India

As of May 17, 2021, Iowa's Public Employee's Retirement System lists Mercator on its Iran Scrutinized Companies List with a divestment date of August 16, 2022.

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"NITC has chartered the vessel the Omvati Prem, owned by Mumbai-based Indian shipper Mercator Ltd, and used it to carry an oil cargo that sailed from Iran in December for Indian refiner Mangalore Refinery and Petrochemicals Ltd, the sources said. The deal included cost, insurance and freight (CIF), they said... Mercator was the only company to use the scheme. Before NITC chartered the Omvati Prem, MRPL had used the vessel -- which can carry about 635,000 barrels -- to import Iranian crude... 'Iran offered Mercator a better rate than MRPL, that's why they have taken the risk of joining hands with NITC,' another shipping source said. 'Mercator has taken a risk as NITC is a blacklisted company under sanctions.' Mercator paid $26,105 for P&I cover to United India Insurance Company and 1,852,710 rupees for hull and machinery cover to The New India Assurance for a voyage between December 28 and January 27, documents seen by Reuters show. Sources at the two insurance companies were not aware that Mercator had used the policy to deliver an Iranian cargo on a CIF basis. Mercator did not respond to Reuters enquiries. MRPL, India's shipping ministry, United India Insurance and The New Indian Assurance Co Ltd all declined to comment for the story." (Reuters, "Iran charters oil ship with Indian insurance: sources," 1/15/2013)

  

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"The MT Omvati Prem — a tanker contracted to carry 85,000 metric tons of crude oil from Iran for Indian state refiner Mangalore Refinery and Petrochemicals Ltd. — is scheduled to arrive in India by Aug. 25, said Kowshik Kuchroo, president of shipping for Mercator Ltd., an Indian shipping company. 'This being a government of India cargo, it has a different sense of importance. We’re not doing it just for business,' Kuchroo said Monday. 'India is in definite need of the crude. At a short notice, we can’t just snap the supply.' Mercator is insuring the ship with $50 million in hull and machinery insurance, which covers physical damage to the ship, from state-owned New India Assurance Co. It’s insuring the vessel with another $50 million in protection and indemnity insurance, which covers a broad range of liabilities, including environmental pollution and cargo damage, from government-backed United India Insurance. That is a far cry from the $1 billion in coverage Indian companies like Mercator got from European insurers, which used to underwrite most maritime coverage... Mercator aside, most Indian shippers don’t like the terms of the insurance coverage and have declined to send tankers to Iran." (The Washington Post, "India to resume shipping Iran oil, as Asia looks for ways around EU insurance sanctions," 8/13/2012)

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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. 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)

"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)

"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)

"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)

"CEO of General Insurance Corporation of India (GIC Re) have voiced readiness to boos ties with Iranian firms by providing the Iranian market with required insurance coverage." (April 2017)

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"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)

"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)

"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)

"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)

"IndusInd and UCO banks are telling exporters that you must complete all Iran business by August 6..." (5/31/2018)

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“State-owned Indian banks like UCO Bank have also showed interest in setting up shop in Iran, which I hope to happen in the foreseeable future,” Kumar was also quoted as saying by IBENA." (October 12, 2017).
 

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"Three foreign banks are opening up representative offices in Iran as the country seeks to boost investment after reaching an international sanctions deal last year, a central bank official said. Oman’s Bank Muscat SAOG, Woori Bank of South Korea and India’s UCO Bank Ltd. are all in the process of establishing a presence in Tehran, Central Bank Vice Governor Peyman Ghorbani said Tuesday in an interview." (Bloomberg News, "Three Foreign Banks to Open in Iran, Central Bank Official Says," 11/1/2016).

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Press TV (Iran): "Indian media say the country's major oil companies have paid the first installment of outstanding oil dues to Iran. The payment of the installment at a total value of $700 million was made by Essar Oil, Mangalore Refinery and Petrochemicals (MRPL) and other Indian refiners on Wednesday. Essar Oil paid $335 million while MRPL paid about $300 million. The remainder of the payments was made by HPCL-Mittal Energy (HMEL) and Hindustan Petroleum Corp (HPCL)... According to what Iran and the P5+1 agreed in July, the US Treasury's Office of Foreign Assets Control (OFAC) would approve the banking mechanism for payment of $1.4 billion by Indian refiners in two equal installments to Tehran. The Indian media say the refiners had deposited the rupee equivalent of $700 million in Kolkata-based UCO Bank which transmitted the money to the Reserve Bank of India (RBI). The RBI will accordingly make arrangements for its onward remittance to Iran." (Press TV, "India pays first batch of Iran oil dues," 10/1/15)

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"India has asked Iran to provide financial guarantees before Delhi continues to allow vessels with Iranian insurance cover to enter Indian waters, the latest sign of difficulties Iran is facing in exporting oil…India's latest request, however, shows the struggle OPEC member Iran still faces in maintaining steady oil shipments. International sanctions on Iran have made it difficult to insure refineries and ships involved in trade with Iran and forced India to settle 45 percent of oil payments in rupees through state-owned UCO Bank while refiners are withholding the remainder…India's Deputy Nautical Advisor, Deepak Kapoor, sent the letter to Iran's Economic Affairs and Finance Ministry on Dec. 10 ahead of a renewal of approval to the Iranian underwriters on Dec. 27. India imported 47 percent less oil from Tehran in October from a year ago, helping New Delhi get a six-month waiver from the U.S. sanctions in December. At the end of November Indian refiners owed about $2.2 billion for partial payments to Iran, while about $3 billion worth of rupees paid by refiners is lying in Tehran's account with UCO Bank. India has asked Iran to provide a bank guarantee for 23 billion rupees ($369.98 million) from its account with UCO Bank as 'a precautionary measure to cover any potential claims that may arise due to maritime incident in Indian waters'…An early submission of a bank guarantee would enable India's shipping ministry to consider further extension of conditional authorisation to Moallem Insurance Co and Kish P&I Club beyond Dec. 27 and promote bilateral trade, the letter said." (Reuters, "India seeks Iran's financial guarantees for ships -letter," 12/17/13) 

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"An obscure Indian bank has been an unlikely beneficiary of Western sanctions against Iran, handling billions of dollars from frozen oil payments that boosted its interest margins, but is now having to prepare itself for life after the windfall. UCO Bank, a Kolkata-based state lender that had been among India's poorer performers, saw revenue and profits surge after it was picked in 2012 to hold rupees for oil payments to Iran, a pile that has grown to more than $3 billion. Late last month, Iran and six world powers reached an interim deal to curb Tehran's nuclear programme in exchange for limited sanctions relief. 'The Iran business was a shot in the arm for us,' UCO Chairman Arun Kaul told Reuters. 'Still, scope for improvement is very large. We had become a marginal player in the banking industry, we are coming back now'…India has cut back sharply on purchases of Iranian oil in order to qualify for a waiver from U.S. sanctions, but has remained a major importer under an arrangement in which Indian buyers pay for Iranian crude in part by depositing rupees at UCO Bank. The rupees are used to pay Indian exporters to Iran against letters of credit opened by Iranian private banks. UCO is able to take advantage of the time lag between imports and exports, and the fact that the oil dues greatly exceed the value of shipments of Indian goods to Iran. The funds are especially valuable because Indian banks do not pay interest on current account deposits but can lend them to other customers. UCO's cost of deposit, the interest that the bank pays on its overall deposits, at end-September was 6.09 percent - among the lowest in the industry, while it earned 10.04 percent on loans in the same period. In comparison, cost of deposit for rival Oriental Bank of Commerce (ORBC.NS) was 7.65 percent. UCO Bank posted a four-fold annual jump in September quarter earnings while net interest income grew 55 percent. Total assets increased 30 percent to 2.12 trillion rupees at end-September from 1.63 trillion rupees in March 2011. At around $3 billion, Iranian oil receipts account for roughly 12 percent of UCO's total deposits, according to Reuters calculation based on data on the bank's website." (Reuters, "UCO Bank looks to life after Iran sanctions windfall," 12/4/13)

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“Iran will receive $4.2 billion from its oil sales to be transferred in instalments if it fulfils its commitments in a landmark nuclear deal struck between world powers and Tehran in Geneva. Here is a look at where Iranian oil payments are held in the countries in Asia that are still importing crude from the OPEC producer…

COUNTRY: India

BANK: UCO Bank

ESTIMATED AMOUNT: About $5.3 billion held up by the sanctions. Of the total, about $1.8 billion is with the oil companies that have bought crude from Iran and the remainder is held with state-run UCO Bank. In mid-October, the National Iranian Oil Company (NIOC) had asked Indian refiners to pay in euros via Turkey's state-owned Halkbank. (Reuters, “FACTBOX-Iran's oil fund stash in Asia,” 11/25/13)

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"The move is aimed at fuller utilisation of the rupee payments accumulated in India’s UCO Bank for oil purchased from Iran... The payment mechanism allows payments for Iranian oil to be deposited in India’s UCO Bank in Indian rupees. The money is then used to make payments to Indian exporters thereby avoiding payments in dollars and through foreign banks." (The Hindu, "India allows re-export of importanted products to Iran," 6/10/2013) 

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"State-run Hindustan Petroleum (HPCL) has made its first payment for Iranian oil in rupees to partially settle its bill for a cargo imported in May, company officials said on Friday, a move that will help New Delhi fix its trade imbalance with Tehran . . . India is Iran's second-largest oil buyer, but has struggled to find ways to pay for the oil as Western sanctions curb international financial payments destined for Tehran. The two countries agreed in January to settle 45 percent of the oil trade in rupees. The balance of HPCL's payment, made on Friday, was through Turkey's Halkbank and India's UCO Bank. 'This is the first payment we have made since the gate was opened...we have paid 45 percent in rupees and 55 percent through Halkbank,' B. Mukherjee, head of finance at HPCL, told Reuters. Since July 2011, refiners in India have been using Halkbank to pay their annual oil import bill of more than $10 billion, after a previous payment channel was blocked in December 2010 . . . HPCL has paid 2.75 billion Indian rupees ($49.25 million) to Iran through UCO Bank and $60 million through Halkbank, a company source privy to the matter said." (Reuters, "India HPCL begins rupee payment for Iran oil," 3/8/12)

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"India, after much delay and uncertainty, is ready to move ahead with a rupee payment mechanism designed to bypass U.S sanctions on trade with Tehran, a senior industry executive said Wednesday.

Under the move, Indian oil companies that import crude oil from Iran will deposit the payments into rupee accounts held in UCO Bank, and these funds will be used by Iran to pay for agricultural products and medicines from India...Payments can be made now that the exemption has been signed into law, Mr. Ahmed said. He said a total of about $4.5 billion could eventually flow into the rupee account, although he didn't provide a time frame for this…Iran accounts for a significant share of India's crude imports, with the later arguing it needs Iranian oil to meet its growing energy demand.

Under U.S. pressure, New Delhi has cut back on purchases from Iran to about 9% of its total oil imports from 12% last year, pushing Iran to the fourth position as a supplier from the second position it held earlier.

Mr. Ahmed said Indian goods worth $500 million to $600 million would be shipped to Iran two to three months after the rupee payment mechanism is activated. 'Iran is a very promising market. The demand [from Iran] and supply from India is ready, so we had to make it happen,' he said.

Of this, 65% to 70% will be agricultural products and the rest pharmaceuticals, he said."  (Wall Street Journal, "India Clears Iran Payments Move," 6/20/2012)

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"Indian refiners are waiting to make payments into the account at UCO Bank until New Delhi implements a planned exemption for them from a hefty local tax, which was announced in March and can take up to 60 days to be put into effect . . . Parsian's Tehrani said Iran had offered to deposit about 10 million euros ($12.5 million) in the bank's account with UCO bank to settle the dues of Indian exporters. 'Unfortunately they (New Delhi) did not accept our request,' he said. 'We have LCs worth 20 million rupees under negotiation with UCO Bank, but it's been over a month and we have not got a payment,' said Pankaj Bansal, a partner at engineering goods maker TMA International." (Reuters, "Iranian bank halts guarantees for India imports," 6/12/12)

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"Iran's Parsian Bank has opened a credit window in India's UCO Bank Ltd. to facilitate payments for Indian exporters in rupees, Federation of Indian Export Organizations said Friday. 'The payment problem with Iran has been resolved (for exports from India) with the rupee payment mechanism through UCO Bank becoming operational,' M. Rafeeque Ahmed, FIEO's president, said in a statement." (Wall Street Journal, "UCO Bank to Facilitate Export Payments From Iran," 3/2/2012)

As of May 17, 2021, Iowa's Public Employee's Retirement System lists SCI on its Iran Scrutinized Companies List.

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As of August 15, 2019, the state of Iowa listed SCI on its Iran scrutinized companies list.

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In 2018 the U.S. state of Iowa listed Shipping Corporation of India as an Iran restricted company rendering Shipping Corporation of India ineligible for investment and/or state contracting.

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"The largest domestic shipliner, Shipping Corporation of India (SCI), today said it has held discussions for reviving the joint venture with Islamic Republic of Iran Shipping Lines (IRISL). It said the discussions were held post lifting of the sanctions against the Islamic nation. "SCI and Islamic Republic of Iran Shipping Lines (IRISL), shareholders in the JV, have held discussions about feasibility of revival of operations by the JV, in view of lifting of the sanctions imposed on Iran," it said in a regulatory filing to BSE on Tuesday." (September 6, 2016).

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Shipping Corporation of India (SCI) will resume sailing to Iran this month after a four-year gap, transporting an oil cargo for a state-run refiner, the chairman of India’s biggest shipping company said on Tuesday. (July 5, 2016).

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"In a development with serious international ramifications, the Iranian Revolutionary Guard Corps (IRGC) has detained an Indian ship carrying oil in the Persian Gulf. Sources said the ship, named MT Desh Shanti, was on its way to India from Iraq when it was detained by the IRGC. The ship is owned by the Shipping Corporation of India." (The Times of India, "Iran seizes Indian ship carrying oil from Iraq," 8/15/2013) 

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"The Cabinet is likely to consider on Tuesday winding up of a 38-year old Indo-Iranian shipping company as tightening western sanctions has run the venture's oil tankers and dry bulk vessels aground. Irano Hind Shipping Company, which was formed in 1975 by Iran's former Shah Reza Pahlavi and the then Prime Minister Indira Gandhi as a bond of friendship, will be shut as it had failed to get business, official sources said. India's largest shipping firm, Shipping Corporation of IndiaBSE 0.25 % (SCI) owns a 49 per cent stake in the venture, while Islamic Republic of Iran Shipping Lines (IRISL) holds the remaining 51 per cent. The Union Cabinet is scheduled to consider winding up of the joint venture at its meeting on April 2, they said... The decision to wind up Irano Hind Shipping Co was taken in July last year, they said adding charters don't want to take vessels which are under sanctions." (The Economic Times, "Cabinet to Consider Closing of Indo-Iranian Shipping Company," 3/28/13)

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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. The Shipping Corp. of India Ltd. -- the country's biggest marine transporter by fleet size -- isn't getting 'adequate' insurance cover from local companies, Chairman Sabyasachi Hajara said. 'Our requirement and what has been offered by the insurers are yet to match...so nothing has happened as yet,' Mr. Hajara said late Tuesday. He added that state-run Shipping Corp. won't accept any of the inadequate proposals. Mr. Hajara's comments show that India is yet to make any headway in getting insurance for Iran shipments after Europe's insurers withdrew all cover following the region's sanctions against trade with Tehran." (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…Bulk carriers such as tankers contributed to as much as 67 percent of Shipping Corp. (SCI)’s 38 billion-rupee ($684 million) sales in the year ended in March, according to data compiled by Bloomberg…Shipping Corp. will stick to its orders for 25 ships that are due for delivery by 2014, Hajara said in the interview. The company, 64 percent owned by Indian government, had 75 ships in its fleet as of March." (Bloomberg, "Iran Oil Shipping To Resume As Insurers Step In," 8/2/12)

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"An Iranian-led shipping venture that predates the 1979 Islamic Revolution is now unraveling as one of the most high-profile blows from international sanctions and U.S.-driven efforts to drive wedges between Tehran and its key trading partners.

The impending collapse of the Irano Hind Shipping Co. — created in 1974 with India’s state-run maritime firm — is likely to be noted in Washington and among allies as evidence of the deepening wounds from the diplomatic and economic onslaught over Iran’s nuclear program.

But in another sense, it illustrates the growing strains in Asian capitals over the economic squeeze on Tehran. Leaders in India and elsewhere must now balance crucial needs for Iran’s energy exports with mounting demands from their American allies to freeze out the Islamic Republic.

The top executive of the Indian side of Irano Hind said Wednesday it had become too difficult to operate the fleet’s seven vessels under sanctions — imposed by the U.S. in 2008 and U.N. two years later for the company’s connections to the state-owned Iranian shipping line…The joint venture — IRISL with 51 percent to the Indian side’s 49 percent — was formed by Iran’s former Shah Reza Pahlavi and the late Indira Gandhi of India as a bond of friendship...But years of escalating sanctions have taken a toll. Officials at India’s Shipping Ministry have reportedly raised alarms about growing losses at Irano Hind and difficulties to find insurance to carry Iranian oil." (Washington Post, "Indian-Iranian shipping company says it will close because of anti-Iran sanctions," 6/25/12)

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"A shipping company backed by the governments of India and Iran says it will close because of anti-Iran sanctions. The Shipping Corp. of India, which holds a 49 percent stake in the Irano Hind Shipping Co., says sanctions have made it too difficult to deploy its vessels. Shipping Corp. managing director S. Hajara says Irano Hind will cease operation and its fleet will be split between his company and the Islamic Republic of Iran Shipping Lines, which holds the remaining stake. He says the decision was made at an Irano Hind board meeting last week and must be approved by the two governments and the United Nations." (Fox News, "Indian-Iranian shipping company to close due to sanctions against Iran," 7/25/12)

"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…'Our exposure would run into billions of dollars, but since there haven't been many insurance claims in the last several years, we have taken a pragmatic view,' said Sabyasachi Hajara, chairman and managing director of state-owned Shipping Corp. of India,the country's biggest shipper of crude from Iran…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.

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's Insurance and Regulatory and Development Authority has agreed to allow state-run insurers to replace their European counterparts, enabling at least Shipping Corp Of India to resume transporting Iranian oil, officials said . . . Despite the risks, the chairman of state-run Shipping Corp of India, the country's biggest, said his company would use the limited cover to transport Iranian crude . . . Refiner HPCL, which has already taken a suezmax vessel carrying 1 million barrels of oil from Iran on a delivered basis, may hire an SCI vessel for a cargo scheduled for lifting on July 25-27, said an official with the refiner, who asked not to be named because he was not authorized to speak to the media." (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)

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"Indian state-run insurers have agreed to give limited cover to local ships for carrying Iranian oil, helping the energy-hungry country import reduced volumes from sanctions-hit Tehran from July, a Shipping Corp of India director said on Tuesday. 'We have in writing from General Insurance Corp that it and four other insurers will provide a cover of $50 million to Indian flag carriers per Iranian voyage,' Sunil Thapar of Shipping Corp of India, the country's largest shipping firm with a fleet of 29 crude carriers, told Reuters. Tough new European Union sanctions aimed at stopping Iran's oil trade also ban EU insurers and re-insurers from indemnifying ships carrying Iranian crude from July." (Reuters, "India insurance cos to give $50 mln cover for Iran oil buy-Exec," 5/1/12)

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"State-run Shipping Corp. of India, the largest tanker owner in India, will lose its EU insurance coverage for its oil tankers operating in Iran from July 1, when European insurers will be prohibited from indemnifying ships carrying Iranian oil... 'We are covered by P&I clubs in the EU,' Sunil Thapar, director at Shipping Corp of India told Reuters, referring to the groups of customer-owned maritime protection and indemnity insurance groups. 'These clubs will not be able to give us coverage for vessels to Iran from July. It will be difficult for Indian shipping lines to transport Iranian crude unless alternative arrangements are made.' SCI owns 39 oil tankers." (Reuters, "India ships will lose insurance due to Iran sanctions, may look to China," 2/21/2012)

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Shipping Corporation of India has many joint-ventures with Iranian businesses. (Ship India Website, "Joint Ventures, Iran")

"It threatens to jeopardize the trade with them, hurting both India and Iran," Anil K. Mittal, chairman of KRBL Ltd, a leading Indian rice miller and exporter, told Reuters." (Reuters,"Exclusive: Iran defaults on rice payments to India," 2/7/2012)

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"Anoop Kumar Gupta, joint managing director at KRBL Ltd. (KRB), an Indian rice exporter, comments on outlook for shipment of basmati rice and sales to Iran." (Bloomberg, "India Rice Exports to Iran to Drop on Payment Delay, KRBL Says," 8/19/2011)