Iran Oil Deadline Looms as Sanctions Curb Tanker Supply

The European Union’s ban on Iranian oil shipments that takes full effect July 1 is curbing ship charters now because of the time it takes the vessels to deploy, load and deliver cargoes, the fleet’s biggest re-insurer said.

Tanker owners are already avoiding bookings to ship Iranian crude because the 27-nation bloc’s prohibition applies to vessels carrying cargoes from that date, said Andrew Bardot, the executive officer of the London-based International Group of P&I Clubs. The group’s members, covering 95 percent of the fleet against risks such as spills and collisions, follow EU law.