Iran resolves its oil tankers insurance problems
Azerbaijan, Baku, Oct. 12 /Trend, N. Umid/
The insurance coverage problems of the Iranian oil tanker ships has been resolved, vice-president of the Central Insurance of Iran, Mina Sadigh Noohi said, IRNA news agency reported.
Iran's Kish P&I and Gheshm insurance companies have been approved by Indian officials for insurance coverage, she said, adding that the Iranian ships harbored at Indian ports.
On Tuesday, Reuters quoted industry sources as saying that 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.
The delays had occurred because New Delhi had not extended approval for Iranian underwriters to provide insurance for container and tanker vessels calling at Indian ports.
European Union sanctions targeting Iran's disputed nuclear programme have meant insurers based in Europe - who account for the majority of cover for the tanker market - cannot insure Iranian oil and other shipments, leading to the emergence of new, untested insurance providers.
A three-month approval by India for Iran's Kish P&I and Moallem Insurance Co to cover container and tanker vessels calling at Indian ports lapsed on September 27.
Three oil cargoes were on vessels waiting at anchorage to call on Indian ports, while several container ships were stranded at the Iranian port of Bandar Abbas, oil industry and shipping sources said.