The European Union will allow some insurance on Iranian oil shipments before its full embargo starts on July 1, member states agreed on Thursday, responding to concerns from Asian importers heavily reliant on the EU for their coverage. The decision, …
European Union diplomats on Tuesday postponed a decision on whether to grant any exemptions to insurance provided for Iranian crude shipments when the bloc implements oil sanctions on Iran, an EU diplomat said. Asian oil importers have lobbied European governments …
Japanese buyers of Iran crude may ask Tehran to include a force majeure clause in contracts if they are unable to pay Iran or lift Iranian oil due to lack of insurance cover for tankers under European Union sanctions, industry …
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 Directors of the London-based Steamship Mutual P&I Club “recently reviewed the Club’s open policy years, as well as claims in earlier years, and considered the premium ratings required for the 2012 policy year,” said an announcement from the Club. …
More ship insurers are backing the use of private armed guards on merchant vessels at sea to combat Somali piracy as attacks and the resulting costs are set to rise in coming weeks, industry officials said on Tuesday. Pirate attacks …
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 pirates were nervous. A rookie author – a white man from Canada – had unexpectedly arrived in their cliff-top Somali village to ask about the captured ship anchored offshore. Locals fearing a showdown quietly melted away into a small …
The world’s largest container firm suspended operations at several Iranian ports on Thursday, potentially disrupting critical food shipments as it complies with tightening U.S. sanctions. Maersk line, a unit of A.P. Moller-Maersk , manages several refrigerated ships and container vessels …
Risks are growing that incidents at sea involving China could lead to war in Asia, potentially drawing in the United States and other powers, an Australian think tank warned on Tuesday. The Lowy Institute said in a report that the …
