European insurers North of England P&I Association and Gard drop their coverage of tankers...

|By:, SA News Editor

European insurers North of England P&I Association and Gard drop their coverage of tankers that store Iranian oil, Reuters reports, even though EU sanctions ban the insurance on the transport of  the crude and not the storage. The oil is being held off the Malaysian coast by Hong Kong's Titan Petrochemicals, which hires tankers owned by Frontline (FRO); the latter has withdrawn the charter for at least one of Titan's fleet.