Kuo Oil Looks to Lift Two Iranian Fuel Cargoes
U.S. lifts 2012 Iran sanctions against three trader companies; Kuo Oil seeks to load two Iranian fuel oil cargoes. Kuo Oil, a Singapore-based oil trading company, is seeking ships to load Iranian fuel oil, according to a shipping broker report, now that it is finally clear of U.S. trade sanctions imposed in 2012 for trading with the country. The United States lifted the sanctions on Saturday against Kuo, also known as Kuo International Bunkering, as part of its broader relaxation of sanctions against Iran for compliance with an agreement to curtail its controversial nuclear programme. The sanctions were handed down on Kuo in January 2012 for providing over $25 million in refined petroleum products to Iran between late 2010 and early 2011.
Fal Oil Signs Loan for Two Tankers
Sharjah-based Fal Oil Company recently signed a $102 million agreement with Citi for the financing of two Aframax tankers of 105,000 dwt capacity being built by Korean shipyard Hyundai Heavy Industries, says www.gulfnews.com The 15-year term loan facility covers 80 percent of the cost of the two tankers and will provide Fal Oil with three-years' pre-delivery and 12-years' post-delivery financing. The $102 million facility by Citi comes on the heels of a six-year $39 million term loan arranged by the bank for Fal Oil in April towards the financing of two tankers.
Latvian Shipping Buy Rules May Be Eased
Latvia may drop certain key conditions in a fresh attempt to privatize Latvian Shipping but could keep the offered stake at 68 percent. Latvia's cabinet officially admitted defeat on Tuesday in its fourth attempt to sell the sea cargo firm and ordered the economy ministry to draw up a new tender for its privatization. "The variant offered could contain giving up on the strategic investor, but I do not see any arguments why we should give up the current stake (to be offered)," privatization agency head Janis Naglis said. Naglis said giving up on a strategic investor meant scrapping several key requirements, including future investments, keeping the firm in the shipping business and limits on reselling it. Without these requirements, the potential range of bidders could widen.
