Iran Sanction Proposal Targets Oil Companies, Tanker Fleet
A U.S. proposal to sanction Iran’s state-owned oil company and its main tanker fleet may ensnare any person or business in the world involved in purchasing or shipping Iranian oil, according to a report from Bloomberg. Pressure is mounting on Iran’s nuclear program, as the prospect of an attack from Israel grows beyond rhetoric. In turn, the pressure is rising to force Iran to back down. The Senate Banking Committee unanimously adopted a measure Feb. 2 to compel the administration to investigate links between Iran’s crude-oil supply chain and its powerful Islamic Revolutionary Guard Corps, an elite military unit that the U.S. has sanctioned for weapons proliferation, terrorism support and human-rights abuses. The move would essentially “black list” Iranian oil.
Tanker Rates Remain in the Doldrums
Returns for VLCCs fell for a third consectutive day to the lowest level in a month, as the supply of vessels exceeded cargo demand, according to a recent Bloomberg report. Daily income for VLCCs on the Saudi Arabia-to-Japan voyage declined 2.4 percent to $11,810, the lowest price in a month, citing the London-based Baltic Exchange. Global demand to ship crude on VLCCs will rise 5.3 percent to 148.2 million dwt this year, according to Clarkson Research Services Ltd., while fleet growth will grow 8 percent. (Source: Bloomberg)
Market Improves for Crude Oil Tankers
According to a report from Bloomberg, supply and demand for tankers that transport about 46% of the world’s crude oil may be improving, according to data from Clarkson Research Services Ltd. Demand to ship oil will expand 3.8% this year the service said, up from last month’s estimate, and the fleet will expand more slowly, at 7.1% rather than 7.4%. Source: Bloomberg
Programme Package For Indian Shipbuilding Industry
“SMM India 2011 not only provides an international platform for leading-edge maritime technologies and innovation; it also brings together the key decision makers and stakeholders from the maritime sector, especially the shipbuilding industry,” said Mr. G.K. Vasan, Hon’ble Minister of Shipping, Government of India, in his good will message in the run-up to the second SMM India in Mumbai (the inaugural SMM India was in 2009). SMM India 2011 is organised by Hamburg Messe und Congress GmbH (HMC), teaming up with the Indian partner Inter Ads Exhibitions Pvt.
