Publishe Date: 1:48 PM - 1/21/2014 | Print

Japan Ship Insurer Covers Tankers Carrying Iranian Oil

Economy - Japan's main private ship insurer on Monday resumed normal coverage for tankers carrying Iranian oil, said an official with the Japan P&I Club (JPI), the same day the European Union suspended part of its economic sanctions against Tehran.

As part of the six-month deal, the EU suspended its prohibitions on the provision of insurance and transport in relation to Iranian crude oil, while the United States paused its efforts to reduce Tehran's oil shipments, Reuters reported.

The international P&I Club, of which JPI is a member, resumed normal coverage of $7.6 billion per ship, including $1 billion for oil spills, as EU reinsurance became available again for the first time since mid-2012, the JPI official said

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