Iran to increase oil export with new supertankers

Iran to increase oil export with new supertankers
Wed Aug 7, 2013 23:06:59

The National Iranian Tanker Company (NITC) has taken delivery of four new supertankers in recent weeks in the face of US-led sanctions against Iran’s energy sector.

Recent data from the IHS Maritime show that four supertankers, each with a maximum carrying capacity of 2 million barrels, joined NITC's fleet between May and the end of July, Reuters reported Wednesday.

The vessels that joined NITC fleet are part of a 1.2-billion-dollar contract with two Chinese shipyards in 2009 for 12 new supertankers. Another three entered service with NITC earlier this year.

Chinese sources said last year that the yards had planned to deliver the 12 supertankers to NITC by the end of 2013.

The latest acquisitions boost NITC's supertanker fleet to 37 vessels with a maximum carrying capacity of 64 million barrels of oil. The company also has 14 small crude oil tankers with another 12.5 million barrels in capacity.

Iran recently offered sovereign guarantees for tankers shipping its crude oil to India as the OPEC state moves to further its support for crude exports to the South Asian country.

The offer made to India by Iran’s Ministry of Industry, Mine and Trade covers liabilities between $50 million and $1 billion per incident through sovereign guarantee and the government special fund.

However, for the shipping liability of less than $50 million, an Iranian consortium led by the Central Insurance of Iran will provide that coverage.

The offered guarantee is to compensate for the lack of insurance coverage for these shipments.

HH/HH
 

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