Iran

US to strongly enforce sanctions against Iranian oil

The US will soon issue advisories warning shippers, port officials and insurance companies that it “will target anybody that stores Iranian oil, petrochemicals or refined petroleum in violation of US sanctions”. The US will encourage captains to take photos of anyone conducting illegal STS transfers.

Iran allocates over $857 million for maritime reform plan

Iran’s Ports and Maritime Organization (PMO) has allocated 36 trillion rials (=$857.2 million) of its budget resources for a program to develop the country’s maritime industry, including the construction of 83 vessels, the head of PMO informed. 

Iran, Syria sign agreement for ports and maritime cooperation

During the Iran-Syria Joint Committee on Port and Maritime Cooperation, Mohammed Rastad, the managing Director of PMO and the Syrian Deputy Minister of Maritime Transport agreed to consider maritime cooperation development, maritime training between the two countries.

EIA expects crude oil prices to fall in the first half of 2020

The US Energy Information Administration’s (EIA) published its January Short-Term Energy Outlook (STEO), forecasting that the Brent crude oil spot price will average $65 per barrel (b) in 2020 and $68/b in 2021 and that the West Texas Intermediate (WTI) spot price will average $59/b in 2020 and $62/b in 2021.

NIOPDC fully supplies low-sulfur fuel

In fact, the Managing Director of the National Iranian Oil Product Distribution Company (NIOPDC)’s Markazi Department recently said that low-sulfur fuel oil needed for the country’s vessels is now fully supplied and distributed by the company.

US imposes further economic sanctions on Iran

The US Treasury Department announced additional US sanctions against Iran, in response to the state’s missile attack against a US air base in Iraq, making now trade with Iran in almost all industry sectors off limits for US, as well as non-US persons. 

Mideast war risk raises concerns for shipping insurance

Despite the fact that the US and Iran seem keen on avoiding further conflict, oil and gas shipowners are preparing to pay a price from the tension that was created after the rocket strikes in Iraq over the last week.

Petrobras ships to avoid Strait of Hormuz 

Reuters reports that Brazil’s state-controlled oil company Petroleo Brasileiro SA has ordered its ships to avoid the Strait of Hormuz. According to a statement, the decision was taken after consultations with Brazil’s Navy, not affect Petrobras’ fuel supply in Brazil.

maritime events