Japan: Iranian crude importers increase cargo, hull insurance cover

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Importers of Iranian crude in Japan have raised their shipping cover for cargo and hull damage to 39.6 billion Japanese yen ($384.1 million) per VLCC (very large crude carrier), sources said.

Japan recently introduced a law that allows for coverage of up to JPY 764.4 billion ($7.41 billion) for vessels transporting Iranian crude in the new fiscal year, Platts reported.

Sources said five nonlife insurers have agreed to raise cover for cargo and hull damage to JPY 39.6 billion ($384.1 million) per VLCC.

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