P&I CLUBS WARNED OVER VESSELS BYPASSING SANCTIONS ON IRAN – WARNING THAT INSURANCE COVER WILL BE INVALIDATED

On 23rd August, Lloyds List reported that several P&I clubs say cover for any tanker found to be involved in sanctions-busting activity will be automatically invalidated.  The article says that marine insurers in Europe, the US and UK are providing cover for a group of 21 tankers and gas carriers tracked shipping Iranian cargoes to China, Syria, Singapore and other destinations in past months, in breach of unilateral US sanctions.  There is no suggestion the P+I clubs have engaged in any illegal activity.  The ships include 8 very large crude carriers, 4 liquefied petroleum gas carriers, as well as a number of aframax and suezmax tankers, mostly flagged with Panama.   They are included in a group of 91 tankers tracked using Lloyd’s List Intelligence data that have engaged in evasive patterns of behaviour consistent with under-the-radar shipments or storage of Iranian crude or gas, which includes 48 National Iranian Tanker Co-owned tankers already sanctioned by the US.

https://lloydslist.maritimeintelligence.informa.com/LL1128907/PI-clubs-warned-over-vessels-bypassing-sanctions-on-Iran

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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