India ships will lose insurance due to Iran sanctions

By REUTERS
February 21, 2012 10:39

 
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NEW DELHI/SINGAPORE - Indian shipping firms will find it difficult to obtain replacement insurance coverage to continue importing Iranian crude oil after new European Union sanctions come into effect, industry sources said.

State-run Shipping Corp. of India, the largest tanker owner in India, will lose its EU insurance coverage for its oil tankers operating in Iran from July 1, when European insurers will be prohibited from indemnifying ships carrying Iranian oil.

Indian maritime firms are likely to be the most affected in Asia by the sanctions as the other two biggest buyers China and Japan do not rely on European insurers but are covered by domestic providers. India, China and Japan are Iran's three biggest crude oil buyers.

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