Insurer opens for coverage in Iran

The massive export of oil from Iran, which everyone expected would flood out as soon as the West's sanctions were lifted, was slow to emerge as insurance companies had to find footing in the region. Now a US-based insurer has approved sailing to Iran.

A US-based insurance company has insured two of the tankers which a few weeks ago loaded the first shipments of oil out of Iran to Europe, reports Bloomberg.

The chairman of company American Insurance, Joe Hughes, confirms in en email to Bloomberg that two of the ships - Distya Akula and Eurohope - which loaded oil for a refinery in Constantza, Romania, are "entered in the club at present," and this should mean that the ships are insured under normal conditions at the organization, notes the news agency.

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