Iran sanctions News

India’s Biggest Shipping Firm Resumes Iran Oil Transport with Insurance in Place

Shipping Corporation of India (SCI) will resume sailing to Iran this month after a four-year gap, transporting an oil cargo for a state-run refiner, the chairman of India’s biggest shipping company said on Tuesday. SCI stopped sailing to Iran in …

P&I Clubs Plug Shortfall in Iran Oil Cover; US Reinsurers Still Barred by Sanctions

Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil resulting from the fact that U.S. reinsurers are still restrained by Washington’s sanctions, according to officials involved in the initiative. International oil and shipping …

Iran Still Faces Curbs on Oil Exports from Ongoing Insurance Issues: Oil Official

Iran still faces constraints on oil exports as buyers are cautious about boosting trade immediately because of banking and ship insurance difficulties, a senior Iranian oil official said, despite seeing a “tangible” rise in shipments this month. Iran emerged from years of …

Iran Oil Shipping Insurance Issues Will Take 2-3 Months to Resolve: Tanker Firm

Frontline, one of the world’s largest independent tanker firms, says securing insurance for cargoes carrying oil from Iran is likely to take another two to three months, potentially limiting Iran’s ability to quickly ramp up oil exports. Iran has been seeking to …

New York-Based Insurer Says U.S. Has Lifted Sanctions for Iranian Oil Cargoes

A U.S.-based insurer to the global shipping industry said it got government authorization to cover non-American companies transporting oil from Iran, potentially helping the Persian Gulf country to revive exports of crude and petroleum products following the lifting of sanctions …

International Insurers Still Reluctant to Provide Cover for Iran Oil Cargoes

Oil companies looking to steal a jump on rivals in the race to benefit from Iran’s emergence from Western sanctions risk having tankers left in limbo by international insurers’ continued reluctance to provide cover. While companies jockey for position after …

Gasoline Imports Easier to Insure than Crude Exports in Post-Sanctions Iran

Major oil firms and trade houses are gradually resuming energy trading with Iran but efforts remain very cautious and often face huge legal obstacles, meaning a post-sanctions return to full-scale activity will take weeks if not months. Trading sources told …

Insurance Placement Difficulties Delay Iranian Crude Exports to Europe

Efforts by Iran to start exporting oil to Europe are being held up as foreign tanker owners are still struggling to secure insurance for cargoes, leading shipping players said on Tuesday. A nuclear deal between world powers and Iran earlier this month …

Global Insurers Explore Opportunities in Iran; Market Worth Premiums of $7.4B

Global insurance firms are circling Iran for business opportunities following the lifting of sanctions – and the first test of their appetite could come in March when some Iranian companies seek new cover. Insurers, the reinsurers that share their risk and the …

National Iranian Tanker Co. Close to Obtaining New Insurance for Crude Exports

The National Iranian Tanker Co. is close to obtaining new insurance needed to boost crude exports and resume trade with old customers after four years of sanctions. NITC has been negotiating with foreign organizations for the past six months to get its …