Iran’s crude export doubled after lifting sanctions: British Institute

EghtesadOnline: Iran's crude export has doubled following lifting sanctions in early 2016, the British shipping institute VesselsValue (VV) announced in its latest report on Friday.

News ID: ۷۴۰۱۵۳

04 March 2017

“In the past five years, the greatest demand for Iranian crude came from China, Japan and South Korea, respectively,” the report reads.

“Excluding the Iranian domestic trade, the most journeys of crude were made to China with 105 journeys recorded in 2016. Next was India at 85 journeys and this was followed by the UAE at 58 journeys.”

“Shipments last year were made using VLCC, Suezmax and some Aframax tonnage. China, India and UAE have always been stalwart importers of Iranian crude.”

'New players in the mix following the removal of sanctions include France with 21 journeys in 2016, while Italy took 15 shipments, Greece fourteen and Spain thirteen shipments.'

“It is no surprise that historically Iran’s national tanker line NITC is the largest provider of tonnage.”

“In 2015 companies operating on the trades out of Iran came from a very different demographic to after the sanctions,” VesselsValue said.

“Besides NITC, top operators in 2015 included COSCO, Idemitsu, Irano Hind, JX Ocean and K Line. This group changed in 2016 to begin to include owners from Greece and Belgium.”