U.S. Uncovers Secret Iranian Oil-Shipping Scheme with Greek Frontman [UPDATE]

By Alister Bull WASHINGTON, March 14 (Reuters) - The United States slapped financial sanctions on Thursday on a Greek businessman it says secretly operated a shipping network on behalf of the Iranian government to get around international sanctions on the country's sale of oil. "Today, we are lifting the veil on an intricate Iranian scheme that was designed to evade … [Read more...]

Screw the Embargo, Iran is Just Going to Unload Their Oil in India [REPORT]

(Bloomberg) -- Two Iranian oil tankers, part of the fleet controlled by Tehran-based NITC Co., are proceeding to India to unload cargoes this month, according to signals from the ships tracked by IHS Inc. The Clove, a Suezmax able to haul 1 million barrels of oil, is scheduled to arrive in the eastern Indian port of Visakhapatnam July 25, the data showed. The Aframax tanker … [Read more...]

Iranian Oil Breaks the Gauntlet with Indian Tankers, and Insurance

MUMBAI--United India Insurance Co. has agreed to provide protection and indemnity cover to Indian tankers carrying oil from Iran with General Insurance Corp. offering reinsurance, two people with knowledge of the matter said Tuesday. The offer bring some relief to Indian shipping companies that aren't getting covers from European insurers since July 1 for carrying shipments … [Read more...]