Cosco Sees ‘Big Chance’ China Insurer Will Cover Iran Oil
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China Ocean Shipping Group Co., the nation’s biggest sea-cargo carrier, said a government-backed insurer will probably cover oil shipments from Iran so deliveries aren’t disrupted by European trade sanctions.
“There is a big chance the government may get a state-owned insurer to underwrite the ships,” Meng Qinglin, managing director at Cosco Group’s tanker unit, Dalian Ocean Shipping Co., said in a phone interview yesterday. It’s not clear when plans will be finalized, he said.