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"Iran’s largest crude-export terminal is poised to receive its first internationally owned tanker in a month, ending an absence caused by European Union curbs on insuring ships that extended to almost all the fleet.
The Ryuho Maru, now insured by the Japanese state, will arrive at Kharg Island tomorrow, according to ship-tracking data compiled by Bloomberg…The Ryuho Maru, owned by Tokyo-based Iino Kaiun Kaisha Ltd., will load about 1.7 million barrels of crude, three officials from refiners and Japan’s trade ministry said last week." (Bloomberg, "Japan Crude Tanker Signals Iran After International Absence," 7/18/2012)
"Japan will load its first Iranian crude cargo backed by sovereign guarantees since sanctions disrupted coverage in the international reinsurance market.
JX Nippon Oil & Energy Corp. and Idemitsu Kosan Co. will load about 1.7 million barrels of Iranian crude on the very large crude carrier Ryuho Maru on about July 20 at Kharg Island, the country’s biggest oil-export terminal, according to three officials from the refiners and Japan’s trade ministry. The tanker, owned by Iino Kaiun Kaisha Ltd. , will be backed by the Japanese state, they said, asking not to be identified because the information is confidential.
Japan’s Iranian crude imports will fall in July because refiners were unsure whether the sovereign insurance would be available when they planned July-loading schedules last month, the officials said. Japan’s parliament passed a bill on June 20 to provide $7.6 billion of guarantees to tanker owners that carry Iranian oil. European Union sanctions, introduced as an attempt to persuade Iran to halt its nuclear program, took effect July 1." (Bloomberg, "Japan Set To Load First Iran Crude With Sovereign Insurance," 7/13/12)