Bowring highlighted particularly the fact that it will be innocent third parties that will be worst affected by the lack of coverage if an accident happens. Many of Hong Kong's ship owners in particular may be affected as they and the P&I Clubs that service them struggle to find reinsurance cover. His comments come in the wake of last week's statement by the China P&I Club, which covers over 1,000 vessels, that it would not indemnify tankers carrying oil from Iran once the sanctions come into effect by the end of June.
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