Bolivia is poised to de-flag fifteen ships linked to the Islamic Republic of Iran Shipping Lines (IRISL) just weeks after these ships were flagged into the Bolivian registry. The ships had previously been registered in Malta and Cyprus.

Facing international sanctions over its nuclear polices, Iran has been playing games to avoid sanctions on its shipping assets.  IRISL has been changing the names of the ships and reflagging them in order to dodge the sanctions. The ships’ IMO identification numbers stay the same, but by continually changing names and flags, the Iranians have, for several years, often managed to stay one step ahead of those monitoring the sanctions.  The recent dodge, however, of transferring ships from Maltese and Cypriot registries to the Bolivian has apparently not been successful.

Exclusive: Bolivia poised to de-flag Iranian ships

Iran is also facing difficulties in arranging insurance for its oil exports. Earlier this month China P&I Club halted indemnity coverage for tankers carrying Iranian oil.

Chinese Insurer Halting Coverage for Tankers Carrying Iranian Oil

“Many ship owners want to join our club and want our club to cover this risk, but considering all these regulations from the United States and the E.U., I know the China P&I club will not do that,” said an official in Hong Kong with the insurer, which provides coverage to more than 1,000 vessels.

“The China P&I club will not take the risk. We have asked our members not to go there. If they go there, they take their own risk,” added the official, who like other industry officials contacted for this article was not authorized to speak with the news media and asked not to be identified by name.

Starting in July, European insurers and reinsurers will be banned from indemnifying ships carrying Iranian crude and oil products anywhere in the world, in line with sanctions on Tehran.

Thanks to Phil Leon for contributing to this post.