BREAKING NEWS

Key China insurer to stop covering tankers with Iran oil

By REUTERS

APRIL 5, 2012 07:03

SINGAPORE - Key ship insurer, China P&I club, will drop indemnity coverage for tankers carrying Iranian oil to abide by tightening Western sanctions against the Islamic Republic, two club officials told Reuters on Thursday.

"Many ship owners want to join our club and want our club to cover this risk, but considering all these regulations from the United States and the EU I know the China P&I club will not do that," a Hong Kong-based club official said.

"We have asked our members not to go there, if they go there they take their own risk," the official added.

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