Insurance Journal » tankers http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 24 May 2013 10:21:01 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 Iran Oil Liability Fears Grow as Insurance Ban Bites http://www.insurancejournal.com/news/international/2012/11/15/270599.htm Thu, 15 Nov 2012 10:56:47 +0000 http://www.insurancejournal.com/?p=270599 A ban on European Union insurers covering Iranian oil exports has forced ship owners to fall back on new, untested insurance providers, raising fears that governments may have to pay in the event of an oil spill. The July ban, …

The article Iran Oil Liability Fears Grow as Insurance Ban Bites appeared first on Insurance Journal.

]]> Commentary: Iran Confident It Is Winning Sanctions War http://www.insurancejournal.com/news/international/2012/09/04/261576.htm Tue, 04 Sep 2012 10:23:06 +0000 http://www.insurancejournal.com/?p=261576 Despite ludicrous claims to the contrary, Western sanctions have hurt Iran’s crude oil exports, but it’s also not all gloom and doom. In unsurprising, but obviously factually incorrect, remarks, the director of international affairs at the National Iranian Oil Co. …

The article Commentary: Iran Confident It Is Winning Sanctions War appeared first on Insurance Journal.

]]> How Iran’s Main Oil Buyers Deal with Insurance Sanctions http://www.insurancejournal.com/news/international/2012/08/30/261204.htm Thu, 30 Aug 2012 10:22:58 +0000 http://www.insurancejournal.com/?p=261204 Insurance companies based in the EU are not allowed to provide cover for ships that carry Iranian cargo. The EU sanctions are aimed at the protection and indemnity (P&I) clubs based in the EU, which dominate the marine insurance industry. …

The article How Iran’s Main Oil Buyers Deal with Insurance Sanctions appeared first on Insurance Journal.

]]> Asia’s Iran Crude Oil Imports to Regain Levels Prior to EU Insurance Ban http://www.insurancejournal.com/news/international/2012/08/22/260276.htm Wed, 22 Aug 2012 10:56:55 +0000 http://www.insurancejournal.com/?p=260276 Asia’s crude imports from Iran are set to recover in September to levels reached before a July 1 insurance ban by the European Union plunged trade with the Islamic Republic into uncertainty not seen in decades. Top Asian buyers — …

The article Asia’s Iran Crude Oil Imports to Regain Levels Prior to EU Insurance Ban appeared first on Insurance Journal.

]]> Insurance Deal Lets India Resume Shipping Iran Oil http://www.insurancejournal.com/news/international/2012/08/15/259365.htm Wed, 15 Aug 2012 10:28:43 +0000 http://www.insurancejournal.com/?p=259365 India has joined Japan in offering government-backed insurance for ships carrying Iranian crude in order to bypass European sanctions that have nearly halved Iranian oil exports to key markets. The first Indian ship to carry oil from Iran with Indian …

The article Insurance Deal Lets India Resume Shipping Iran Oil appeared first on Insurance Journal.

]]> Iran Offers to Insure Foreign Ships to Skirt EU Ban http://www.insurancejournal.com/news/international/2012/07/18/256000.htm Wed, 18 Jul 2012 10:09:50 +0000 http://www.insurancejournal.com/?p=256000 Iran said it would insure any foreign ships that enter its waters, in an effort to skirt a European Union ban on insuring ships carrying Iranian crude that has hampered the country’s oil exports. “The Islamic Republic of Iran will …

The article Iran Offers to Insure Foreign Ships to Skirt EU Ban appeared first on Insurance Journal.

]]> South Korea Considering Resuming Iran Oil Imports: Gov’t. Sources http://www.insurancejournal.com/news/international/2012/07/13/255592.htm Fri, 13 Jul 2012 15:36:42 +0000 http://www.insurancejournal.com/?p=255592 South Korea will soon decide on whether to resume Iranian crude imports after Tehran offered to ship and insure the oil to get around the impact of EU sanctions, two Korean government sources said on Friday. The EU oil embargo …

The article South Korea Considering Resuming Iran Oil Imports: Gov’t. Sources appeared first on Insurance Journal.

]]> Iran Oil Shipments Skirting Tanker Insurance Ban http://www.insurancejournal.com/news/international/2012/07/12/255349.htm Thu, 12 Jul 2012 10:10:17 +0000 http://www.insurancejournal.com/?p=255349 Iran is shipping oil to China, its top buyer, despite a row over freight terms, and Japan has taken steps to resume imports in August as Tehran finds ways to get around Western sanctions on ship insurance for its drastically …

The article Iran Oil Shipments Skirting Tanker Insurance Ban appeared first on Insurance Journal.

]]> Japan Insurers Expand Cover to Boost Iran Oil Shipping Capacity http://www.insurancejournal.com/news/international/2012/07/11/255191.htm Wed, 11 Jul 2012 13:04:08 +0000 http://www.insurancejournal.com/?p=255191 Japanese insurers are expanding their maritime coverage to allow more domestic tankers to transport Iranian crude, as Tokyo looks to keep oil flowing despite tough Western sanctions, industry sources said on Wednesday. Japan, Iran’s third biggest oil buyer, is expected …

The article Japan Insurers Expand Cover to Boost Iran Oil Shipping Capacity appeared first on Insurance Journal.

]]> US Lawmaker Asks Tuvalu to Stop Reflagging Iran Oil Tankers http://www.insurancejournal.com/news/international/2012/07/10/254947.htm Tue, 10 Jul 2012 10:37:10 +0000 http://www.insurancejournal.com/?p=254947 A prominent U.S. lawmaker has asked the small South Pacific island nation of Tuvalu to stop reflagging Iranian oil tankers and warned its government of the risks of running afoul of U.S. sanctions. The European Union banned Iranian oil imports …

The article US Lawmaker Asks Tuvalu to Stop Reflagging Iran Oil Tankers appeared first on Insurance Journal.

]]> So. Korea to Halt Iran Oil Imports as EU Insurance Ban Bites http://www.insurancejournal.com/news/international/2012/06/26/252917.htm Tue, 26 Jun 2012 10:44:34 +0000 http://www.insurancejournal.com/?p=252917 South Korea became the first major Asian consumer of Iranian crude to announce a halt to imports after the government said they would be suspended from July 1 due to a European Union ban on insuring tankers carrying Iranian oil. …

The article So. Korea to Halt Iran Oil Imports as EU Insurance Ban Bites appeared first on Insurance Journal.

]]> Oil Market Shrugs at Imminent Iran Tanker Insurance Ban http://www.insurancejournal.com/news/international/2012/06/18/251943.htm Mon, 18 Jun 2012 11:03:49 +0000 http://www.insurancejournal.com/?p=251943 In less than two weeks, Iran’s biggest oil buyers will lose access to the London-based insurance market that protects 95 percent of the world’s tanker shipments against oil spills or catastrophic collisions. Barring an unexpected last-minute deal to relax European …

The article Oil Market Shrugs at Imminent Iran Tanker Insurance Ban appeared first on Insurance Journal.

]]> UPDATE: Japan Lower House Passes Bill to Insure Iran Oil Imports http://www.insurancejournal.com/news/international/2012/06/15/251748.htm Fri, 15 Jun 2012 10:21:33 +0000 http://www.insurancejournal.com/?p=251748 Japan’s lower house passed a bill on Friday to provide government guarantees on insurance for Iranian crude cargoes, a key step towards it becoming the first of Iran’s big Asian oil buyers to get around new European Union sanctions. The …

The article UPDATE: Japan Lower House Passes Bill to Insure Iran Oil Imports appeared first on Insurance Journal.

]]> Report: Japan to Pass Bill to Insure Iran Oil Imports http://www.insurancejournal.com/news/international/2012/06/14/251553.htm Thu, 14 Jun 2012 10:22:23 +0000 http://www.insurancejournal.com/?p=251553 Japan’s lower house is set to pass a bill on Friday to provide government guarantees on insurance for Iranian crude cargoes, making it the first of Iran’s big Asian buyers to find a way to keep the oil flowing in …

The article Report: Japan to Pass Bill to Insure Iran Oil Imports appeared first on Insurance Journal.

]]> Iran Tanker Firm Says it Insured Ships Despite Sanctions http://www.insurancejournal.com/news/international/2012/06/13/251140.htm Wed, 13 Jun 2012 10:28:59 +0000 http://www.insurancejournal.com/?p=251140 Iran’s biggest tanker operator, NITC, has $1 billion in ship insurance cover to keep its fleet on the water and serve clients in Asia despite Western sanctions on the Islamic Republic’s oil trade, a senior NITC official said on Tuesday. …

The article Iran Tanker Firm Says it Insured Ships Despite Sanctions appeared first on Insurance Journal.

]]> Data Shows Iran Petro-Chemical Exports Plunge Due to EU Insurance Sanctions http://www.insurancejournal.com/news/international/2012/05/17/247850.htm Thu, 17 May 2012 09:55:32 +0000 http://www.insurancejournal.com/?p=247850 Iranian petrochemical exports have plunged nearly 90 percent in the last two weeks as most maritime firms, including those in Iran, cannot find insurance to transport the cargo due to EU sanctions, according to traders and shipping data. The impact …

The article Data Shows Iran Petro-Chemical Exports Plunge Due to EU Insurance Sanctions appeared first on Insurance Journal.

]]> UK Seeking Delay to EU’s Iran Ship Insurance Ban http://www.insurancejournal.com/news/international/2012/05/09/246854.htm Wed, 09 May 2012 10:30:00 +0000 http://www.insurancejournal.com/?p=246854 The UK is seeking to persuade fellow European Union members to postpone by up to six months a ban on providing insurance for tankers carrying Iranian oil, arguing that it could lead to a damaging spike in oil prices, European …

The article UK Seeking Delay to EU’s Iran Ship Insurance Ban appeared first on Insurance Journal.

]]> Is Marine Insurance the Stranglehold on Iran? http://www.insurancejournal.com/news/international/2012/04/18/243909.htm Wed, 18 Apr 2012 09:06:03 +0000 http://www.insurancejournal.com/?p=243909 Marine insurance, or lack of it, may yet turn out to be the most effective sanction used by Western nations in 17 years of tightening the screws on Iran’s nuclear program. A European Union oil embargo on Iran, set to …

The article Is Marine Insurance the Stranglehold on Iran? appeared first on Insurance Journal.

]]> Japanese Insurers to Limit Iran Oil Voyages in Mideast Gulf – Sources http://www.insurancejournal.com/news/international/2012/04/13/243245.htm Fri, 13 Apr 2012 08:34:40 +0000 http://www.insurancejournal.com/?p=243245 Japanese insurers are warning ship owners that they will only cover one tanker at a time carrying Iranian crude oil through the Middle East Gulf due to tightening Western sanctions against OPEC’s second biggest producer, industry sources said. The three …

The article Japanese Insurers to Limit Iran Oil Voyages in Mideast Gulf – Sources appeared first on Insurance Journal.

]]> EU Foreign Ministers Set Talks on Tanker Insurance for Iran Oil Embargo http://www.insurancejournal.com/news/international/2012/03/16/239818.htm Fri, 16 Mar 2012 10:50:10 +0000 http://www.insurancejournal.com/?p=239818 EU foreign ministers are expected to discuss how the bloc’s Iran oil embargo will impact shipping insurance when they hold a scheduled meeting next week, an industry source said on Friday. The ministers are due to meet in Brussels next …

The article EU Foreign Ministers Set Talks on Tanker Insurance for Iran Oil Embargo appeared first on Insurance Journal.

]]> Arctic Ice Melt Lifts Hopes for Russian Maritime Trade http://www.insurancejournal.com/news/international/2012/01/27/233056.htm Fri, 27 Jan 2012 18:52:29 +0000 http://www.insurancejournal.com/?p=233056 When severe snowstorms prevented life-sustaining fuel supplies from reaching the frozen Alaskan town of Nome, U.S. officials turned to a Russian company for help. The relief mission through perilous, ice-choked seas was the first mid-winter fuel delivery to western Alaska, …

The article Arctic Ice Melt Lifts Hopes for Russian Maritime Trade appeared first on Insurance Journal.

]]> London’s Marine Insurers Say Libya to Stay on ‘High Risk’ List http://www.insurancejournal.com/news/international/2011/08/22/211773.htm Mon, 22 Aug 2011 12:22:56 +0000 http://www.insurancejournal.com/?p=211773 There is no immediate prospect of Libya being removed from a list of areas deemed high risk by London’s marine insurance market. Underwriters will seek a stable period before looking at de-listing, a market official said on Monday. Libyan government …

The article London’s Marine Insurers Say Libya to Stay on ‘High Risk’ List appeared first on Insurance Journal.

]]> Marine Insurers Add Benin to Risk List after Attacks http://www.insurancejournal.com/news/international/2011/08/08/209824.htm Mon, 08 Aug 2011 12:51:26 +0000 http://www.insurancejournal.com/?p=209824 London’s marine insurance market has added Benin to a list of areas deemed high risk due to an escalation of pirate attacks in the area, a senior official said. Pirates attacked two Panamanian-flagged tankers carrying oil off the coast of …

The article Marine Insurers Add Benin to Risk List after Attacks appeared first on Insurance Journal.

]]> Special Report: As Pirate Attacks Increase, Ship Owners Take Arms http://www.insurancejournal.com/news/international/2011/05/03/197099.htm Tue, 03 May 2011 10:28:03 +0000 http://www.insurancejournal.com/?p=197099 Upstairs in a public house in the town of Poole on the English south coast, 18 men are preparing to take on the pirates of the Indian Ocean. Around antique polished wooden tables scattered with laminated charts, handouts and smart …

The article Special Report: As Pirate Attacks Increase, Ship Owners Take Arms appeared first on Insurance Journal.

]]> Ship Owner Calls for Suez Canal Boycott over Pirate Threat http://www.insurancejournal.com/news/international/2011/03/17/190420.htm Thu, 17 Mar 2011 12:00:15 +0000 http://www.insurancejournal.com/?p=190420 A leading Norwegian ship owner called on tanker operators to boycott the Suez Canal which he said would force global powers to intervene in Somalia to crush piracy by forcing up oil and commodity prices. The call, which has yet …

The article Ship Owner Calls for Suez Canal Boycott over Pirate Threat appeared first on Insurance Journal.

]]>