Hong Kong maritime insurers will not provide full cover to tankers carrying Iranian oil after EU sanctions take effect from July, a senior industry official told Reuters, another blow to Chinese importers struggling to find ways around the measures.
Bowring’s comments come days after officials at China’s P&I club, which covers more than 1,000 ships, told Reuters the insurer would not extend cover to tankers carrying Iranian oil when the new EU sanctions come into force. “For the liability coverage that we now need, the reinsurance is essential and that comes from the international market, which of course is affected by the sanctions,” said Bowring.
