October 11-13
Indian government backing for insurance on trade with Iran lapsed late in September and has mysteriously not been renewed, leaving ships stranded outside ports that won’t admit them.
Both oil and container trade has been disrupted, industry sources told the Reuters news agency.
This is because New Delhi has not yet extended approval for Iranian underwriters to provide insurance for vessels calling at Indian ports, they said.
A three-month approval by India for Iran’s Kish P&I and Moallem Insurance Co to cover container and tanker vessels calling at Indian ports lapsed September 27.
Three oil cargoes are on vessels waiting at anchorage to call on Indian ports, while several container ships were stranded at the Iranian port of Bandar Abbas, the sources said.
It was not clear why the Indian Shipping Ministry has not yet made a decision on whether to extend approval to Iranian insurance firms.
The arrangement is necessary because EU sanctions bar European firms from insuring or re-insuring cargos to or from Iran