Iranian Tanker Company NITC Says Oil Shipments to Europe Increasing

By Can Sezer ISTANBUL, July 10 (Reuters) - NITC, Iran's leading oil tanker operator, said on Monday its shipments to Europe were increasing daily and the company plans to upgrade its fleet to support expansion. International sanctions on Iran were lifted in January 2016 and NITC is looking to come in from the cold after years of isolation. Mohammad Reza Shams Dolatabadi, … [Read more...]

Iran to Face Bumpy Re-Entry Into Global Oil Tanker Market

By Jonathan Saul LONDON, Nov 11 (Reuters) - Even after Western sanctions are lifted, Iran's oil tanker fleet is expected to face more hurdles before many of the vessels can start trading again due to insurance hiccups and tougher requirements over sea worthiness by potential foreign clients. Iran's main tanker operator NITC remains blacklisted by the United States and … [Read more...]

Iran Has a Little Surprise for Oil Market That’s Ready to Ship

By Grant Smith, Anthony DiPaola and Julian Lee, (Bloomberg) -- Lifting oil sanctions on Iran could hit global markets long before the nation starts pumping more crude. That’s because the OPEC member has been stockpiling oil onshore and in supertankers in the Persian Gulf, according to data compiled by Bloomberg. While estimates of the hoard by shipbrokers and government … [Read more...]

Iran ‘Won’t Give In’ After 60% Decline in Crude Oil Exports

(Bloomberg) -- Iran’s oil exports have fallen 60 percent to 1 million barrels a day, the Tehran-based Shargh newspaper reported, citing comments by Oil Minister Bijan Namdar Zanganeh. Iran, constrained by international sanctions on its energy and financial industries, “won’t give in over 1 million barrels a day,” the paper reported Zanganeh as saying yesterday at a … [Read more...]

EU Sanctions On Iran’s NITC Annulled, Lawyer Says

By Jonathan Saul LONDON, Oct 7 (Reuters) - European Union sanctions on Iran's main oil tanker firm NITC have been annulled after the EU failed to appeal against a court ruling that ordered the measures to be lifted, the shipping company said on Tuesday. An EU official told Reuters the European Union was working to resolve the issue, adding: "The time for appeal had … [Read more...]