After a wait of 4⃣ years, the Shipping Corporation of India⚓ (SCI) will finally resume sailing⛴ to Iran🇮🇷 in July. The SCI chairman💺 said that the shipping company will transport oil cargo⛽ for a state-run refiner. In light of the news, SCI shares went up 9⃣% despite a weak market in Mumbai🌆. This is the biggest percentage rise📈 for SCI⚓ since Sep ’15. In 2012, SCI⚓ stopped sailing to Iran🇮🇷 due to the sanctions🚫 against it as they couldn’t get insurance cover for oil and other shipments. Those sanctions were lifted✅ in January allowing Protection and Indemnity (P&I) Clubs to completely back👍 the trade. Currently, Iran🇮🇷 uses its own vessels⛴ to supply most of its oil to India🇮🇳. Other oil refineries have already started importing Iranian oil from ships⛴ flagged with other nationalities.
🔎To know more about Shipping Corporation of India, type: search shipping corp india
🔎To know more about Protection and Indemnity, type: search P&I