NITC Signs 200 Tanker Charter Deals

Maritime Activity Reports, Inc.

December 28, 2017

Pic: National Iranian Oil Company (NIOC)

Pic: National Iranian Oil Company (NIOC)

 The National Iranian Tanker Company (NITC) has signed over 200 leasing contracts for its vessels since the lifting of the Western-imposed economic sanctions two years ago, Financial Tribune reported on Thursday.

 
The report quoted Iran Tanker Company's Chief Executive Officer Sirous Kianersi saying that from the easing of the sanctions (in January 2016) until the end of last month, foreign companies signed 215 time-charter and single-voyage deals for NITC tankers.
 
NITC signed agreements with France's Total, Royal Dutch Shell, Spain's Cepsa, Vitol, Hanwha Total of South Korea, India's Essar, Turkish refiner Tupras, China's CNPC, among others.
 
According to the report, Total, which became the first major western company to reenter Iran's energy market after the lifting of sanctions, placed the first purchase order for Iranian crude in February 2016 alongside Cepsa and Russia's Lukoil.
 
Leasing idle vessels is a source of revenue for the Iranian state oil shipping company that operates one of the world's largest tanker fleets. NITC has yet to disclose the value of its contracts.
 
In May, Kianersi said that the implementation of  Joint Comprehensive Plan of Action (JCPOA)  has had a key influence on the activity of NITC as the company’s tankers have been moving comfortably in the international waters since the nuclear deal took effect.
 
According to the official, removing problems related to insurance and ranking were some other fruits of JCPOA.
 
The National Iranian Tanker Co. transports Iranian crude to export markets and is also responsible for the distribution of oil products to Iranian ports and island ports and islands located in the Persian Gulf. 
 
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