UANI

"Most loans to buy vessels require insurance against risks including spills and collisions, and banks will normally only accept cover provided by members of the International Group of P&I Clubs, according to Harry Theochari, a London-based shipping and asset-finance lawyer at Norton Rose LLP. The group’s members insure about 95 percent of the tanker fleet and follow European law, which will prohibit all such cargoes from July 1 as part of international efforts to curb Iran's nuclear program... 'The banking is a separate issue that we don’t think was at all foreseen and is potentially more far-reaching,' said Andrew Bardot, London-based secretary and executive officer of the International Group of P&I Clubs." (Bloomberg, "Bank Foreclosures Loom for Tanker Owners Hauling Iranian Crude," 5/30/2012)

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"Asian shippers are seeking new sources of insurance for Iranian cargoes because the European Union’s embargo extends to 95 percent of the world’s tankers that are covered by the 13 members of the London-based International Group of P&I Clubs." (Bloomberg, "Iran Ship Insurer Says Asian Operators Asking to Cover Tankers," 5/14/2012)