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Lack of insurance hampers Iran's efforts to replace tankers

Posted On: Mar. 14, 2019 5:46 AM CST

Oil tanker ships

Iran is likely to face sanctions-related challenges to replace its ageing fleet of tankers after western insurers refused to provide cover to Iranian vessels and oil exports, Reuters reported citing sources. Western insurers are unlikely to do business with Iranian shippers due to difficulties in finding a bank willing to handle payments for goods or services, the sources said.

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