‘Trouble brewing’ over Iranian embargo, says marine insurance expert

The inability of ships that carry Iranian oil to gain proper insurance cover could cause big problems, according to independent marine insurance consultant Sam Ignarski.

Ignarski, who is the face behind the much revered Bow Wave e-zine, says that the EU’s embargo effectively means that any tankers docking at Iranian oil refineries cannot gain proper insurance.

“This means that they have to self insure, or worst, trade uninsured,” he says.

In particular this will affect Iranian and Chinese ships, as China is one of Iran’s biggest customer for oil.

“It is the only time that I can remember that international policy has meant that a whole national interest cannot get insurance for their third party liability. It’s something new, and I’m not sure whether the world is going to like it if something bad happens, like an oil spill or a lethal casualty. There is certainly trouble brewing.”