Iranian Supertanker to Offload 2 Million Barrels of Oil in South Korea

Oct. 5 (Bloomberg) — An Iranian supertanker is heading to South Korea with a cargo of oil, according to shipping data, as the Islamic republic uses state-owned tankers to make deliveries in response to sanctions over its nuclear program.

The Brawny, a very large crude carrier that can take on 2 million barrels of oil, left the Iranian port of Kharg Island yesterday and is provisionally scheduled to discharge its cargo at Daesan in South Korea, according to transmissions captured by IHS Inc. on Bloomberg. National Iranian Tanker Co. owns the vessel. Hyundai Oilbank Co. operates a 395,000 barrel-a-day refinery in Daesan.

South Korea, which imports almost all its crude requirements, was granted an exemption in June from U.S. sanctions on imports of Iranian oil. The country in August halted shipments from the Persian Gulf nation after its refiners lost insurance coverage, customs data showed Sept. 15. India and Japan, two of the largest buyers of Iranian crude, offer state- backed insurance for their Iranian purchases.

Separately, SK Innovation Co. took delivery of an Iranian crude shipment on Oct. 2 in Ulsan, according to Yoo Jung Min, a spokesman at South Korea’s largest refiner. He declined to identify the vessel.