Skuld is being forced by actions of the US administration to wind down its relationship with Iranian shipowners, says the protection and indemnity club’s president and chief executive Stale Hansen.

In a short statement, Hansen says the mutual marine insurer is taking steps to pull back but is “unable to comment on the position regarding individual shipowner members.”

US president Donald Trump’s decision to withdraw from the Iran nuclear deal means shipping faces the same restrictions as when sanctions were previously imposed.