Despite the fact that the sanctions against Iran have been lifted, the country will be keeping its sovereign coverage. Now that the sanctions against Iran are being lifted, it means that there will be considerably greater oil insurance offerings available to countries that want to purchase their crude from Tehran, but Japan has decided that it will be maintaining its own sovereign coverage. The current situation in the industry is improving the uncertainty with regards to being able to obtain coverage. With the lifted sanctions, oil insurance protection will, once…

Read More

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…

Read More

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…

Read More

Oil insurance to resume per new deal with Iran

oil Insurance News

Sanctions against Iran relaxed Oil shipments to countries throughout Asia have been suffering due to sanctions imposed against Iran by the European Union and the United States. These sanctions have barred European insurance companies from providing coverage to freighters that are shipping oil coming from Iran. The sanctions have had a significant economic impact on Iran, as the country’s oil sales have plummeted by more than half since 2011. Now, the EU has announced that it will be relaxing its sanctions on the country due to a new deal. Sanctions…

Read More

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…

Read More

Oil insurance pool for Iranian crude expected for India in December

oil insurance news Iran imports stopped from india

The Finance Ministry is hoping that the fund will be formalized by next month and is encouraging speed. The Finance Ministry in India is asking the Petroleum Ministry to work more quickly in their effort to complete the procedure for the creation of the oil insurance pool that would make it possible to provide coverage for tankers bringing Iranian crude to the country. This effort is designed to allow the country’s refineries to circumvent the Western sanctions against Iran. The oil insurance pool has been designed by the Indian government…

Read More