Sanctions squeeze NITC

NITC is finding operations increasingly tough in the face of international sanctions on Iranian oil, Bloomberg says.

Thirteen of the owner’s 42 crude tankers have been delayed in transit since the middle of October, according to a report from the newswire.

Four NITC ships are presently idling with Iranian crude cargoes on board, with four others switching off their trackers and presumed anchored, Bloomberg explains, according to a report posted on its website.

“Iran is finding it harder to place cargoes,” said IHS researcher Richard Hurley.

"China, while still a major purchaser, seems unwilling to take all the cargoes which are being sent to her and has been letting some ships wait at anchor for several weeks.

"India, while still a purchaser, is not taking much.”

TradeWinds reported last month that NITC had switched the name of a VLCC newbuilding twice since its September delivery as it looked to beat the sanctions.

Iran was earlier said to be conducting ship-to ship transfers off Malaysia in a bid to work around sanctions, with those involved explaining the action did not breach any laws.

“History tells us sanction busting is not a new pastime,” Gibson said in a report. 

“As well as NITC tonnage, there are owners willing to lift Iranian cargoes and explore any legal loopholes in order to take advantage of the current stand-off.

“In the end it boils down to Iran needing the export Income.”

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