MUMBAI, India (AP) ? The first Indian ship to carry Iranian crude since European sanctions on ship insurance decimated Iran's oil trade is scheduled to load up on Wednesday.
India's Mercator shipping says the tanker is contracted to carry 85,000 metric tons of crude for a government refiner.
New Delhi has been pushing government insurers to offer coverage for Indian tankers to maintain vital Iranian imports since European sanctions blocked third-party insurance in July. But the government-backed insurance only covers up to $100 million. Most Indian shipping companies say those terms aren't adequate.
Japan has been offering its shipping companies up to $7.6 billion in coverage per tanker. South Korean refiners are in talks to allow Iran to send oil on its own ships.
Source: http://news.yahoo.com/insurance-plan-lets-india-resume-shipping-iran-oil-154747549--finance.html
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