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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The fleet of Iranian oil tankers is being squeezed by sanctions

    Rocky
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    • Post n°1

    The fleet of Iranian oil tankers is being squeezed by sanctions Empty The fleet of Iranian oil tankers is being squeezed by sanctions

    Post by Rocky Sun Mar 17, 2019 2:57 am

    The fleet of Iranian oil tankers is being squeezed by sanctions

    The fleet of Iranian oil tankers is being squeezed by sanctions 13678



    TEHRAN (Reuters) - Iran's options are narrowing to ease its depleted fleet of tankers and keep exports flowing because of renewed US sanctions that make potential sellers and registry companies wary of doing business with the Islamic Republic, Western and Iranian sources said.
    Since US President Donald Trump re-imposed sanctions in November, exploratory talks with South Korea have stalled for the purchase of up to 10 giant tankers. Panama has also written off at least 21 Iranian tankers, forcing Tehran to fly its flag. On the tankers.
    Washington imposed restrictions on Iran's ports, energy and shipping sectors, but granted temporary exemptions to eight of Iran's customers, including China, India and Japan, to buy Iranian crude.
    Because oil exports account for about 70 percent of Iran's revenues, maintaining a sufficient number of tankers to store and transport crude is crucial to Tehran.
    But potential tankers are wary of the new round of sanctions, after a Greek network is blacklisted.The network helped Iran buy tankers under restrictions previously imposed.
    "Iran is looking for tankers, but this time it will be more difficult, there is much more scrutiny, and it will take longer," a shipping source said.
    European insurance companies avoid Iranian tankers, as Iran's attempts to export crude to US-approved buyers are increasingly complicated by the need to raise its flag on tankers rather than the flag of another country such as Panama.
    If Iran faces difficulties in exporting its oil, this could have a significant impact. Besides the importance of oil for its budget, Iranian production is estimated to be around 2.8 million bpd, equivalent to more than 9 percent of the Organization of the Petroleum Exporting Countries (OPEC) production.
    "In any sector, companies will consider the question of isolation from the US financial system when it decides whether to deal with Iran or not," said Mehdi Farzi, an independent oil sector consultant who previously worked for Iran's National Oil Company.

    Insurance and compliance

    An Iranian official said that Panama had decided not to raise its flag on Iranian tankers after the re-imposition of sanctions. Shipping data show that almost all Iranian tankers are registered with Panama.
    All commercial vessels shall be registered and flagged by a specific State, inter alia for compliance with safety and environmental laws.
    A source at the Panama registration office said the cancellation "affects about 60 tankers registered in Panama linked to owners from Iran and Syria." The source did not elaborate.
    The Iranian flag was flown instead of Panamanian flag to at least two other carriers, which were not previously part of the Iranian fleet.
    The owners of the two carriers, previously registered on the Virgin Islands, could not be contacted.
    In total, more than 20 other tankers in Iran's fleet have changed their flag and raised the flag of Iran this year.
    "We intend to implement these sanctions in full and encourage cooperation and commitment from our allies and partners," a US Treasury Department spokesman said.
    Navigation experts say that raising Iran's knowledge of tankers creates problems for Tehran, even if it can provide more tankers and oil-approved buyers.
    Besides China, India and Japan, Washington gave green light to South Korea, Taiwan, Turkey, Italy and Greece to continue buying Iranian oil, although it is unclear whether these exceptions will be renewed when they expire in May.
    Dealing with the registration of the Iranian flag raises issues of compliance with the counterparties, as there is a risk that those parties may have to deal with blacklisted individuals or entities under US sanctions, according to navigational experts.
    With few buyers now willing to take on all the commercial risks involved in the sale of oil, Iran should also cover cargo transportation, including insurance in most cases, shipping sources said.
    Mike Sulthouse of the International Group, which represents companies that provide about 90 percent of global commercial shipping, said Western insurers were unlikely to do business with Iranian shipping companies.
    "The biggest problem for insurers these days is finding a bank that wants to make payments for goods or services the beneficiary of which is targeted by the United States," said Solthaus, chairman of the subcommittee on sanctions at the International Group. "Banks will not participate when Iran is mentioned."

    Floating responsibility

    A senior Iranian official played down the threat to his country's oil exports from pressure on its fleet.
    "Many countries are happy to deal with Iran," the official said. "As we have done in the past, there are many ways to overcome the shortage, including the use of tankers from other countries."
    According to navigational specialists, the methods used to avoid sanctions in the past included changing the names of tankers, closing automatic identification systems (AES), site frequencies and carrying out operations to convert oil from one tanker to another.
    Israel warned this month that its naval forces could take action against Iran, which said it was smuggling oil by resorting to secret measures similar to those used during the past round of sanctions.
    Since sanctions were imposed last time, ship tracking has become more complex and available.Washington has also launched a crackdown on more Iranian networks, increasing the risk of dealing with Iran, bankers said.
    Iran reached an agreement with international powers in 2015 on its nuclear program, which led to lifting sanctions in 2016. But Trump withdrew from the deal in May last year and re-imposed US restrictions in November.
    "Many oil traders are very concerned about going to Iran because of Trump, and even the Chinese are trying to stick to what the Americans want," said Farzi, who is based in Britain.
    Naval officials said renewed US sanctions would also have prevented Iran from obtaining important licensing services from foreign companies to ensure that its vessels would continue to sail.
    The shipping records show that at least 16 Iranian tankers are over 19 years of age and that three of them have been in service since 1996.
    The Iranian tanker sank off the coast of China in 2018 after colliding with another tanker, while five tankers from eight purchased by Iran over the Greek network were scrapped under previous sanctions, increasing the need for more carriers to cover the deficit.
    US special representative to Iran, Brian Hawk, described Iran's tanker sector as a "floating responsibility" in November.

    South Korea

    A second Iranian official said talks with South Korea over the possibility of ordering up to 10 giant tankers, one of which could carry up to 2 million barrels of oil, were delayed by US sanctions. These talks have not been disclosed before.

    No official from the South Korean government has commented on the issue.

    After lifting Western sanctions, Iran also began talks with South Korea's Daewoo Shipbuilding and Marine Engineering on the establishment of a joint venture to build a shipyard in Iran.
    A Daewoo spokesman said the company had signed an initial agreement with Iran in December 2016 to cooperate on the development of the basin. But noted that no progress had been made since. A third Iranian official said talks were still under way.
    According to one source in the shipping sector, Iran is looking for more ships in Vietnam. Two sources said it was also looking for a broker in the Greek market, one of the main centers of used ship deals.
    Asked about Iran's efforts to provide tankers, a third Iranian source said they were considering all options.

    Vietnamese officials did not respond to requests for comment.

    Iran has more than 50 tankers, but needs to transport oil and store unsold quantities in its territorial waters, given its limited storage capacity on the ground.
    Data based on automatic identification systems used by the Marine Traffic Information Platform for ship tracking show that 12 Iranian tankers, or more than five of their fleet, were used as floating storage units in March.



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    • Post n°2

    The fleet of Iranian oil tankers is being squeezed by sanctions Empty America 's sanctions stifle Iran's oil and its fleet of carriers is shrinking

    Post by Rocky Sun Mar 17, 2019 3:12 am

    [size=32]
    America 's sanctions stifle Iran's oil and its fleet of carriers is shrinking[/size]
    The fleet of Iranian oil tankers is being squeezed by sanctions Usa-iran%20(2)

     Twilight News    

     48 minutes ago



    The US sanctions imposed on Tehran have been reflected in the already dilapidated tanker fleet of 50 tankers Iran needs to transport and store unsold quantities of oil.
    However, data on identification systems showed that they used only five. At least 16 carriers are over 19 years of age, three of them in service since 1996, while the tanker sank off the coast of China last year after colliding with another carrier.
    Five of the 8 tankers purchased from the Greek network have been frozen under the previous sanctions, which means that Iran is in a real crisis to store the quantities of oil it produces. What is more, the US sanctions have included the Greek network that has helped Tehran buy ships on the list Black.
    Thus, Iran's options for replacing its depleted fleet of tankers are narrowed, raising the concern of potential tanker vendors from entering into business deals with them.
    Explosive talks with South Korea have also stalled for the purchase of up to 10 new tankers. Panama has also written off at least 21 Iranian tankers, forcing Tehran to raise its flag on tankers, creating problems for it, according to navigation experts.



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