However, concerns and risks over payment of claims remained, market sources said this week, reported Platts.
The ‘Alexandra 1’, said to be owned by Transland Bulk Carriers and managed by ITM, called at Iran's Assaluyeh oil port on 25th July in ballast and left for Kharg Island on 29th July after loading, according to market sources and Platts ship-tracking tool cFlow.
The vessel's reported voyages also indicated that it had called at Jebel Ali on 2nd August, where it is believed to have discharged its cargo.
The lifting of Iranian crude by the ‘Alexandra 1’ is considered to be a significant development since the vessel's P&I cover is provided by the UK-based West of England P&I Club.
It is claimed to be a major break from the recent past when ships covered by Western P&I clubs were barred from lifting oil cargoes from Iran, due to the enforcement of the EU and US sanctions.
West of England Insurance Services director Tony Paulson confirmed to Platts that the company had the Suezmax on its books but said it is "...subject always to our policy terms and conditions."
He declined to divulge whether or not the voyages to Iranian ports are eligible for insurance cover under the terms and conditions. "We do not comment on any vessel's position, or trade," he said to Platts.
Paulson added that the insurance cover provided by a P&I club member is subject to the various provisions of international sanctions, as determined from time to time. "We comply with the provisions of the sanctions," he said.
Last November, China, France, Germany, Russia, the UK and the US -the P5+1 group - reached an agreement with Iran on its nuclear programme and published a ‘joint plan of action’ (JPoA), which included a temporary suspension of transportation and insurance prohibitions from January for a period of six months.
Recently, the suspension was extended by another four months but insurance companies are worried that the deferment may be withdrawn anytime in case the negotiations between Iran and the P5+1 run into trouble.
"It will take some time until everything goes back to what it used to be," a Japan-based VLCC broker told Platts.
Although Western P&I club cover is allowed for another four months for carrying Iranian petrochemicals and crude cargoes to specific destinations, the uncertainty still lurks, the broker said.
There are several other grey areas that are keeping the shipping industry and insurance officials nervous. While the US has allowed claim payments to be made after 24th November for incidents that occur during the suspension period, the same isn't the case with the EU, thus far.
The International Group of P&I Clubs has voiced its concerns and is currently talking with the European Commission to get the EU policy aligned with that of the US.
The cover for claims arising during the extended suspension period could be adversely affected by reinsurance shortfalls, or by inability to make payments after 24th November, The Japan Ship Owners' Mutual Protection & Indemnity Association said in a 28th July statement.