Shipping Corp of India in talks for local insurance for Iran imports.

NEW DELHI: Shipping Corp of India , the country's largest shipping company, is in talks with local insurance firms seeking cover for cargoes and vessel for imports from Iran, its chairman S. Hajara told Reuters on Wednesday.

Indian shipping firms will find it difficult to obtain replacement insurance coverage to continue importing Iranian crude oil after new European Union sanctions come into effect, sources have said.

State-run Shipping Corp will lose EU insurance coverage for its oil tankers operating in Iran from July 1, when European insurers will be prohibited from indemnifying ships carrying Iranian oil under the sanctions.

Hajara, speaking on the sidelines of the Coaltrans conference, said his firm was in talks with the EU P&I club for ways to continue insurance for Iran cover.

Source : economictimes.indiatimes.com