Iran is discreetly scouring the globe for second-hand oil tankers to replace its...
LONDON/DUBAI - Iran is discreetly scouring the globe for second-hand oil tankers to replace its ageing fleet and keep crucial crude exports flowing as U.S. sanctions start to bite, Iranian and Western sources said.
With oil exports accounting for an estimated 70 percent of Iran’s revenues, maintaining an effective fleet of tankers to store and move that oil is crucial for Tehran. According to maritime specialists, methods used for skirting sanctions in the past have included changing the names of ships, switching off AIS location transponders and conducting ship-to-ship transfers of oil.
A senior Iranian official played down the threat to its oil exports because of pressure on its fleet. According to one shipping source, Iran has been searching for more ships in places such as Vietnam and two sources said it had also been looking for middlemen in the Greek market, one of the main hubs for second-hand ship deals.
Following the reimposition of sanctions, Panama, the world’s leading flag state for commercial shipping, decided to de-flag Iran’s ships, a fourth Iranian official said. Shipping data shows nearly all Iran’s tankers had been registered with Panama.
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