Thursday, April 5, 2012

Chinese Insurer Drop Coverage on Tankers Carrying Iran Oil

Reuters reported today that China’s major ship insurer, the China P&I Club, will halt indemnity coverage for tankers carrying Iranian oil starting 1 July, the date that EU sanctions affecting Iran oil transactions go into full effect. 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.

"Many ship owners want to join our club and want our club to cover this risk, but considering all these regulations from the United States and the EU, I know the China P&I Club will not do that," said an official with the company. "The China P&I Club will not take the risk. We have asked our members not to go there, if they go there, they take their own risk," the official added.

China P&I Club insures more than 1,000 vessels. The move, the first by a key Chinese player, could complicate the ability of refiners in China, Iran’s top crude buyer, to obtain the shipping and insurance to keep importing the Iranian crude. Iran sells most of its oil in Asia, where China, India, Japan and South Korea are the four biggest buyers.

Source: Reuters, 5 April 2012


Anonymous said...

This very insurer passed on its Iran files to 3 or 4 other New companies that are specialized in so called special International operations.

It always amuzes me to see how wanton the Press runs after the bones thrown around !

Dariush London

Nader Uskowi said...

Darius London,

Please share with us the names of those 3-4 companies. I am sure our friends at Reuters would like to know how they ran after the bones!

Anonymous said...

Nader Uskowi

Reuters calls sportsgirls in Iran assassins, because they are Iranians.

So please bear with me when I "protect the innocent".

Dariush London

Nader Uskowi said...

Dear Darius,

Protecting the innocent? The companies specialized in “so called special international operations”?

Do you really expect this lowly blogger to accept an unsubstantiated claim by someone whose identity is unknown over a report by Reuters that contains specific information on an insurer that has dropped coverage on tankers carrying Iranian oil, and the implications of this move on Iran’s oil exports to China? You are not serious, are you?

Anonymous said...

Dear Nader,

You accept Iran building a N.Bomb claimed by unnamed sources from unnamed countries whom time and time again been proven as liars, yet repeated and relayed on a pathological level by the likes of "Reuters".

So why not accept my "lowly" claim.(its ´far less dangerous and destructive) let "them" look for the names and try not to do their jobs for them... come on!

Dariush London

Anonymous said...

Nader uskowi is a specialist, making from a simple nes a catastrophe message for iran.

for example this sh.t called "Swift" which is Iranian govenment never used it, was the also a catastrophe for iran.

Nader Uskowi said...

@ Dariush, I have never accepted as fact that Iran was making the bomb. I am also not sure if the senior leadership in Iran is moving in hat direction. Your statement is simply not accurate. As matter of fact I have consistently argued that now that Iran does not want to make the bomb, as declared by the supreme leader, why should it insist on enriching uranium at volumes and purities not needed for the current civilian nuclear projects. Appreciate your take on this point.

@ 9:55 AM, Are you saying that expulsion of Iran from SWIFT will not have any effect on the country’s banking? Are you also claiming that SWIFT system was never used in Iran? Can you substantiate any of these statements?

Guys, it’s easy to hide behind the veneer of defending Iran in order to blame the messenger and get away from debating the content of the message itself. This is an old trap that this blogger will not fall for!

Anonymous said...

@ Nader, MY text was perhaps a bit sarcastic and as you said "not accurate".

@9.55, Irans business runs as follow;
Iran sells Oil to China, the money stays in a dozen thousand companies formed or being formed in China.

Iran buys what it needs and pays through the few thousand and growing partners (there are a few hundred million people willing and doing).

Goods are sent to Iran and all is good, If anyone thinks Bank sanctions will stop trade then they have not understood capitalism....

without SWIFT, It has become difficult... yes, but at the same time untracable for those who brought in the SWIFT in the first place to track transactions.

dear Nader, usually my comments are in general and never ever meant to criticize or question another opinion.

The readers shall always make their own judgements.

I wish Iran a blessed success in all what it does, no matter who runs it. As long as they don't bow to unjustified bully talk .. now no matter who it comes from.

Dariush London /Turnhamgreen

Anonymous said...

if somebody claims to know that some companies have taken over insurers the tankers AND THEN tries to to say that he's protecting those companies by not naming them......we can only conclude that the person is full of ship.

Insurance companies are neither secret nor liable to have not registered the business and spread it among seveal re-insurers.

Anonymous said...

nothing new here..Trade will continue..This "news" is just the typical Reuters daily dose of anti-Iran feeds..Go through all their publications on Iran and you'll see a pattern.It's not even worth "reading".

It serves the interest in some quarters of the West to always paint Iran in a dark light or to spread almost insignificant rumours that they hope will either scare businesses away from Iran or present Iran as a "no go" zone for business. I read them and laugh all the time.

Of course, the owner(s) of this Blog, wanting some readership always regurgitate and rehashes whatever BS Reuters produces and dishes them on here as Blog posts without any analysis. It must serve their interest too, I guess. ;)

If one has been paying attention, this has been going on for years. There's even been times were they've predicted Iran's about to implode due to financial sanction, only to come back again the next year and say, "Oh, sanctions aren't working. We need to tighten them"...Let those that have eyes see and ears listen. People will believe whatever fits their narrative and world view. Nothing changes. ;)

Leopersica said...

@anon April 6, 2012 7:44 AM
It's gallant to side with the oppressed ,but please remain within the realms of reality if you want to do so.
you are always welcome to reveal how the news is manipulated by the media(all sides) and how the reality is different from their reporting but you are expected to provide reliable sources.

For quite a few years "Uskowioniran" has been a reliable source of factual reporting about Iran related issues

calling this blog part of the conspiracy against Iran is an absurd belief.