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Indian tanker operator loses P&I cover for moving Russian oil

Posted On: Apr. 21, 2023 10:16 AM CST

Russian oil

The American Steamship Owners Mutual Protection and Indemnity Association, Inc. has terminated the protection and indemnity cover for the fleet of India-based tanker firm Gatik Ship Management for failing to comply with the price cap set for transporting Russian oil, GCaptain reported citing Bloomberg. The cover protected Gatik’s fleet against risks such as collisions as well as spills and was also important for vessels that enter ports or sail through key waterways like Turkey’s Bosphorus and Dardanelles shipping straits.