Iran boosts export muscle with new oil tankers
Iran has taken delivery of several new tankers from Chinese
shipyards, giving it greater flexibility in maintaining oil exports
in the face of Western sanctions, Reuters reported.
The sanctions, imposed by the United States and European Union to
halt a nuclear programme they believe is a cover to develop atomic
weapons, have hurt Iran's oil exports, leading to a plunge in its
currency.
But Iranian crude oil imports rose in December to their highest
since European Union sanctions took effect last July, helped in
part by more tankers deployed.
Since the start of 2013, two supertankers have joined Iran's
trading fleet, with another three new vessels having arrived in
recent months, according to industry sources and shipping data.
Each vessel has a maximum capacity of 2 million barrels of oil.
Iran's main tanker operator NITC has been blacklisted by the West,
and the EU has imposed an outright ban on ship insurance
provision.
The exit from Iran of top providers of ship certification, vital
for ports access, and the de-flagging from international registries
of vessels have added to operational challenges for Iranian
shipping firms including NITC.
"Iran is having to stay ahead of sanctions and needs to make sure
they can keep their fleet on the water, which includes changing the
flags of their ships and finding certification for their vessels,"
a shipping industry source said.
With the latest acquisitions, NITC's supertanker fleet has been
boosted to 30 vessels with a maximum carrying capacity of 60
million barrels. It has an additional 14 small crude oil
tankers.
NITC officials could not immediately be reached for comment.
The Atlantis and Infinity, the two vessels that joined NITC's fleet
in recent weeks, are part of a $1.2 billion contract with two
Chinese shipyards that was ordered in 2009 for 12 new supertankers.
The Carnation, Rainbow and Skyline reached NITC last year.
Last year sources in China had said the yards had planned to
deliver the 12 by the end of 2013 to NITC.
An industry official in China familiar with the matter said he was
aware of "several new tankers delivered from China's shipyards over
the past one or two months".
"All we heard is new tankers being delivered, and that is good news
for us," the official said.
Iran also took delivery of a liquefied petroleum gas tanker in
January, vessels that can carry propane and butane, data
showed.
To get round insurance restrictions, NITC tankers have been relying
on cover from Iranian providers, though industry sources said it
remained unclear what type of classification provision the vessels
had.
While many of Iran's clients have slashed purchases of oil, the
lifeblood of Tehran's economy, China has maintained robust
demand.
IHS Fairplay data showed the remaining six of the seven tankers on
order, which include Sonata and Demos, were at various stages of
development in China. Work was yet to start on the seventh tanker
Dusk.
Western sanctions halved Iran's oil exports in 2012 from 2.2
million barrels per day (bpd) in late 2011, leading to billions of
dollars in lost revenue.
While exports rose to 1.4 million bpd in December 2012, sales were
expected to dip in January ahead of new U.S. sanctions, industry
sources told Reuters last week.
Iran and world powers announced new talks on Tehran's nuclear
programme on Feb. 26, but hopes of progress after Tuesday's
announcement were tempered when an Iranian official said the West's
goal in talking was to undermine the Islamic republic.