Azerbaijan, Baku, Feb.11 / Trend F.Mehdi/
Iranian ship owners as well as shipbuilding companies are fully satisfied with insurance services offered by the Kish P & I Company, the Fars News Agency quoted the secretary of the union of Iranian ship owners Mohammad Samiei as saying.
"Sanctions against the Iranian shipping industry have proved ineffective," he added. "The P&I insurance compensates for third party damages."
In July 2012, Iran called back seven of its 10 tankers working in the European Union, Mehr News Agency reported, saying this step is Iran's way of applying sanctions against the Union.
Simultaneously, the Kish P & I managing director Mohammad-Reza Mohammadi-Banaii told the Fars News Agency that there was no problem in insuring oil tankers by domestic insurers.
He added that 13 new oil tankers would be insured in the near future.
The EU put into effect a ban on the importation, purchase, or shipping of Iranian oil on July 1, 2012.
Kish P & I has been formed by group of Iranian Owners at the southern Island of Kish which is situated in the Persian Gulf.
EU has cut its Iranian oil purchase alongside stopping insurance, reinsurance, Protection & Indemnity (P&I) and technical certification to ships that carried Iranian oil since July 1.
Recently Iran said that the Iranian Kish P&I club is ready to provide protection and indemnity insurance to Iranian tankers. Tehran says that domestic insurance companies will insure the oil tankers thereafter.
Iran also says the agreement between Iran and an Asian classification society to provide verification for Iranian tankers was achieved as well. Without verification from such bodies, ships are unable to call at international ports.
Iranian oil shipping capacity is around 10.5 million tons, but because of restored huge unsold oil because of sanctions, some of 36 Iranian oil ships are taken up by stoking crude oil.
Iran's oil exports halved during the last six months from 2.2 to 1.2 million barrels per day.