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National Insurance Co., Ltd

Industry: 
Insurance
Country: 
India
Contact Information: 

website.administrator@nic.co.in

Sources: 

"India has given state-run insurers approval to provide limited cover to its ships transporting Iran's oil. . . Domestic insurance firms are allowed to provide ship owners carrying Iranian oil $50 million in cover against pollution and personal injury claims, also known as protection and indemnity (P&I) insurance, Devli said. They will also provide hull and machinery cover of $50 million, to protect ships against physical damage. General Insurance Corp of India will be the re-insurer and cover will be extended by any of four state-run non-life insurance firms: United India Insurance, New India Assurance Co. Ltd., National Insurance Co. Ltd. and the Oriental Insurance Co. Ltd. 'We have received a letter from the shipping ministry ... saying General Insurance Corp has provisionally been allowed to arrange cover,' said a source at a state-run refiner." (Reuters, "India insures Iran oil imports to safeguard flow -sources," 7/10/12)

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"Indian shipping firms will continue to transport Iranian crude even if limited insurance coverage due to tightening Western sanctions leaves them financially exposed to a spill or accident, a top executive and industry sources said... Shipping Corp of India, which is the country's largest shipping firm, Great Eastern and other Indian tanker firms have asked state insurers to step in and provide up to $50 million in third-party liability coverage per tanker voyage. The amount is a fraction of the typical $1 billion coverage that a supertanker carrying around 2 million barrels of crude would have from reinsurers against personal injury and pollution claims. India's shipping companies would run the risk of shipping the crude even though they would be liable for any claims above $50 million in the case of an incident, industry sources said... The shipping firms have sent their request to state insurers United India Insurance, General Insurance Company, New India Assurance Co. Ltd., National Insurance Co. Ltd. and the Oriental Insurance Co. Ltd., said a shipping source. The shipping and finance ministries were also looking at the proposal." (Chicago Tribune, "Indian firms to carry Iran crude despite reduced insurance," 4/24/12)

New India Assurance

Industry: 
Insurance
Country: 
India
Contact Information: 

sanganna.gejji@newindia.co.in

Sources: 

"India has given state-run insurers approval to provide limited cover to its ships transporting Iran's oil. . . Domestic insurance firms are allowed to provide ship owners carrying Iranian oil $50 million in cover against pollution and personal injury claims, also known as protection and indemnity (P&I) insurance, Devli said. They will also provide hull and machinery cover of $50 million, to protect ships against physical damage. General Insurance Corp of India will be the re-insurer and cover will be extended by any of four state-run non-life insurance firms: United India Insurance, New India Assurance Co. Ltd., National Insurance Co. Ltd. and the Oriental Insurance Co. Ltd. 'We have received a letter from the shipping ministry ... saying General Insurance Corp has provisionally been allowed to arrange cover,' said a source at a state-run refiner." (Reuters, "India insures Iran oil imports to safeguard flow -sources," 7/10/12)

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"Indian shipping firms will continue to transport Iranian crude even if limited insurance coverage due to tightening Western sanctions leaves them financially exposed to a spill or accident, a top executive and industry sources said... Shipping Corp of India, which is the country's largest shipping firm, Great Eastern and other Indian tanker firms have asked state insurers to step in and provide up to $50 million in third-party liability coverage per tanker voyage. The amount is a fraction of the typical $1 billion coverage that a supertanker carrying around 2 million barrels of crude would have from reinsurers against personal injury and pollution claims. India's shipping companies would run the risk of shipping the crude even though they would be liable for any claims above $50 million in the case of an incident, industry sources said... The shipping firms have sent their request to state insurers United India Insurance, General Insurance Company, New India Assurance Co. Ltd., National Insurance Co. Ltd. and the Oriental Insurance Co. Ltd., said a shipping source. The shipping and finance ministries were also looking at the proposal." (Chicago Tribune, "Indian firms to carry Iran crude despite reduced insurance," 4/24/12)

General Insurance Company

Industry: 
Insurance
Country: 
India
Contact Information: 
Sources: 

"The government will provide a 10 billion rupee sovereign guarantee to back local insurance for refineries using Iranian oil, two government sources said, as it tries to boost imports paid for in local currency to ease pressure on the rupee . . . 'It was finalised yesterday in a meeting with the petroleum secretary. An energy pool will be set up with a sovereign guarantee,' one of the sources, both of whom have direct knowledge of the matter, said . . . 'The issue has been resolved. GIC (local reinsurer General Insurance Corp) will manage the pool. In case there is any mishap or something, then they will pay,' the second source said. The sources said apart from the 10 billion rupees sovereign backing, GIC and oil companies will provide 5 billion rupees each to the pool . . . With the start of this re-insurance cover local insurers will delete the sanctions clause from the existing annual policy of Indian refiners processing Iranian oil, two oil industry sources told Reuters." (Reuters, "Government to back up insurance for refiners processing Iranian crude," 9/18/13)

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"India is thinking of providing a 20 billion rupee ($327 million) state guarantee to back local insurance for refineries that use Iranian oil and therefore cannot get foreign cover due to Western sanctions, an industry source said. The government has previously ruled out such a guarantee but a drop in India's currency to record lows means it is keen to boost oil imports from Iran, which has agreed to be paid in rupees, as dollar-priced oil imports have grown more expensive. he finance ministry is now willing to consider covering half of a planned total 40 billion rupee fund for underwriting such insurance, to which the oil ministry and local insurers would contribute 10 billion rupees each. The finance ministry decided to consider a 'facility/sovereign guarantee' of 20 billion rupees at a meeting chaired by the financial services secretary on July 31, the source said on Thursday... If the finance ministry suggestion goes ahead, Indian refiners would be able to take up local insurance backed by Indian reinsurer General Insurance Corp (GIC), which can tap the government fund and sovereign guarantee... The finance ministry plans to allow refiners to take up insurance cover from companies outside India, as well as domestic providers, if they are not limited by that clause, the source said. State-run refiner MRPL (MRPL.NS), which used to be Iran's biggest Indian client until insurance problems prompted it to stop purchases in April, has already indicated that it will resume Iranian imports from this month." (Reuters, "India mulls guarantee for insuring refiners that use Iran oil -source," 8/8/13)

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"'MRPL would take all necessary steps for recommencement of import/processing of Iranian crude oil in its refinery,' MRPL P.P. Upadhya wrote in a June 29 letter to Oil Secretary Vivek Rae. Upadhya referred in the letter to meetings with officials from the oil ministry and local reinsurer General Insurance Corp. (GIC) in the letter, copy of which was made available to Reuters, for the plan to resume imports from Iran... GIC said that 'as long as the waiver on import of crude oil from USA exists, it is very likely that the overseas reinsurers would not refuse the claim whenever it arise, even though the implication of waiver is not clear,' the letter said, citing a June 27 meeting with GIC. GIC would be able to settle any claim up to 5 billion rupees, so far the maximum that has arisen in Indian refining sector, without depending on overseas reinsurers, Upadhya wrote. 'GIC pointed out that in such a scenario, a calculated business risk may be taken by MRPL, similar to what is being taken by Essar, if they desire to recommence processing of Iranian crude oil at their refinery,' Upadhya wrote in the letter." (Reuters, "MRPL Aims to Resume Iran Oil Imports," 7/1/2013)

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"Two of India's largest shipping companies which carry crude from Iran haven't yet been able to find suitable insurance cover, a situation which could hurt the flow of oil from the sanctions-hit Middle Eastern country.  . . . India, which has decreased but not stopped crude purchases from Iran, has been trying to make its own arrangements to bring in the oil. Last month, state run insurer United India Insurance Co. Ltd. offered cover to Indian shippers, while General Insurance Corp. offered to reinsure. Mr. Hajara had said then that the shipper may agree to the covers -- about a hundredth of what Europe's so-called Protection and Indemnity or P&I Clubs offer -- but he now appears to have changed his mind. The Indian insurer has offered $50 million for protection and indemnity -- or third-party insurance -- and an additional, similar amount for hull and machinery cover. But these are not enough, said Mr. Hajara." (Wall Street Journal, "Shipping Corp: Insurance Cover for Iran Crude Not Adequate," 8/8/12)

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"India, the third-biggest buyer of Iranian oil, will offer state-backed insurance to tankers, helping the nation’s biggest sea carrier to resume cargoes from the Persian Gulf nation hit by international trade sanctions.

Shipping Corp. of India will soon start services to Iran as Indian insurers have agreed to give as much as $100 million of cover per voyage, Chairman Sabyasachi Hajara said without specifying a timeframe. Prior to the sanctions, European companies provided unlimited protection against risks including oil spills and collisions, he said…Hajara said insurers including United India Insurance Co. and General Insurance Corp. of India are offering a lower cover for Iranian shipments compared with their European counterparts because the sanctions blocked their access to reinsurance.

The Indian insurers are offering $50 million of hull and machinery cover and $50 million of protection and indemnity per voyage, he said…Shipping Corp. is going ahead with the plan as its studies have shown that carriers in the Iran-India route haven’t sought any claims from insurance companies in the past 10 years, he said. Still, potential liabilities may run into “billions of dollars,” Hajara said." (Bloomberg, "Iran Oil Shipping To Resume As Insurers Step In," 8/2/12)

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"India has been forced to seek its own arrangements to insure its purchases of Iranian oil, officials said, even as it reduces imports under pressure from U.S. and European Union sanctions.

Indian state-owned insurers, shipping lines and government officials met to discuss the situation in Mumbai on Wednesday. India's state-run insurance firms have agreed to offer coverage of up to $50 million for each Indian ship carrying Iranian crude. The state-run General Insurance Corp. will reinsure the cargoes. Such coverage is much lower than the up to $1 billion that European insurers would normally give per ship to cover third-party claims in the event of an oil spill or other accident…The problems facing India show the effectiveness of policies aimed at squeezing Iran financially in a bid to force the country to take measures that guarantee its nuclear program isn't being used for weapons development. Tehran says the program is for peaceful purposes.

'This figure is low but we can call it a workable solution,' the executive said. 'Liabilities in case of an accident in Indian or Iranian waters is also less than in U.S. waters.'

The Indian shipping industry was also pushed to accept low insurance coverage because it doesn't want to see its business going to Iranian tankers, the executive said.

'The petroleum ministry wants to bring crude in Iranian vessels which will hurt business for Indian ships, so we accepted this figure,' he said." (The Wall Street Journal, "Insurance Woes Slow India Deals for Iran Oil," 7/11/2012)

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"India has given state-run insurers approval to provide limited cover to its ships transporting Iran's oil, allowing refiners to avoid any interruption in supplies because of the constraints of an Iranian fleet struggling with tough Western sanctions . . . General Insurance Corp of India will be the re-insurer and cover will be extended by any of four state-run non-life insurance firms: United India Insurance, New India Assurance Co. Ltd., National Insurance Co. Ltd. and the Oriental Insurance Co. Ltd. 'We have received a letter from the shipping ministry ... saying General Insurance Corp has provisionally been allowed to arrange cover,' said a source at a state-run refiner."(Reuters, "India insures Iran oil imports to safeguard flow -sources," 7/10/12)

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"United India Insurance Co. has agreed to provide protection and indemnity cover to Indian tankers carrying oil from Iran with General Insurance Corp. offering reinsurance, two people with knowledge of the matter said Tuesday. The offer bring some relief to Indian shipping companies that aren't getting covers from European insurers since July 1 for carrying shipments from Iran, which is facing sanctions from the U.S. and European Union for its decision to continue with an alleged nuclear weapons program . . . While United India Insurance executives weren't available to comment, an executive from General Insurance Corp. said there will be a $50 million P&I cover and a separate amount for hull and machinery. 'The cover is for all Indian shipowners,' the executive said." (Wall Street Journal, "India Insurer to Cover Ships Carrying Iran Oil," 7/10/12)

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"The United States earlier this month extended exemptions from its tough, new sanctions on Iran's oil trade to seven more economies including India . . . Indian state insurers led by General Insurance Corp (GIC) had agreed to provide $50 million of cover for the ships carrying Iran crude from July but this has been delayed as the insurance regulator has not yet given its approval. The Shipping Ministry has said it has "no objection" to refiners buying oil from Iran on a delivered basis 'for 6 months with effect from July 1, 2012 or until GIC provides P&I/H&M (Hull and Machinery) cover or U.S., EU sanctions are lifted; whichever occurs earlier,' said a source privy to the letter." (Reuters, "Exclusive: India allows use of Iran ships for oil imports," 6/25/12)

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"India is speeding up efforts to ensure insurance cover for tankers that bring in crude-oil from Iran, about a week before the onset of European Union sanctions that will effectively cut off insurance services for oil shipments from the Islamic Republic…But India continues to face logistical challenges in importing oil from Iran as the EU sanctions, which come into effect on July 1, are affecting its ability to get insurance for ships carrying Iranian crude...the oil ministry has also asked the finance ministry to press state-owned reinsurer General Insurance Corp. to provide insurance cover to Indian ships carrying crude from Iran. The oil ministry is also working to get sovereign guarantees for Indian vessels, he added."  (Wall Street Journal, "India Working on Insurance for Iran Oil Imports," 6/22/12)

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"Indian shipping firms will continue to transport Iranian crude even if limited insurance coverage due to tightening Western sanctions leaves them financially exposed to a spill or accident, a top executive and industry sources said... Shipping Corp of India, which is the country's largest shipping firm, Great Eastern and other Indian tanker firms have asked state insurers to step in and provide up to $50 million in third-party liability coverage per tanker voyage. The amount is a fraction of the typical $1 billion coverage that a supertanker carrying around 2 million barrels of crude would have from reinsurers against personal injury and pollution claims. India's shipping companies would run the risk of shipping the crude even though they would be liable for any claims above $50 million in the case of an incident, industry sources said... The shipping firms have sent their request to state insurers United India Insurance, General Insurance Company, New India Assurance Co. Ltd., National Insurance Co. Ltd. and the Oriental Insurance Co. Ltd., said a shipping source. The shipping and finance ministries were also looking at the proposal." (Chicago Tribune, "Indian firms to carry Iran crude despite reduced insurance," 4/24/12)

United India Insurance

Industry: 
Insurance
Country: 
India
Contact Information: 
Sources: 

"Two of India's largest shipping companies which carry crude from Iran haven't yet been able to find suitable insurance cover, a situation which could hurt the flow of oil from the sanctions-hit Middle Eastern country.  . . . India, which has decreased but not stopped crude purchases from Iran, has been trying to make its own arrangements to bring in the oil. Last month, state run insurer United India Insurance Co. Ltd. offered cover to Indian shippers, while General Insurance Corp. offered to reinsure. Mr. Hajara had said then that the shipper may agree to the covers -- about a hundredth of what Europe's so-called Protection and Indemnity or P&I Clubs offer -- but he now appears to have changed his mind. The Indian insurer has offered $50 million for protection and indemnity -- or third-party insurance -- and an additional, similar amount for hull and machinery cover. But these are not enough, said Mr. Hajara." (Wall Street Journal, "Shipping Corp: Insurance Cover for Iran Crude Not Adequate," 8/8/12)

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"India, the third-biggest buyer of Iranian oil, will offer state-backed insurance to tankers, helping the nation’s biggest sea carrier to resume cargoes from the Persian Gulf nation hit by international trade sanctions.

Shipping Corp. of India will soon start services to Iran as Indian insurers have agreed to give as much as $100 million of cover per voyage, Chairman Sabyasachi Hajara said without specifying a timeframe. Prior to the sanctions, European companies provided unlimited protection against risks including oil spills and collisions, he said…Hajara said insurers including United India Insurance Co. and General Insurance Corp. of India are offering a lower cover for Iranian shipments compared with their European counterparts because the sanctions blocked their access to reinsurance.

The Indian insurers are offering $50 million of hull and machinery cover and $50 million of protection and indemnity per voyage, he said…Shipping Corp. is going ahead with the plan as its studies have shown that carriers in the Iran-India route haven’t sought any claims from insurance companies in the past 10 years, he said. Still, potential liabilities may run into “billions of dollars,” Hajara said." (Bloomberg, "Iran Oil Shipping To Resume As Insurers Step In," 8/2/12)

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"India has given state-run insurers approval to provide limited cover to its ships transporting Iran's oil. . . Domestic insurance firms are allowed to provide ship owners carrying Iranian oil $50 million in cover against pollution and personal injury claims, also known as protection and indemnity (P&I) insurance, Devli said. They will also provide hull and machinery cover of $50 million, to protect ships against physical damage. General Insurance Corp of India will be the re-insurer and cover will be extended by any of four state-run non-life insurance firms: United India Insurance, New India Assurance Co. Ltd., National Insurance Co. Ltd. and the Oriental Insurance Co. Ltd. 'We have received a letter from the shipping ministry ... saying General Insurance Corp has provisionally been allowed to arrange cover,' said a source at a state-run refiner." (Reuters, "India insures Iran oil imports to safeguard flow -sources," 7/10/12)

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"United India Insurance Co. has agreed to provide protection and indemnity cover to Indian tankers carrying oil from Iran with General Insurance Corp. offering reinsurance, two people with knowledge of the matter said Tuesday. The offer bring some relief to Indian shipping companies that aren't getting covers from European insurers since July 1 for carrying shipments from Iran, which is facing sanctions from the U.S. and European Union for its decision to continue with an alleged nuclear weapons program. . . While United India Insurance executives weren't available to comment, an executive from General Insurance Corp. said there will be a $50 million P&I cover and a separate amount for hull and machinery. 'The cover is for all Indian shipowners,' the executive said." (Wall Street Journal, "India Insurer to Cover Ships Carrying Iran Oil," 7/10/12)

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"Indian shipping firms will continue to transport Iranian crude even if limited insurance coverage due to tightening Western sanctions leaves them financially exposed to a spill or accident, a top executive and industry sources said... Shipping Corp of India, which is the country's largest shipping firm, Great Eastern and other Indian tanker firms have asked state insurers to step in and provide up to $50 million in third-party liability coverage per tanker voyage. The amount is a fraction of the typical $1 billion coverage that a supertanker carrying around 2 million barrels of crude would have from reinsurers against personal injury and pollution claims. India's shipping companies would run the risk of shipping the crude even though they would be liable for any claims above $50 million in the case of an incident, industry sources said... The shipping firms have sent their request to state insurers United India Insurance, General Insurance Company, New India Assurance Co. Ltd., National Insurance Co. Ltd. and the Oriental Insurance Co. Ltd., said a shipping source. The shipping and finance ministries were also looking at the proposal." (Chicago Tribune, "Indian firms to carry Iran crude despite reduced insurance," 4/24/12)

Great Eastern Shipping Company

Industry: 
Shipping
Country: 
India
Contact Information: 
Sources: 

"Two of India's largest shipping companies which carry crude from Iran haven't yet been able to find suitable insurance cover, a situation which could hurt the flow of oil from the sanctions-hit Middle Eastern country . . . Great Eastern Shipping Co. Ltd., India's other prominent crude shipper from Iran, has also not agreed to take local insurance covers. Great Eastern Shipping spokeswoman Anjali Kumar, rejecting recent media reports which said the government is pressuring the company to carry Iran cargo, said: 'We still haven't agreed to the cover. Also, we haven't received any letter from the government telling us to offer vessels for Iran cargo.'" (Wall Street Journal, "Shipping Corp: Insurance Cover for Iran Crude Not Adequate," 8/8/12)

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"The shipping ministry has told private company Great Eastern Shipping Co (Gesco)(GESC.NS) to supply tankers to import Iranian oil for state-run refiner MRPL, which had to slash imports from Iran in July because the shipper was unwilling to carry them. Mangalore Refinery and Petrochemicals (MRPL) (MRPL.NS), Iran's biggest Indian client, has an annual contract with Gesco through Transchart, an agency of the federal shipping ministry. But Gesco refused last month to lift cargoes for MRPL because of the lack of insurance cover after European sanctions came into effect barring insurance and reinsurance for Iranian shipments. An industry official, with access to a letter sent by the shipping ministry to Gesco on Monday, said it made clear India had now allowed state-run insurers to provide some cover for Iranian shipments and told the company to provide vessels for MRPL . . . Gesco, the country's biggest private shipper, said it has not yet received the letter and had told MRPL that insurance in its current form was inadequate for voyages to Iran. 'We have conveyed to MRPL that we will not be able to lift cargoes from the sanctions-hit country due to inadequacy of the insurance cover offered by the Indian insurer United India Insurance Co,' Gesco spokeswoman Anjali Kumar said. Indian insurers have agreed to provide cover of $50 million each against pollution and personal injury claims, also known as protection and indemnity (P&I) insurance, and for hull and machinery to protect ships against physical damage. India is permitting refiners on a case-by case basis to use Iranian tankers and insurance for oil purchases." (Reuters, "India instructs private firm Gesco to ship Iranian oil,"8/6/12)

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"India's biggest buyer of Iranian oil may only import one-fifth of the 3.3 million barrels of crude it had scheduled for July due to insurance and shipping difficulties caused by European Union sanctions on Tehran, industry sources said.

The possible drop in imports by state-owned refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) underscores the problems the EU sanctions, which ban most of the world's major insurance firms from covering shipments of Iranian oil, have created for Iran's major Asian customers China, India and Japan since coming into effect on July 1.

Along with U.S. sanctions, the EU measures, which include an oil embargo, has so far halved Iran's year-on-year oil sales…India had initially allowed state-owned refiners to use Iranian tankers to ship oil purchases from Iran but swiftly backtracked to benefit its own shipping industry, stipulating that state-run oil firms must use Indian ships and allowing limited coverage by state-run insurers for Iranian cargoes. 

The company may not be able to transport any more cargoes as its shipping firm, the privately-owned Great Eastern Shipping Company (GESCO), is unwilling to carry Iranian crude due to the limited insurance cover.

'MRPL is talking to Great Eastern, but it looks unlikely that it will use its vessels for Iranian oil imports.'

MRPL has an annual shipping contract with GESCO. Indian insurers will only give shipping firms carrying Iranian oil $50 million per tanker in protection and indemnity cover, a fraction of the typical $1 billion in insurance that Western firms provide for a very large crude carrier."  (Reuters, "India's main Iran oil buyer may cut July imports," 7/12/12)

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"India has been forced to seek its own arrangements to insure its purchases of Iranian oil, officials said, even as it reduces imports under pressure from U.S. and European Union sanctions.

Indian state-owned insurers, shipping lines and government officials met to discuss the situation in Mumbai on Wednesday. India's state-run insurance firms have agreed to offer coverage of up to $50 million for each Indian ship carrying Iranian crude. Such coverage is much lower than the up to $1 billion that European insurers would normally give per ship to cover third-party claims in the event of an oil spill or other accident…The problems facing India show the effectiveness of policies aimed at squeezing Iran financially in a bid to force the country to take measures that guarantee its nuclear program isn't being used for weapons development. Tehran says the program is for peaceful purposes…Indian shippers, such as Shipping Corp. of India, Great Eastern Shipping Co. and Mercator Ltd., handled a total of about six to seven ships carrying Iranian crude every month before the EU ban, said Anil Devli, head of the Indian National Shipowners Association.

For some Indian shipping companies, the new insurance coverage is too low. A spokeswoman for Great Eastern Shipping, a private company, said it had stopped transporting Iranian crude from July 1 because of insurance concerns.

The Indian shipping industry was also pushed to accept low insurance coverage because it doesn't want to see its business going to Iranian tankers, the executive said.

'The petroleum ministry wants to bring crude in Iranian vessels which will hurt business for Indian ships, so we accepted this figure,' he said." (The Wall Street Journal, "Insurance Woes Slow India Deals for Iran Oil," 7/11/2012)

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"India has given state-run insurers approval to provide limited cover to its ships transporting Iran's oil, allowing refiners to avoid any interruption in supplies because of the constraints of an Iranian fleet struggling with tough Western sanctions . . . Great Eastern has yet to make a decision on the limited insurance cover. 'We have informed MRPL that we will not be able to go to Iran. However, we are waiting for details of the new insurance plan offered by Indian insurers and will make a decision accordingly,' said firm spokeswoman Anjali Kumar." (Reuters, "India insures Iran oil imports to safeguard flow -sources," 7/10/12)

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"Indian shipping firms will continue to transport Iranian crude even if limited insurance coverage due to tightening Western sanctions leaves them financially exposed to a spill or accident, a top executive and industry sources said... Shipping Corp of India, which is the country's largest shipping firm, Great Eastern and other Indian tanker firms have asked state insurers to step in and provide up to $50 million in third-party liability coverage per tanker voyage. The amount is a fraction of the typical $1 billion coverage that a supertanker carrying around 2 million barrels of crude would have from reinsurers against personal injury and pollution claims. India's shipping companies would run the risk of shipping the crude even though they would be liable for any claims above $50 million in the case of an incident, industry sources said... The shipping firms have sent their request to state insurers United India Insurance, General Insurance Company, New India Assurance Co. Ltd., National Insurance Co. Ltd. and the Oriental Insurance Co. Ltd., said a shipping source. The shipping and finance ministries were also looking at the proposal." (Chicago Tribune, "Indian firms to carry Iran crude despite reduced insurance," 4/24/12)

Bockstiegel

Industry: 
Shipping
Sources: 

"The done that penetrated deep into Israeli airspace nearly two weeks ago was manufactured in Germany by Siemens and Bockstiegel, and purchased by a fictitious Iranian company that was a front for Iran’s Islamic Revolutionary Guard Corps (IRGC), the Lebanese newspaper Al-Jumhuriya reported on Wednesday." (The Times of Israel, "Hezbollah drone reportedly manufactured in Germany," 10/17/2012)

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"Turkey has intercepted a vessel in the Mediterranean suspected of carrying weapons and ammunition to Syria, a diplomatic source told AFP on Wednesday. 'We received information that the vessel has a cargo of arms and ammunition headed for Syria,' the source said on condition of anonymity, adding that Turkish authorities would search the vessel later in the day. The Antigua and Barbuda flagged 'Atlantic Cruiser' belongs to a German company, the source added. The German shipping firm denied allegations Monday that its vessel was carrying Iranian arms to Syria, violating EU sanctions against the Damascus regime. News weekly Der Spiegel reported at the weekend that the Atlantic Cruiser, owned by German company Bockstiegel but chartered by a Ukrainian firm, had been stopped on the high seas with Iranian weapons on board." (Agence France-Presse, "Turkey intercepts ship with suspected arsm headed for Syria," 4/19/12)

C.E.G Bulk Chartering GmbH

Industry: 
Shipping
Country: 
Germany
Contact Information: 
Sources: 

"A German-owned ship was halted after its owners received information - which allegedly came from Syrian government defectors - that it might be carrying weapons bound for Syria, according to a report published Saturday. The agent for the company chartering the ship vehemently denied that it was carrying any such load... German weekly Der Spiegel reported that the Atlantic Cruiser was stopped in the Mediterranean after its owners were warned it was suspected to be carrying Iranian military equipment to Tartus, Syria. Without citing sources, it said 'defectors in the Syrian government apparatus' were behind the alert. Der Spiegel quoted shipping agent Torsten Lueddeke of Hamburg-based C.E.G. Bulk Chartering as saying: 'We stopped the ship after we received information on the weapons cargo.' He said the ship had been chartered to an Odessa, Ukraine-based company called White Whale Shipping and 'they declared to us as cargo above all pumps and things like that,' according to the report. 'We would never have allowed weapons on board." (WashingtonPost, "German-owned ship halted with suspected Syria weapons shipment," 4/14/12)

Dalian Shipbuilding Industry

Industry: 
Shipping, Engineering
Country: 
China
Sources: 

"Under a $1.2 billion contract, Waigaoqiao Shipbuilding Co Ltd, a unit of China CSSC Holdings Ltd, and Dalian Shipbuilding Industry Co. Ltd plan to deliver 12 supertankers by the end of 2013 to NITC, which would boost the capacity of its fleet by nearly 40 percent to around 86 million barrels." (Reuters, "China delivers first of new Iranian oil tankers," 9/27/2012)

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"NITC ordered the 12 vessels to be built at Waigaoqiao Shipbuilding Co Ltd, a China CSSC Holdings Ltd unit based in financial hub Shanghai, and Dalian Shipbuilding Industry Co. Ltd, based in the northeastern port of Dalian." (Reuters, "Iran to expand oil tanker fleet ahead of sanctions," 4/13/2012)

Waigaoqiao Shipbuilding

Industry: 
Shipping, Engineering
Country: 
China
Contact Information: 
Sources: 

Waigaoqiao is a unit of China Shipbuilding Industry Co Ltd (China CSSC Holdings Ltd).

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"The very large crude carrier (VLCC) left Waigaoqiao Shipbuilding on Sept. 18. It was initially due to sail to Iran
in May, but the sanctions delayed its delivery... Under a $1.2 billion contract, Waigaoqiao Shipbuilding Co Ltd, a unit of China CSSC Holdings Ltd, and Dalian Shipbuilding Industry Co. Ltd plan to deliver 12 supertankers by the end of 2013 to NITC, which would boost the capacity of its fleet by nearly 40 percent to around 86 million barrels." (Reuters, "China delivers first of new Iranian oil tankers," 9/27/2012)

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"An Iranian oil shipper's $100 million tanker, on order from China, is nearly ready to sail the high seas. But it's turning out to be a mystery ship.

The National Iranian Tanker Co., a private company that records show ordered the tanker three years ago for its fleet, has acknowledged it ordered the ship but is now trying to distance itself from its ownership. The ship's Chinese state-owned builder, Shanghai Waigaoqiao Shipbuilding Co., dismisses any link with Iran or NITC.

The fog around the new tanker shows the high level of secrecy companies are imposing on their business with Iran these days—especially in the oil sector—in the face of heightened pressure to squeeze Iran economically...The sanctions have scared away many foreign oil shippers, leaving Tehran increasingly reliant on NITC to export the country's economic lifeblood.

Until now, the company had been spared by the restrictions. But political and legal pressure from governments and groups such as New York-based United Against Nuclear Iran is building for companies to cut their links to the tanker company."  (Wall Street Journal, "Mystery Ship Underlines Pain Tehran Faces Over Sanctions," 6/21/12)

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"NITC ordered the 12 vessels to be built at Waigaoqiao Shipbuilding Co Ltd, a China CSSC Holdings Ltd unit based in financial hub Shanghai, and Dalian Shipbuilding Industry Co. Ltd, based in the northeastern port of Dalian." (Reuters, "Iran to expand oil tanker fleet ahead of sanctions," 4/13/2012)

Japan P&I Club

Industry: 
Financial Services, Shipping
Country: 
Japan
Contact Information: 
Sources: 

"The easing of the insurance sanctions for ships has been expected by analysts to increase Iran's crude oil exports, although data from Tehran's largest customers - China, India, Japan and South Korea - has so far shown steady to lower shipments since the deal was signed in November. Uncertainty over post-July insurance payments, however, has made the suspension of sanctions on ship cover ‘of very limited, if any, value to shipowners,’ the group of shipping insurers said in a note this week. The International Group of P&I Clubs said it was uncertain if insurance claims that arose while sanctions are eased would be honoured if they remained unpaid after July 20.…P&I claims can take one or two years to settle, said a Japan P&I Club official. If claims cannot be settled within six months it would be similar to having no insurance, he said. He said owners of Japanese ships importing Iranian crude oil are staying with Tokyo's sovereign insurance scheme put in place in mid-2012 to keep the oil shipments flowing, and none have moved to get cover from the Japan P&I Club.”  (Reuters, “Insurers group sounds alarm over Iran ship insurance,” 1/30/14)

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“Japan's main private ship insurer, the Japan P&I Club, said it has resumed normal coverage for tankers carrying Iranian oil, a step in easing imports in line with U.S. and EU moves as relations with Tehran thaw. Japan oil buyers were the hardest hit by the shipping insurance limits in Western sanctions because they chose to continue to use Japanese tankers for deliveries…The international P&I club, of which JPI is a member, resumed normal coverage of $7.6 billion per ship, including $1 billion for oil spills, on Monday as European Union reinsurance became available again for the first time since mid-2012, a JPI official said…'The resumption of cover is very much restricted to that which is expressly permitted under the implementing EU and U.S. measures,’ Andrew Bardot, executive officer of the International Group of P&I clubs, said separately. 'It does not fully open up the trade or the insurance of the trade. It is restricted to current importers based on their import quotas and it is for six months only’…Japan's sovereign scheme will stay in place for the time being, but will no longer be liable for insurance payments now that buyers can obtain JPI coverage, a government official said. The government is not ready to scrap the sovereign scheme just yet, as the sanctions relief is regarded as temporary, the official said. Japan's parliament would have to authorise any extension of the scheme past the fiscal year ending March 31.” (Reuters, “Japan resumes private insurance for Iran oil imports,” 1/21/14)

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“Japanese crude buyers are set to switch back to private insurance providers for transportation of Iranian oil, after relief from some EU sanctions goes into effect next week, industry and government sources said. Under the interim deal reached between Tehran and six world powers in November, the European Union on Jan. 20 will suspend for six months a ban on insuring and transporting Iranian oil…If the revision in EU regulations is implemented, the Japan P&I Club (JPI), the country's main ship insurer against pollution and personal injury claims, would be able to resume the normal coverage of $7.6 billion for a tanker carrying Iranian oil, a JPI official said. The switch in insurance is expected to have no impact on Japan's Iranian oil lifting plans, the JPI official added. It remains unclear how soon the switch can occur, as some details need to be worked out. The government will keep the sovereign scheme in place for now, however, as the revision is regarded as temporary, a government official said.” (Reuters, “Japan oil buyers to move back to private insurance for Iran imports,” 1/16/14)

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"The Japan Ship Owners’ Mutual P&I Association, the body that covers owners against the risk of oil spills and tanker collisions, is likely to lose access to Europe’s reinsurance market after the sanctions come into force July 1, according to the officials... Japan’s sovereign guarantees will replace the $7.6 billion in cover that the country’s P&I club currently buys from the International Group, according to one of the officials." (Bloomberg Businessweek, "Japan Said to Seek Sovereign Cover for Iran Tankers This Month," 5/17/2012)

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"The Japan P&I club, the country's main ship insurer against pollution and personal injury claims, has also been forced to reduce its cover for a tanker carrying Iranian oil to $8 million from July 1 from the current $1 billion due to EU sanctions." (Reuters, "Japan to limit Iran oil voyages in Mideast Gulf," 4/12/2012)