NITC ready to rent out tankers

TEHRAN, May 28 (Shana) – Managing Director of National Iranian Tanker Company Ali Akbar Safaei said the company is ready to lease out its tankers to foreign companies for oil transfer.

Speaking to Shana, Safaei said the company is also fully prepared to deliver all of Iran’s oil exports to international destinations.

“All NITC capacity is available to the National Iranian Oil Company for export of crude oil and we are trying to cover the country’s rise in crude oil exports,” he said.

He also said NITC tankers will be signed up in the P&I Club for using insurance coverage in the near future.

A Protection and Indemnity (P&I) Club is a mutual insurance association that provides risk pooling, information and representation for its members. Unlike a marine insurance company, which reports to its shareholders, a P&I club reports only to its members.

P&I is a member of the 13 members of the International Group Agreement (IGA). All of the members have approved of signing NITC in the club except for one that is American based and is banned by the US government to offer insurance coverage for an Iranian company, the official added.

Once listing of Iranian tankers in the IGA is complete, they will be allowed to call at European ports, Safaei said.

The thirteen principal underwriting associations which comprise the International Group, between them provide liability cover (protection and indemnity) for approximately 90% of the world’s ocean-going tonnage.

Each Group Club is an independent, non-profit making mutual insurance association, providing cover for its shipowner and charterer members against third party liabilities relating to the use and operation of ships. Each Club is controlled by its members through a board of directors, or committee, elected from the membership.

Clubs cover a wide range of liabilities, including loss of life and personal injury to crew, passengers and others on board, cargo loss and damage, pollution by oil and other hazardous substances, wreck removal, collision and damage to property.

Clubs also provide a wide range of services to their members on claims handling, legal issues and loss prevention, and often play a leading role in coordinating the response to, and management of, maritime casualties.