Anglo-Swiss commodity trader Glencore has chartered a ship to load oil at the Iranian southern port city of Bandar Mahshahr in a move that signals the return of Iranian crude and petroleum products to international markets.
The Greek-owned vessel, Green Warrior, arrived at the Iranian port of Bandar Mahshahr on February 3 on a fully fixed charter by Glencore and is set to load 80,000 tons of high-sulfur oil bound for Singapore, according to Reuters ship tracking data as well as traders and shipbrokers with knowledge of the matter.
Despite the lifting of sanctions in mid-January, most international insurers are no closer to resolving concerns over remaining US sanctions and limiting oil companies' ability to steal a jump on rivals in the race to benefit from Iran's return to oil markets.
"Most P&I Clubs are not yet ready to offer protection for Iran for various reasons. Reinsurance in the US being one of them," said one European-based shipbroker.
P&I clubs provide third-party liability insurance and pollution cover for vessels, consisting of marine insurers owned by shipping clients and reinsured internationally.
While the most popular P&I Clubs are not yet providing insurance coverage to vessels loading in Iran, "There are P&I Clubs out there that are more risk hungry and that's why we're starting to see the beginning of it", said a Singapore-based shipbroker.