The tanker Sincere 02, center, discharging cargo at the Port of Fujairah in the United Arab Emirates on April 4.
Source: ©2024 Maxar Technologies
Feature
The Oil Was From Iran. The Insurance Was From New York
American Club insures more tankers suspected of violating US sanctions than any of its Western rivals.
Last June, a rusting tanker named Sincere 02 picked up oil at an Iranian port and steamed across the Persian Gulf on its way to the United Arab Emirates.
US sanctions forbid Western companies from knowingly doing business with Iran. But for the next seven months, long after an advocacy group publicized Sincere 02’s voyage, the ship continued to carry proof of insurance from a surprising place: New York City.