There has been some peculation in the midia of a possible deferreal of the implementation date for the prohibitions, the Council of the European Union issued a press release on 25 June confirming that the exemptions relating to pre-23 January 2012 contracts for importing and Iranian oil by EU regulated insurers will cease and such activities will be prohibited (as provided for under the Regulations) with effect from 1 July 2012.

The EU Council has now agreed a Regulation to implement enhanced sanctions against Iran, including a ban on transport of Iranian crude, petroleum products and petro-chemical products, as was expected in the light of the EU Decision of 23 January.

The Inter-Club New York Produce Exchange Agreement, which was first formulated and entered into by Clubs in 1970 (the ICA), provides a relatively simple mechanism whereby liability for cargo claims arising under New York Produce Exchange Form (NYPE) or Asbatime charterparties and/or contracts of carriage authorised under such carterparties, cna be swiftyly and fairly apportioned between Owners and Charterers.

The Club has recently been made aware of a clause that some charterers have been seeking to incorporate into their charterparties, in particular in the container trades. For the reasons set out below the clause has the potential to prejudice an Owners P&I cover and should not be agreed without considering the full implications of doing so.