Sanctions hit Iran's shipping business...

Good to see, but I hope that somebody is monitoring where ships can get through and plugging the holes...

Just weeks after the United States and the United Nations imposed new rounds of sanctions on Iran, Tehran's ability to ship vital goods has been significantly curtailed as some of the world's most powerful Western insurance companies cut off Iranian shippers out of fear that they could run afoul of U.S. laws, the insurers say.

The new measures pose a serious test for Iran. In particular, the U.S. sanctions, which threaten to penalize foreign companies that sell fuel and other refined petroleum products to Iran, have forced ports and freighting companies across the globe to reevaluate their Iranian business. Dozens of Iranian vessels that transport crude oil, industrial equipment and other goods and supplies in and out of the Islamic Republic have been denied insurance coverage for weeks, insurance company representatives said.

"Iranian-flagged ships are facing problems all over the world as they currently have no insurance coverage because of the new sanctions," said Mohammad Rounaghi, deputy manager of Sea Pars, an Iranian company that provides services for international ship owners and maritime insurance companies. "Basically, most ports will refuse them entry if they are not covered for possible damages."

In a blow to Tehran, maritime insurer Lloyd's announced this month that it would stop underwriting gasoline imports to Iran, a move that analysts say will probably prompt other insurers to follow. "Lloyd's will always comply with applicable sanctions," Sean McGovern, its general counsel, said in a statement. "The U.S. is an important market for Lloyd's and, in recognition of this, the market will not insure or reinsure refined petroleum going into Iran."