Shipping

"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)

According to publicly accessible ship-monitoring data, since January 1, 2016, Bockstiegel-owned ships have called at Iranian ports on three occasions.

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"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)

"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)

 Listed on the U.S. state of North Carolina's Iran scrutinized companies list rendering it ineligible for state investment and/or contracting.

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“Sources in China close to the talks say Islamic Republic of Iran Shipping Lines (IRISL) and Dalian Shipbuilding Industry Co (DSIC) are likely to shake hands soon on a six-ship order for a string of 14,500-teu containerships of DSIC’s own new design.”  (Trade Winds, “Iranian giants planning newbuild blitz in China,” 5/27/2016).  

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"Dalian Shipbuilding Industry Offshore Co. Ltd (DSIC) is likely to join [a] fleet expansion program of tow [of] Iran’s state-owned operators National Iranian Tanker Company (NITC) and Islamic Republic of Iran Shipping Lines (IRISL).  Executives of DSIC have visited the operators several times since last January and negotiations are ongoing regarding construction of tanker and containership……." (KOMEC-Korea Marine Equipment Global Service Center, “DSIC to join Iran’s NB program,” 3/15/2016).   

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"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 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)

"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)

On its website, KCC lists a branch office in Tehran, Iran. (KCC Website, "Global Networks")

"The China P&I Club, whose members include major Chinese shipping firms Sinotrans and COSCO Group, is the first Chinese maritime insurer to confirm it will halt business with tankers operating in Iran, following similar action in Japan." (Reuters, "Key China insurer to stop covering tankers with Iran oil," 4/5/2012)

Seaport Controllers is a German shipment inspection and certification company that works in Iran through its partner, Balivan Co. (Seaport Controllers Website, "Network - Middle East")

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")