This is the latest step taken in Asia to sidestep the EU sanctions on the coverage. India has now become the latest country in Asia to offer tankers Iran oil insurance through a government backed program in order to get around the sanctions against the coverage that have been put into place by the European Union and that have cut the exports from the Middle Eastern country nearly in half. Japan has already been providing its own shipment protection through its government. The very first ship to take part in…
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Insurance news for Iran oil shows Indian ship owners displeased with coverage
India’s top tanker companies have rejected its own government’s offer. The latest insurance news regarding Iranian oil has shown that the top ship owners in India have rejected an offer from their government to provide coverage for shipping crude from the Iran, saying that the protection being offered is inadequate. The tanker coverage was offered in an attempt to skirt the European Union’s sanctions. The refusal of these ship owners has meant that the refiners in India will need to use the coverage being offered from Tehran, as well as…
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