Iran's Oil Exports Fall in May, when US Quit Nuclear Deal
Iran's crude oil exports have declined slightly in May, according to estimates from a leading tanker-tracking company, in the first sign that the threat of U.S. sanctions may be deterring buyers.The estimates from Geneva-based Petro-Logistics also suggest Iranian oil buyers are not rushing to cut volumes from OPEC's third-largest producer. The U.S. sanctions have a 180-day period during which buyers should "wind down" purchases.U.S. President Donald Trump on May 8 said the United…
Top Container Shipping Lines Reviewing Iran Operations
The world's top two container shipping groups Maersk Line and MSC are reviewing their Iran operations after the United States withdrawal from the international nuclear agreement with Tehran.The 2015 agreement, worked out by the United States, five other world powers and Iran, lifted sanctions on Tehran in exchange for limits to its nuclear program.U.S. President Donald Trump also instructed his administration to re-impose U.S. sanctions after a winding down period."MSC is reviewing its services…
Container Shipping Line MSC Stops New Iran Bookings
The world's No. 2 container shipping line MSC said on Wednesday it would stop taking new bookings for Iran due to the decision by the United States to re-impose sanctions on Tehran after withdrawing from the international nuclear deal. In a note to clients, privately held MSC said it was "ceasing to provide access to services to and from Iran", adding that they would "conclude this period with the minimum disruption" to their customers' business. "While MSC is not accepting bookings for shipments originating from Iran…
Hapag-Lloyd Scaling Back Iran Business
German shipping line Hapag-Lloyd has stopped one of two feeder services to Iran and will decide on the remaining one before a Nov. 4 deadline imposed by the United States, which has reimposed sanctions on Tehran.Hamburg-based Hapag-Lloyd, the world's fifth largest container company, said it had initiated a process to stop handling products included in the list of commodities hit by U.S. sanctions, within the required wind down timeline.The group said it did not have any direct services handling Iran volumes of its own…
US Navy Destroyer to Patrol off Yemen amid Iran Tensions
The United States has sent a Navy destroyer to patrol off the coast of Yemen to protect waterways from Houthi militia aligned with Iran, two U.S. officials told Reuters on Friday, amid heightened tension between Washington and Tehran. The USS Cole arrived in the vicinity of the Bab al-Mandab Strait off southwestern Yemen where it will carry out patrols, including escorting vessels, the officials said, speaking on condition of anonymity. In 2000, the USS Cole was attacked when al Qaeda bombers steered a boat full of explosives into the side of the American warship while it refueled in the Yemini port of Aden, killing 17 U.S. sailors and wounding about three dozen others. While U.S.
Total in Talks to Buy Iranian LNG Project
Total is in talks to buy a multi-billion dollar stake in Iran's partly-built liquefied natural gas (LNG) export facility, Iran LNG, seeking to unlock vast gas reserves. The French oil major -- the first of its peers to strike deals in Iran after sanctions -- seeks entry into Iran LNG at a discount to the pre-sanctions price in exchange for reviving the stalled project, two sources with knowledge of the matter said. A third source confirmed Total was in the running for a stake, alongside several other oil majors, but any deal was still some way off. Total declined to comment. Iran's National Gas Export Co. (NIGEC), a central stakeholder in the project, did not respond to requests for comment by email and phone.
Despite Sanctions Relief, Shell Still Cool on Iranian Oil Buys
Royal Dutch Shell has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction of what it used to buy and an indication of the legal difficulties and high prices that still hamper the trade. The Anglo-Dutch firm did not give a reason for the drop in purchases, which were disclosed in its annual report, and the company declined to comment further. But oil trading sources say Iranian oil is often too expensive and in any case remaining sanctions make dealing with the Islamic Republic a legal minefield. As an example of sanctions-related difficulties, Shell's filings showed it had to disclose payments of only a few hundred dollars when its employees bought tickets with Iranian airlines.
India's Oil Imports from Iran top 500,000 bpd in 2016/17
India's Iran oil imports jumped to a record high in 2016/17 topping half-a-million barrels per day (bpd) as refiners boosted purchases after lifting of some Western sanctions against Tehran last year. India, Iran's biggest oil buyer after China, was among a handful of countries that continued to deal with Tehran despite Western sanctions over its nuclear programme. Refiners shipped in about 541,000 bpd of Iranian oil in the fiscal year to March, a growth of about 115 percent over the previous year, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. Iran was India's second biggest oil supplier - a position now belonging to Iraq - before economic sanctions aimed at Iran's nuclear programme hampered its trade relations…
Yang Ming Halts Container Service to Iran
Taiwan’s troubled Yang Ming Marine Transport Corp is halting its container service to Iran, becoming the first foreign shipping line to abandon the route a year after international sanctions on Tehran were lifted, Reuters reported. Yang Ming announced in a regulatory filing it had suspended its share trading until May 4 in an effort to reduce losses from a global downturn in shipping. Yang Ming, the world’s ninth largest container shipping line, is a comparatively small player in Iran, calling there just once a week. Several larger shipping lines have begun serving Iran since sanctions were lifted a year ago. An executive with Keelung-headquartered Yang Ming said the firm had “ceased direct services to Iran on concerns of rising tensions there”.
Iran Raises Oil Exports to West, Almost on Par with Asia
Iran's oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said. Iran, which used to be OPEC's second biggest oil exporter, has been raising output since 2016 to recoup market share lost to regional rivals including Saudi Arabia and Iraq. While many Asian nations continued to purchase oil from Iran during sanctions, Western nations halted imports, halving Iran's overall exports to as little as one million barrels per day (bpd).
Iran's Chabahar Port will Start by 2018
The Indian Minister for Shipping Nitin Gadkari has said that the government is keen on developing Chabahar Port in Iran and is hopeful of starting operations by 2018. Gadkari was in Teheran, to represent India at the taking over of office by President Hassan Rouhani for the second term. On the eve of his visit to Iran the Minister said that India and Iran have shared special ties historically. Gadkari informed that civil construction work has already started at the Chabahar Port. The Indian Government has allocated Rs 6 billion for the development of the port.
Iran, Kazakhstan to Establish Joint Shipping Company
Iran and Kazakhstan established a joint shipping company to boost trade, said the managing director of the Islamic Republic of Iran Shipping Lines (IRISL). Mohammad Saeedi told Tasnim News Agency that Iran and Kazakhstan's state-owned railroad companies had established the joint shipping company to connect Central Asia to southern Iran. The IRISL chief said the head office of the firm is in the Iranian port city of Bandar Anzali and a representative office will be also established in the Kazakh port city of Aktau.
Iran Shipbuilder Signs MoU With Netherlands’ Damen
Iran’s Arvandan Shipbuilding Company and Netherlands’ Damen Shipyards signed a memorandum of understanding (MoU) for cooperation in shipbuilding industry, reports Trend News Agency. The deal envisages cooperation in manufacturing advanced offshore vessels in Iran, the Iranian company announced in a statement. The cooperation will include technology and the transfer of know-how to Iran while employing domestic capacities in shipbuilding. Managed by Iran’s Social Security Investment Company (Shasta)…
Temporary Easing of Iran Sanctions in Effect Jan. 20, 2014
The accord reached between Iran and the five permanent members of the United Nations Security Council (the United States, China, Russia, Great Britain and France) and Germany (the P5+1) in November 2013, becomes effective Jan. 20, 2014, for a six-month interim period. The accord provides limited sanctions relief for Iran in exchange for a halt to Iran's nuclear development program. While some of the details regarding the specific scope of sanctions relief are not yet public, this alert provides initial information about the scope and impact of these measures. On Nov. 24, 2013, the P5+1 reached an interim accord with Iran called the Joint Plan of Action. This accord is intended to provide an interim compromise to give negotiators an opportunity to conclude a more permanent agreement.
Iran Vessels Make 'High Speed Intercept' of US Ship
Four of Iran's Islamic Revolutionary Guard Corps (IRGC) vessels "harassed" a U.S. warship on Tuesday near the Strait of Hormuz, a U.S. defense official said, amid Washington's concerns about Iran's posture in the Gulf and in the Syrian civil war. The vessels harassed the destroyer by "conducting a high speed intercept and closing within a short distance of Nitze, despite repeated warnings," the official said. IRGC, the Islamic Republic's praetorian guard, is suspicious of U.S.
Iran to Enhance Fleet Strength
Four giant new container vessels will join Iran's shipping fleet next year. With the arrival of these vessels, the rank of the national shipping fleet in the work will rise to 16 from 20 at present, chairman of the Islamic Republic of Iran Shipping (IRISL) Mohammad Saeedi was quoted as saying. The report by the Fars news agency did not specify the type of the vessels but they are most likely Triple E ships which Iran has already ordered as part of a plan to expand its shipping fleet.
China Oil Spill Compensation Claims Face Iran Payment Snags
The reluctance of foreign banks to deal with Iran could complicate any compensation payments resulting from the collision last week of an Iranian oil tanker and a Chinese cargo ship, sources say. The tanker Sanchi, carrying 136,000 tonnes of highly flammable condensate oil, collided with the Chinese dry cargo vessel CF Crystal on Saturday in the East China Sea, causing an oil spill and a blaze that is still raging four days later. Liability has yet to be established but lawyers…
Iran Hints at Building Seaborne Nuclear Reactors
Iran has fired a diplomatic warning shot at Washington by raising the prospect of building nuclear reactors for ships while staying within the limits set by its atomic deal with major powers, a U.N. nuclear watchdog report showed on Thursday. U.S. President Donald Trump has long railed against the 2015 nuclear deal for reasons including its limited duration and the fact it does not cover Iran's ballistic missile programme. He has threatened to pull out unless European allies help "fix" the agreement with a follow-up accord.
Maersk Line Returns to Iran
The latest country included in the Maersk Line organization is part of the UAE cluster comprising of UAE, Oman, Qatar and Iran. Christian Juul-Nyholm, Managing Director, UAE Cluster, is upbeat about this development. He says, “Global container trade has matured over the past years and is growing at a slower pace. Iran has the potential to be the market which stands out with faster growth. With a long and proud history in Iran, we are very pleased to be back, offering our customers access to our global network and vast pool of equipment including the most modern reefer fleet.
As Iran Oil Tenders Near, Investors Still in the Dark on Terms
Two years after Iran pledged to open up its oil industry in anticipation of the lifting of sanctions, foreign companies say they still have little information about Iranian oil fields and contract terms, hindering investment decisions. Bosses from oil majors including BP, Total, Eni, Royal Dutch Shell and LUKOIL have all travelled to Tehran this year, since the EU sanctions ended in January. Their teams spent weeks meeting local officials ahead of investment tenders due to start next month. But several senior executives and members of their negotiating teams told Reuters they still had not been given sufficient information about the geology of Iranian fields or contract terms.
Hyundai Near Deal With Iran for 10 Ships
Hyundai Heavy Industries Co. (HHI), a major shipyard in South Korea, looks set to clinch a deal with Iran to supply 10 ships, says a report in Yonhap. The contract, valued at USD650 million, will see Hyundai supply the Islamic Republic of Iran Shipping Lines, (IRISL) with four 14,400 TEU container ships and six 50,000 DWT product tankers, the Korea Herald reported. The vessels are expected to be delivered to Iran in the third quarter of 2018. If signed, the contract will be Iran's first deal with a foreign shipbuilder since the lifting of international sanctions on the Middle Eastern nation.
Iran, Kazakhstan Deal for Shipping JV
The chief executive officers of Islamic Republic of Iran Shipping Line (IRISL) and Kazakhstan’s KTZ Express – a subsidiary of the country’s national railways company- signed an agreement for establishing a joint company. The deal could lead to the creation of a new transport corridor connecting Iran’s southern ports to the upper parts of Central Asia - and even possibly Russia and China. On the sideline of Iran's president visit to Kazakhstan, an agreement for establishing a joint…
Daewoo to Develop Iranian Shipyard
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) and the Industrial Development and Renovation Organization of Iran (IDRO) have signed an outline agreement to cooperate on developing the shipbuilding Industry in Iran. Under the deal with the Industrial Development and Renovation Organisation of Iran, Daewoo Shipbuilding will work on constructing a shipyard and related facilities in Iran, according to Yonhap News Agency. The parties plan to establish…