Iranian crude oil carrier close to being insured

According to Bloomberg, Iranian NITC is close to securing a new and necessary insurance, so that the carrier can finally set sail to the export of crude oil.

Photo: Vahid Salemi/AP/POLFOTO

For the past six months, carrier NITC (National Iranian Tanker Company) has worked to prepare for the day when the West would lift the sanctions against the country. During this time, NITC has negotiated with foreign organizations for the classification of vessels, insurance for incidents including oil spills, as well as international registration, and a deal is close to being made, said Nasrollah Sardashti, director for commercial affairs, on Tuesday, according to Bloomberg.

Settling all of these issues is completely necessary in order to be eligible among major oil customers, which will become accessible again with the lifting of the years of trade sanctions that both the US and the West have had in place against Iran. NITC is not a small player in the crude oil market, and in the middle of 2015 the carriers fleet stood at about 42 VLCCs, nine Suezmax vessels and five Aframax ships.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Price of Maersk's new methanol ships drops

Maersk has just ordered six new methanol-powered container ships and now reveals that the added cost of building green ships compared to conventional ones is decreasing. Economies of scale, says equity analyst.

Esvagt pursues Taiwanese offshore wind

The Danish offshore service operator has located a possible partner on the island as a part of high hopes for the local offshore wind market. If successful, Esvagt could be ready to service wind at sea in the far east in a few years.

Further reading

Related articles

Latest news

See all jobs