New Iranian crude to shake up tankers

Iran says it will be ready to export its new grade of crude from new terminal by year-end

News ID: 68762

Date: 07 September 2016 - 13:09

According to MANA, Current Iranian exports from Kharg Island show foreign-flagged tankers will have the opportunity to haul cargoes once the new terminal is completed.
Greece’s Capital Ship Management chartered out its 2016-built, 300,000 dwt VLCC Atromitos to oil company Total to haul 280,000 tonnes of Iranian crude from Kharg Island to Europe last month, according to Clarksons’ fixture data.
Iran’s NIOC has been exporting around 2m bpd to customers in Asia and Europe since April, IEA data shows. It was exporting about 2.2m bpd before sanctions were stiffened mid-2012.
In addition, Japan bought 90,000 bpd less in July and Iran’s exports to South Korea fell to 95,000 bpd from 165,000 bpd in June.
Iran’s increasing supply is a key factor in the global supply of oil influencing tanker employment, said Euronav chief executive Paddy Rodgers. Euronav runs one of the world's largest VLCC fleets.