Iran is running short of options to replace its aging fleet of tankers and keep ...
LONDON/DUBAI - Iran is running short of options to replace its aging fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.
With oil exports accounting for an estimated 70 percent of Iran’s revenues, maintaining a fleet of enough tankers to store and move that oil is crucial for Tehran. If Iran runs into difficulties exporting its oil it could have a significant impact. Besides the importance of oil for its budget, Iran is estimated to produce about 2.8 million barrels a day, more than 9 percent of OPEC’s output.
At least two other tankers registered to Panama - the Sarak and the Sobar - that were not previously considered part of Tehran’s fleet - have been re-flagged to Iran this year.Altogether, more than 20 other tankers in Iran’s fleet have been reflagged to Iran this year. Dealing with Iran’s flag registry raises compliance issues for counterparties as there is a risk they might interact with individuals or entities blacklisted under U.S. sanctions, shipping experts say.
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. “Many big oil traders are very worried about going into Iran due to Trump, and even the Chinese are trying to comply with what the Americans want,” said Varzi, who is based in Britain.
U.S. Special Representative for Iran, Brian Hook, described Iran’s tanker sector as a “floating liability” in November.A second Iranian official said talks with South Korea over the possibility of ordering as many as 10 supertankers, each able to carry up to 2 million barrels of oil, had been delayed by U.S. sanctions. The talks have not previously been disclosed.A South Korean government official had no comment on the matter.
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