(MENAFN- Khaleej Times) India has extended a temporary approval to Iranian underwriters Kish P&I Club and Moallem Insurance Co for covering container and tanker vessels calling at Indian ports, in a move that should clear a backlog of non-oil shipments.
The three-month extension is unlikely to revive imports of Iranian oil as most Indian buyers have halted shipments because of an insurance issue related to their refineries. The previous approval given to Kish and Moallem to cover Iranian vessels lapsed on June 28. Since then Iran-bound containers of engineering goods, rice, soymeal and other items have been stranded at Indian ports, while shipment of fertilisers and other India-bound goods have piled up at Bandar Abbas port in the sanctions-hit nation.
The approval of the three-month extension to Kish and Moallem takes effect from the date of the lapse, according to a shipping ministry letter dated July 17 to the Directorate General of Shipping and seen by Reuters.
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