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 permits some Iran oil insurance until July 1
The European Union has announced that it will allow some insurance for Iranian oil shipments to be exempt from Europe’s trade embargo on crude, when they are headed to destinations other than Europe, and that it will have made its decision as to whether or not coverage will be permitted after that time, by mid May. The EU foreign ministers formed the exemption and the planned review for it at a Brussels meeting that added it to a set of rules about the implementation of the oil ban from the…
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