Bimco calls for caution concerning Iran embargo

The shipping companies should take the U.S. and EU embargos against trading Iranian oil very seriously, says chief analyst with Bimco, Peter Sand. However, so far it looks as though the tanker companies have found alternatives in the region.

In overall terms, the oil embargo against Iran, which came into operation on Sunday, has not resulted in significant changes for the tanker companies which previously worked with Iran, nor the companies that bought Iranian bunkers in the Persian Gulf, says chief analyst with Bimco, Peter Sand.

During the last six months, all the industry actors have known that the embargo would take effect on July 1 and have therefore had time to prepare for the new situation and find new suppliers in the region.

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