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Iran’s Tankers Free to Visit Any Port

  • Iran’s Tankers Free to Visit Any Port as Insurance Issues Are Resolved

    Image Courtesy: NITC
    Image Courtesy: NITC

    Iranian oil tankers face no more obstacles when traveling to any port in world, says Ali-Akbar Safaei, managing director of the National Iranian Tanker Company (NITC).

    According to Safaei, quoted by IRNA news agency, NITC has secured all the required certificates from international insurance agencies for its tankers, thus removing the insurance-related hurdles and enabling its ships to dock at any port worldwide.

    Unimpeded entrance to Iran’s ports by foreign tankers is also to be ensured, now that there are no pending insurance problems, he added.

    As informed, talks are also nearing conclusion between Iranian shipping lines with international insurance companies on obtaining the most competitive insurance policies.

    Due to the latest turn of events, NITC said that it expects to return to European ports in June this year after over four years of suspension.

    Iran’s tanker fleet is valued today at USD 2.7 billion and is currently placed 8th in the world by value comprising 70 tankers. NITC, Iran’s largest VLCC owner, is ranked 6th in the world, owning 37 VLCCs worth USD 2.1 billion, according to VesselsValue’s data.

    The country revealed earlier this year that it plans to invest up to USD 2.5 billion to upgrade its oil tanker fleet as it gears up to restore pre-sanction shipping links.

    The investment is needed in order for the company’s fleet to be able to compete with international counterparts that have predominantly more modern and younger ships.

    Iran announced that it expects to reach the production level of 3.8 million barrels per day this month.

      August 5, 2016 1:31 PM EEST
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