Economy, Business And Markets

IRISL-Skuld Marine Deal

IRISL-Skuld Marine Deal IRISL-Skuld Marine Deal

Islamic Republic of Iran Shipping Lines and Skuld on Thursday signed an agreement to start cooperating on marine coverage. The Norwegian insurer also agreed to hold training courses for IRISL’s staff to educate them on the latest development in the industry, IRISL’s website reported. Assuranceforeningen Skuld was established in 1897 as a P&I club for Scandinavian shipowners. IRISL—once a global shipping power—was severely hit by prolonged sanctions imposed over Iran’s nuclear program. The lifting of sanctions in mid-January as part of a July deal reached between Tehran and the world powers has paved the way for IRISL’s resurgence and cooperation with international companies. Last week, IRISL announced that nine Iranian ships have received coverage from the Steamship Mutual Underwriting Association Limited of P&I Clubs since 31 July 2016.