Tag: ban

Ban on providing insurance for tankers carrying Iranian oil Britain is seeking to persuade fellow European Union members to postpone by up to six months a ban on providing insurance for tankers carrying Iranian oil, arguing that it could lead to a damaging spike in oil prices, European diplomats said.A European Union ban on importing Iranian oil, which takes effect on July 1, will also prevent EU insurers and reinsurers from covering tankers carrying Iranian crude anywhere in the world from July.The impact of the measure is likely to be felt strongly in London's financial district, the centre for marine insurance.Iran exports most of its 2 million barrels of oil per day to Asia. The four main buyers - China, India, Japan and South Korea - have yet to find a way to replace the predominantly Western insurance shipping cover provided by London insurers.The sanctions seek to stem the flow of petrodollars to Tehran to force it to halt a nuclear programme that the West suspects is intended to produce weapons.Some Indian and Chinese firms have already asked state insurers to step in and provide coverage by offering government guarantees. The situation is more complicated for Japan and South Korea, ...

Reports in the media suggest that the European Union may ban Iranian oil imports Reports in the media suggest that the European Union may ban Iranian oil imports from 1 July 2012. It is felt that the July deadline will give Member States the time to terminate existing contracts in accordance with the proposal made by the Danish Presidency on 15 January. Once the embargo is in place, Member States would have until the end of June to fulfil existing contracts with Tehran and will have to cease all imports from July onwards. No new contracts will be authorised before the July deadline.Speaking to Reuters, European diplomats said that the EU Presidency intends to finalise discussions at the next meeting of EU foreign affairs ministers on 23 January, so that the agreement can be officially put into place in the days that follow.According to one European source, though, no agreement has yet been reached. Greece, for example, is very dependent upon Iranian oil and has not yet given its agreement because it is still seeking alternative supply sources. Spain, too, is very dependent on Iranian oil but according to a US diplomat based in Spain, the country would still approve ...

Filipino mariners account for 30 % of about 1.2 million seamen worldwide Filipino seafarers are not threatened by a looming employment ban by the European Union against them for not complying with certain maritime standards, the Labor chief said Tuesday.Labor Secretary Rosalinda Baldoz said the demand is "still high" for Filipino seafarers even though the Lisbon-based European Maritime Safety Agency (EMSA) intends to revoke the "Standards of Training, Certification, and Watchkeeping" or STCW certificates of maritime schools in the Philippines by August 2011.EMSA is an EU agency charged with reducing the risks in maritime accidents, marine pollution from ships, and loss of human lives at sea.The EU has been appealing to maritime institutions in the Philippines - one of the major suppliers of seafarers worldwide - to implement reforms in the quality of their instructors and courses.Filipino mariners account for 30 percent of about 1.2 million seamen worldwide, Philippine Overseas Employment Administration records showed.The warning from the EU came after a Philippine government forecast said the global requirement for sailors will grow 50 percent with the aging international pool in the maritime industry, Baldoz said."The good thing this is that the maritime industry from around the world has even coordinated ...