Iran oil shipments News

India Refinery Cancels Iran Oil Imports to Keep Insurance Cover as Sanctions Loom

India’s Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect, three sources familiar with the issue said. Iran’s Naftiran Intertrade Co. Ltd., …

China Imports with Iranian Oil Tankers and Insurance, Amid Sanctions: Sources

Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker Co. (NITC) for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the United States. …

India’s HPCL Cancels Iran Oil Purchase After Insurer Refuses to Provide Cover: Sources

India’s Hindustan Petroleum Corp. (HPCL) canceled the purchase of an Iranian oil cargo earlier this month after its insurance company refused to provide coverage for the crude because of U.S. sanctions, three sources with knowledge of the matter said. HPCL, …

Oil Shippers Face Insurance Uncertainty with Return of U.S. Sanctions on Iran

Oil tanker owners are facing a nervous wait to find out whether they can carry on doing business with Iran after President Trump said on Tuesday he was reinstating a raft of sanctions against the Persian Gulf country. The return …

Global Marine Insurers Develop Coverage Options for Iran Oil Exports

Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, officials in Tokyo and London said. Restrictions on U.S. firms …

Insurance and Safety Issues Delay Iran’s Entry into Global Oil Tanker Market

Even after Western sanctions are lifted, Iran’s oil tanker fleet is expected to face more hurdles before many of the vessels can start trading again due to insurance hiccups and tougher requirements over sea worthiness by potential foreign clients. Iran’s …

Iranian Trade with India Hit by Insurance Delay Sources Say

Oil and container trade between India and Iran has been disrupted due to uncertainty over insurance cover, leaving some ships stranded outside ports in both countries, industry sources said. The delays had occurred because New Delhi had not yet extended …