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(Washington Post) Thomas Erdbrink and Colum Lynch - Just weeks after the U.S. and the UN imposed new rounds of sanctions on Iran, Tehran's ability to ship vital goods has been significantly curtailed as some of the world's most powerful Western insurance companies cut off Iranian shippers. "Iranian-flagged ships are facing problems all over the world as they currently have no insurance coverage because of the new sanctions," said Mohammad Rounaghi, deputy manager of an Iranian company that provides services for international ship owners and maritime insurance companies. "Basically, most ports will refuse them entry if they are not covered for possible damages." Maritime insurer Lloyd's announced this month that it would stop underwriting gasoline imports to Iran, a move that analysts say will probably prompt other insurers to follow. The new sanctions have also led fuel suppliers in Europe and the Middle East to refuse to refuel Iranian planes. 2010-07-21 08:46:18Full Article
New Sanctions Crimp Iran's Shipping Business as Insurers Withhold Coverage
(Washington Post) Thomas Erdbrink and Colum Lynch - Just weeks after the U.S. and the UN imposed new rounds of sanctions on Iran, Tehran's ability to ship vital goods has been significantly curtailed as some of the world's most powerful Western insurance companies cut off Iranian shippers. "Iranian-flagged ships are facing problems all over the world as they currently have no insurance coverage because of the new sanctions," said Mohammad Rounaghi, deputy manager of an Iranian company that provides services for international ship owners and maritime insurance companies. "Basically, most ports will refuse them entry if they are not covered for possible damages." Maritime insurer Lloyd's announced this month that it would stop underwriting gasoline imports to Iran, a move that analysts say will probably prompt other insurers to follow. The new sanctions have also led fuel suppliers in Europe and the Middle East to refuse to refuel Iranian planes. 2010-07-21 08:46:18Full Article
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