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Iran Tanker Company signs over 200 charter deals in 2 Years

Logistic News - Published on Tue, 02 Jan 2018

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Financial Tribune reported that the National Iranian Tanker Company has signed over 200 leasing contracts for its vessels in two years since international economic curbs were lifted, the company’s chief executive officer said. “After the easing of sanctions (in Jan. 2016) until the end of last month, foreign companies signed 215 time-charter and single-voyage deals for NITC tankers,” Sirous Kianersi told Tasnim.

The agreements were signed with France’s Total, Royal Dutch Shell, Spain’s Cepsa, Vitol, Hanwha Total of South Korea, India’s Essar, Turkish refiner Tupras, China’s CNPC and Oilmar Shipping and Chartering, among others.

Total, which became the first major western company to reenter Iran’s energy market after the lifting of sanctions, placed the first purchase order for Iranian crude in Feb. 2016 alongside Cepsa and Russia’s Lukoil.

Leasing idle vessels is a source of revenue for the state oil shipping company that operates one of the world’s largest tanker fleets. NITC has yet to disclose the value of its contracts.

The official said that “The most lucrative charter deals belong to Very Large Crude Carriers (VLCCs) with the capacity to haul up to 320,000 tons of products, followed by smaller types of carriers, including Suezmax (120,000-180,000 tons) and Aframax (75,000-120,000 tons).”

NITC operates some 70 tankers and vessels of all sizes with a capacity of around 15 million deadweight tonnage, one of the world’s largest fleet in terms of the number of ships and capacity. It also owns three liquefied natural gas carriers, but the number of such ships are planned to increase when major LNG projects take off.

Kianersi said Iran exports around 2.6 million barrels per day of crude oil and condensate, a type of ultra light crude, with NITC-owned vessels handling about 30% of shipments.

Most of Iran’s crude consignments are destined for customers in East Asia, including China, Japan, South Korea, Malaysia and Singapore.

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Posted By : Nanda Koijam on Tue, 02 Jan 2018
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