NITC regains P&I cover for tanker fleet
The large Iranian tanker fleet is regaining cover from the mainstream protection-and-indemnity (P&I) clubs, ending years where trading has been crippled by sanctions on the provision of insurance.
According to MANA,A large number of National Iranian Tanker Co (NITC) vessels are returning to the International Group P&I clubs, with the dry cargo fleet of Islamic Republic of Iran Shipping Lines (IRISL) expected to follow.TradeWinds understands that all, or most of the NITC fleet of about 60 vessels of 15 million dwt, valued at $2bn, is making a low-key return to the International Group of P&I clubs.
One of the first NITC ships to return to International Group cover was the 319,988-dwt Dream II (built 2008), which was involved in a serious collision with the 14,000-teu boxship MSC Alexandra (built 2010) off Singapore earlier this month.