International Group of P&I Clubs News

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 …

Yemen Conflict Adds to Worries for Ships Dodging Pirates, Terror

When it comes to world trade, a 17-day shortcut trumps terror, piracy and now bombs. That’s the time a supertanker saves by using the Bab el-Mandeb waterway that skirts Yemen at the southern tip of the Arabian Peninsula, rather than …

Attempts Made to Disguise Iranian Oil Near U.A.E., Say Marine Insurers

Attempts are being made near the United Arab Emirates’ coast to disguise oil from Iran so that it can be sold to countries that are blocked by the U.S. from purchasing such shipments, global ship insurers said. “In recent weeks …

Europe to Relax Reinsurance Ban on Iranian Oil Exports Next Week

Europe is days from suspending a ban on reinsuring tankers hauling Iranian oil, a measure that helped cut the nation’s crude exports by more than 50 percent when it was implemented. The six-month relaxation starts Jan. 20 and will allow …

India Refiners Delay Iran Oil Imports on Failure to Get Reinsurance

Indian Oil Corp. and two other state- run refiners said they will defer resuming purchases of Iranian crude by at least three months, having failed to get reinsurance for shipments after Europe said it would relax a coverage ban. Indian …