Maersk Line returned to Iran in the fall of 2016 after western sanctions against the country were eased. The carrier's presence remains minimal, but the market of 80 million people is definitely interesting, says Christian Juul-Nyholm, Managing Director of Maersk Line in the region.
Iranian shipping group IRISL is making its foray into the region surrounding the Caspian Sea in a joint venture with a Kazakhstani company, while another new partnership has been established for yard work in Iran.
Hard-pressed shipbuilder Hyundai Heavy Industries gets a breather as the group has secured a new contract with Iran's state-owned carrier. The South Korean yard will build ten vessels for the Iranian carrier for a sum of USD 700 million.
A spokesperson for Iran's oil ministry tells the Wall Street Journal that the country expects to land an agreement with Shell. The news comes after Total sealed an agreement with Iran in November as the first western company to do so since the sanctions were lifted.
The oil price drops once again following Iran's announcement that the country plans to boost its oil output to four million barrels per day. "It's not on our agenda to reach an agreement during the OPEC discussions in Algiers," says Iran's oil minster ahead of the coming OPEC gathering.
Iran is prepared to turn up the taps should the demand for crude oil increase. Speaking to Bloomberg, a senior official from the National Iranian Oil Co. says that the country is ready to export four million barrels per day when the market can absorb the volumes.
Islamic Republic of Iran Shipping Lines (IRISL) and Iranian Offshore Oil Co. have entered into preliminary agreements with South Korean yards for the acquisition of up to 32 vessels for billions of dollars, writes Wall Street Journal.
The international tanker carriers are now once more transporting Iranian oil after a degree uncertainty about insurance of the journeys has been resolved. Major carriers such as Teekay, Frontline and Euronav remain hesitant, reports Reuters.
Norwegian oil and gas company Hemla Vantage is allegedly close to sealing a USD 600 million contract with an Iranian company. The project will focus on LNG and LPG export and be one of the first major gas deals in Iran since sanctions were lifted, report several media.
Despite analyst and market expectations to the contrary, the OPEC meeting in Doha ended fruitless after countries failed to make a deal to freeze the output. The best possible situation for tanker carriers, says international maritime association Bimco.
Think again if you believed that Euronav or Frontline were the Kings of Crude. Number 1 is Iranian NITC, which after months under embargo is now negotiating pool deals, Commercial Director Nasrollah Sardashti says in an interview with ShippingWatch.
According to the Danish Shipowners' Association, a temporary solution has been found for the challenges related to the lack of insurance which has hindered transports to and from Iran. Evergas is pleased with a model that works here and now.
The massive export of oil from Iran, which everyone expected would flood out as soon as the West's sanctions were lifted, was slow to emerge as insurance companies had to find footing in the region. Now a US-based insurer has approved sailing to Iran.