Insurance Cover News

The U.S. Treasury Department on Wednesday imposed sanctions on more than 30 individuals, entities and "shadow fleet" vessels it said enabled Iran's illicit petroleum sales, ballistic missiles and weapons production.Treasury's Office of Foreign Assets Control also targeted multiple networks that enable Iran's Islamic Revolutionary Guard Corps and Ministry of Defense and Armed Forces Logistics to secure the precursor materials and machinery required for ballistic missile and other weapons production…

An oil tanker under EU sanctions for carrying Russian oil is being escorted to Tanger Med in Morocco by a Spanish rescue ship, Spain's Merchant Marine said on Tuesday.The Chariot Tide, which was sailing under a Mozambique flag and until November was known as the Marabella Sun, has been on an EU sanctions list since November 2024 for helping Russia export oil "while practicing irregular and high-risk shipping practices," according to the European Union. It has also been sanctioned by the UK…

The United States on Friday imposed sanctions on nine vessels of what is known as the shadow fleet and eight related firms, the U.S. Treasury Department said, as the Trump administration sought to escalate pressure on Iran over the recent killing of protesters.The Treasury said the vessels and their respective owners or management firms, which include entities based in India, Oman and the United Arab Emirates, have collectively transported hundreds of millions of dollars’ worth…

The United States imposed sanctions on Thursday on 29 vessels and their management firms as Washington targeted Tehran's "shadow fleet", which it says exports Iranian petroleum and petroleum products.The targeted vessels and companies have transported hundreds of millions of dollars of the products through deceptive shipping practices, the U.S. Treasury said.The shadow fleet refers to ships that carry oil that is under sanctions. They are typically old, their ownership opaque…

The United States on Thursday issued new sanctions targeting Venezuela, imposing curbs on three nephews of President Nicolas Maduro's wife, as well as six crude oil tankers and shipping companies linked to them, as Washington ramps up pressure on Caracas.The action came as the U.S. executes a large-scale military buildup in the southern Caribbean and as U.S. President Donald Trump campaigns for Maduro's ouster. On Wednesday, Trump said the U.S. had seized a sanctioned oil tanker off the coast of Venezuela.The U.S.

A Western-sanctioned vessel with Russian oil destined for Indian Oil Corp has had discharge of the cargo delayed at a port in eastern India due to a hold-up in online verification of insurance cover provided by a Russian insurer, three industry sources with direct knowledge of the matter said.India earlier this year tightened insurance rules for ships calling at its ports, focusing on old and so-called shadow fleet vessels often used to carry Russian oil.Aframax vessel Tiger 6…

Indian refiner Nayara Energy, backed by Russia and under European Union sanctions, is relying on a dark fleet to import oil and transport refined fuels, according to shipping reports and LSEG flows.Nayara, which controls about 8% of India's 5.2 million barrel-per-day refining capacity, has been struggling to transport fuel since being placed under EU sanctions in July, a move that prompted shippers to back out, forcing the refiner to cut its crude runs.India, the world's third-largest oil importer and consumer…

Dozens of tankers have joined the shadow fleet this year compared with hundreds in previous years as the harshest Western sanctions yet target Russia's oil exports and add to the difficulty of finding suitable vessels, shipping sources said.The European Union and Britain last month imposed further sanctions on Russia over its war in Ukraine.Together with U.S. restrictions, they mean more than 440 shadow fleet tankers face sanctions, including tankers Moscow needs to ship oil to its biggest buyers…

The owners of three vessels chartered by India's Nayara Energy have asked to end their contracts with company, six sources familiar with the matter said on Tuesday, under pressure from EU sanctions imposed on the Russian-owned refiner.Nayara, majority-owned by Russian entities including oil major Rosneft, runs India's third-biggest refinery and exports refined products and also supplies them domestically.Fresh European Union sanctions unveiled on July 18 that target Russia and its energy sector over Moscow's war in Ukraine, have been increasingly disruptive to Nayara.

IntroductionThe increase in geopolitical tensions in the Middle East recently resulted in Iran threatening to close the strategically vital Strait of Hormuz (the “Strait”) to international shipping. Inevitably, this led to considerable concern over the impact that the closure of the Strait (or attacks on vessels passing through the Strait) would have on the flow of goods and energy products, as well as the potential disruption to international markets that would drive up prices.The Strait holds geographical importance as one of the world’s most important choke points.

Indian port authorities denied entry to an ageing tanker loaded with Russian crude on Thursday due to inadequate documentation, sources familiar with the matter said, an unusual move that indicates tightened scrutiny of vessels carrying Russian oil.India is the biggest buyer of seaborne Russian crude. Russian oil accounted for about 35% of overall crude imports in 2024 by India, the world's third biggest oil importer and consumer.The Tanzania-flagged Andaman Skies, carrying about 100…

FSG Nobiskrug shipyards has received several offers from potential investors. These are industry-related companies from Germany, not financial investors.This was reported by the provisional insolvency administrators Dr Christoph Morgen and Hendrik Gittermann at an event in Rendsburg on 17 January. The occasion was the visit of Schleswig-Holstein's Prime Minister Daniel Guenther and State Minister of Economic Affairs Claus Ruhe Madsen to a staff meeting at the invitation of the workers’ union “IG Metall Rendsburg”.“Negotiations with interested parties are well advanced.

A tanker subject to the new U.S. sanctions is discharging Russian oil at a port operated by Shandong Port Group in east China, shipping data on LSEG Eikon showed on Thursday.The tanker is the first since last week's sanctions announcement to discharge in Shandong province where many of China's independent refineries that have been big importers of Russian crude are based.It will be monitored closely by those in the industry anxious to know how strictly the measures will be implemented.The sanctions include a grace period exempting cargoes loaded before Jan.

At a recent seminar in London organized by the International Underwriting Association of London (IUA) and the Association of Average Adjusters (AAA), participants heard how ignoring or not fully understanding the concept of General Average (GA) when concluding charter-party contracts for offshore services could cause problems in the event of an incident or accident.Michiel Starmans, a Fellow of the AAA and Director Legal Department of the Spliethoff Group and Alf Inge Johannessen…

Paying claims for ships involved in accidents or collisions with other vessels covered by sanctions-hit Russian insurer Ingosstrakh will prove difficult, UK ship insurer West said, in another sign of complications with Moscow's oil trade.In June, Russia's Ingosstrakh, which provides services to Russian oil exporters including ship insurance cover, was added to the UK's list of Russian entities under sanctions in what the British government said was part of efforts to "ramp up economic pressure on Moscow".West is among 12 clubs offering protection and indemnity insurance to ships…

Britain added 11 new shipping sanctions under its Russia sanctions regime related to the war in Ukraine, an official notice showed on Thursday.The government said the sanctions on ships including Zaliv Amurskiy and SCF Pechora relate to the carrying of oil or oil products from Russia to a third country.The ships are believed to have the flags of Panama, Gabon and the Cook Islands, the government notice said.Last month, Britain imposed its first sanctions targeting vessels in Russian…

Russia's state-owned reinsurer has given financial backing to three Russian insurance firms, allowing them to get Indian approval to provide marine insurance cover to tankers, two sources said, as Moscow seeks to facilitate trade with India amid Western sanctions.A raft of sanctions by the U.S. and allies against Moscow over its Ukraine invasion, along with tighter scrutiny of Russian oil trade, has almost cut Russia off from the global network of service providers such as insurers and brokers.Russian companies Sogaz Insurance…

The International Transport Intermediaries Club (ITIC) has highlighted the importance of robust vessel design reviews and related insurance coverage throughout the construction process following a recent dispute between a naval architect, a shipowner and a shipyard regarding a vessel’s operational performance post-delivery.The vessel, a 24-metre catamaran servicing the offshore oil and gas industry, faced considerable operational limitations. This was attributed to unexpected vibration issues in the vessel's rudders…

Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and flows data.Russia has become more dependent on trade through the Suez Canal and the Red Sea since it invaded Ukraine, which led to Europe imposing sanctions on Russian imports and forced Moscow to export most of its crude to China and India. Before the war, Russia exported…

Shipping companies remain in the dark over a new international navy coalition being assembled by the United States to combat attacks in the Red Sea, with many vessels continuing to avoid the area or cancelling contracts, sources said on Wednesday.The sources, who include shipping and maritime security officials, say few practical details are known about the initiative launched on Tuesday by Washington or whether it will directly engage in the event of further armed attacks at sea.Iran-backed Houthi militants in Yemen have since Nov.

Russian crude oil producers are enjoying the cheapest costs to ship to refiners in China and India in almost a year thanks to a growing number of vessels plying the routes, according to trading and shipping sources.The arrival of new shippers working outside the purview of Western governments allows Russian firms to earn more than the $60 per barrel cap that the U.S. and its allies had aimed to impose on Russia through sanctions. It also means that enforcing the price cap will have a limited impact on Russian revenues.On Thursday, the U.S. imposed the first sanctions on owners of tankers carrying Russian oil above the cap, one based in Turkey and one in the United Arab Emirates…

Activity at Israel's ports is slowing after Saturday's attacks by Islamist group Hamas on towns close to Gaza, with the cost of insurance premiums for Israeli shipments soaring amid tightening supplies of food stocks, according to sources and data.Israel's southern coastal city of Ashkelon, which has a small port well in range of Hamas rockets, is not allowing ships to enter, shipping sources said.While the main Israeli ports of Ashdod further up the coast and Haifa in the north…

A new marine insurance facility for Ukrainian grain exports using the country's sea corridor has been set up in conjunction with Ukraine's authorities, insurance broker Miller said on Tuesday.Russia quit a U.N.-backed deal in July to enable exports from Ukraine to sail from three approved ports.Since then, Kyiv has launched what it calls a new temporary humanitarian corridor in an effort to break Russia's de facto blockade. Two ships have sailed in the recent days from the Ukrainian…