Arab Today, arab today indian willing to cover ships iranian crude
Last Updated : GMT 03:27:00
Arab Today, arab today
Arab Today, arab today

Indian willing to cover ships Iranian crude

Arab Today, arab today

Arab Today, arab today Indian willing to cover ships Iranian crude

Tehran - FNA

\"GIC communicated to Indian ship owners last week saying that they are willing to provide liability cover of up to $50 million against collision and oil spills on a per-voyage basis,\" said Sunil Thapar, a director looking after the bulk carriers and tankers business at the state-run Shipping Corp. of India Ltd (SCI). \"Accordingly, GIC has instructed all four state-run insurance companies-United India Insurance Co. Ltd, New India Assurance Co. Ltd, National Insurance Co. Ltd and Oriental Insurance Co. Ltd-to get the product approved by Irda,\" said P.V. Kulkarni, a vice-president looking after insurance at SCI, India\'s biggest ocean carrier. Irda, or the Insurance Regulatory and Development Authority, is the insurance industry regulator. Irda approval will activate India\'s first third-party liability insurance cover for ships, a business dominated by European insurers. India, which depends on imports for about 80% of its energy needs, buys 14-15 million tons of crude oil a year from Iran, the biggest supplier of the fuel to the country after Saudi Arabia. The EU is seeking to curb Iran\'s oil trade to press Tehran to shut its civilian nuclear program. The sanctions will prevent European insurers and reinsurers from indemnifying ships carrying Iranian petrochemicals from May and crude and oil products from July. Iran is the second largest producer in the Organization of Petroleum Exporting Countries and has the second largest oil and gas reserves in the world. In shipping, third-party liabilities such as oil pollution, wreck removal and damage to port property are commonly referred to as protection and indemnity (P&I). This is separate from insurance covers for a ship\'s hull and machinery. Globally, such third-party risks are insured with the International Group of Protection and Indemnity Clubs (IG Clubs), a 13-member group based in London that provides covers for oil pollution and wreck removal for at least 95% of the world\'s ocean-going ships by capacity. Many Indian ships are covered by IG Clubs. Under the proposed EU sanctions against Iran, the IG Clubs will no longer be able to provide this cover to ships that haul Iranian oil from 1 July. \"Indian ship-owners who continue to engage in the trade of Iranian oil will be required to make alternative insurance arrangements due to the impending prohibition on the provision of insurance cover,\" said David Bolomini, an executive at the International Group of P&I Clubs. \"EU insurers domiciled, incorporated or regulated will be caught by the prohibition and this will cut off the group\'s reinsurance arrangements to all 13 member Clubs of the IG.\" Although some say that the cover the GIC has proposed is far less than the $1 billion cover provided by IG Clubs for individual claims against oil pollution, Shipping Corp.\'s chairman and managing director Sabyasachi Hajara said even a $50 million cover is \"okay\". \"It is a commercially pragmatic decision to have at least this cover. It is a very short voyage from Iran to India and over the last 10 years, there have been virtually no claims in this regard. So even with very limited cover, it is commercially possible for us to undertake such voyages,\" Hajara said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today indian willing to cover ships iranian crude Arab Today, arab today indian willing to cover ships iranian crude

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today Former head of Egypt’s syndicate submits appeal

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Haifa Wahby bets on her new drama show

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 15:06 2017 Saturday ,25 March

Dialysis Supplies Dwindle for Syrians

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday