Iranian Trade with India Hit by Insurance Delay Sources Say
< By Nidhi Verma | October 8, 2013
European Union sanctions targeting Iran’s disputed nuclear program 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 Sept. 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.
India receives crude imports from Tehran in Iranian vessels, while exports of non-oil commodities and industrial goods use the vessels of Iran’s Hafiz Darya Shipping Lines (HDS) and Safiran Payam Darya Shipping Lines (SAPID).
Two Iranian vessels carrying oil for Indian refiner Essar Oil — Sundial, an aframax sized tanker, and a very large crude carrier Sunshine — were waiting at an Indian port, the sources said. Another aframax, Superior, for Mangalore Refinery and Petrochemical Ltd.’s, was also at anchorage at an Indian port, they said.
MRPL, which aimed to get five aframax-size cargoes from Iran this month, had complained to India’s oil ministry about the delay in the shipping ministry granting approval to Iranian underwriters, the source said.
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