Exxon's Russian Oil Output Collapsed after Rejecting Local Tanker Insurance
Oil output at the giant Exxon-led Sakhalin-1 Russian Pacific project collapsed following the U.S. major's refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. Western insurers withdrew cover from tankers operated by state-run Sovcomflot, Russia's biggest shipping group, which was sanctioned following Moscow's invasion of Ukraine. "Exxon has refused to take Sovcomflot's tankers," one industry source said.
Global Insurers Plot Cautious Course to Iran
* Caution remains over U.S. SYDNEY/LONDON, Jan 24 (Reuters) - Global insurance firms are circling Iran for business opportunities following the lifting of sanctions - and the first test of their appetite could come in March when some Iranian companies seek new cover. Insurers, the reinsurers that share their risk and the brokers that forge deals are exploring ways to tap a market worth $7.4 billion in premiums after a nuclear accord between world powers and Tehran led to the removal of restrictions on financial dealings with Iran this month. Allianz, Zurich Insurance, Hannover Re and RSA, for example, said in recent days that they would evaluate potential opportunities in the country.
Big Repair Order for Nobiskrug
The Rendsburg based Repair Division of Nobiskrug GmbH – a company of ThyssenKrupp Marine Systems – has been commissioned to repair extensive fire damage to the 117.5 m “Josef Möbius”, a 5,939 GT suction dredger with drag nozzle. On the July 28, the superstructure and the bridge of the dredger were severely damaged in Spain by a fire that broke out in the engine-room. The ship is now on its way towards Rendsburg, towed by a Spanish tug boat at a speed of around 9 knots. It is expected to arrive at the shipyard on the 20th September 2005 – weather conditions permitting. Repair work will take almost three months.
