NITC: Aims to Grow Fleet to 18mdwt by 2013

G. Trauthwein February 1, 2011

Capt. R. Ghareh, Area Manager, NITC Tankers.

The National Iranian Tanker Company (NITC) based in continues to invest significantly in its fleet of ships, aiming to grow its fleet to 74 ships and more than 18mdwt by 2013, said Captain R. Ghareh, Area Manager based in the company’s Dubai, UAE office, during a recent interview. This level is a sharp increase from its current fleet, which includes 43 ships (including 28 VLCCs) total 10.6mdwt.

Making up the bulk of the new fleet is an existing order for 22 new VLCCs costing a cumulative $3.3b.

The continued push to invest is encouraging given the still shaky status of the global economic recovery, not to mention the United Nations sanctions surrounding ’s lack of compliance with its previous resolutions on ensuring the peaceful nature of its nuclear program.

Captain Ghareh was careful to point out the NITC – which is not on the U.N. “blacklist” of companies regarding the sanctions – is set on surviving the economic storm, not the sanctions.

Today NITC is comprised of 3014 staff worldwide, including 1853 fleet personnel and 576 cadets. Its ships trade primarily in Europe (51%); Asia (26%); and (15%).

Of the company’s 28 VLCCs, NITC has tenders out for drydocking bids on fives ships in 2011 for their 5-year docking.