Tag: Iran

This practice has been going on for more than a month In a bid to circumvent crippling international sanctions, Iran has been routinely switching off satellite tracking systems on its sea-bound oil tankers, The Washington Post reported.Citing unnamed U.S. officials, the newspaper said the practice has been going on for more than a month.U.S. officials and industry analysts describe it as a cat-and-mouse game with Western governments seeking to enforce sanctions on Iranian exports, the report said.The unusual tactic was begun in early April and affects a quarter of Iran's tanker fleet, according to the International Energy Agency (IEA), which has been monitoring the practice, the paper noted.The move, a violation of maritime law, is only modestly effective in hiding tankers as they ply the oceans in search of open ports and willing buyers, The Post said.But it underscores Iran's precarious position as it faces ever-tighter Western restrictions against its oil industry, the paper noted.Iran relies on oil exports for around two-thirds of its foreign currency earnings. The Islamic republic is the second biggest exporter in OPEC, after Saudi Arabia. Last year, it exported some 2.6 million barrels per day of the 3.5 million bpd it pumped out of its ...

30 million tons of goods during past months An Iranian official says Iran's commercial fleet transported about 30 million tons of goods during the past Iranian calendar year (ended March 19).Mohammad Sadeqifar, an official with Iran's Ports and Maritime Organization (PMO), told Mehr news agency on Monday that the figure shows a 4.4-percent increase in maritime trade compared with the previous year.He said that Iran stood at the 17th place in the global ranking of fleets, provided by the International Maritime Organization.The Islamic Republic also has the biggest commercial fleet in the Middle East, with some 145 vessels, Sadeqifar said, adding that 16 more ships are set to join Iranian freighters.The Islamic Republic of Iran Shipping Lines (IRISL) and its subsidiaries operate most of the cargo vessels. Source: Press TV

Attack on Iranian freighter near Bab el-Mandeb Iran's Navy warships have foiled two pirate attacks on an Iranian cargo vessel close to the Bab el-Mandeb Strait, off the coast of Somalia in the Horn of Africa.The Iranian freighter first came under attack on Sunday after 40 armed people on board six skiffs approached the ship at high speed some 115 nautical miles northwest of the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden.The Iranian warships patrolling the area rushed to assist the cargo vessel upon its distress call, which reported an unauthorized boarding attempt by several people.Iranian Navy marines thwarted the attack by opening fire on the pirates. Pirates later launched another attack on the Iranian vessel some 155 nautical miles northwest of the strait. However, they were repelled again and forced to leave the area.In line with international efforts against piracy, Iran's Navy has been conducting anti-piracy patrols in the Gulf of Aden since November 2008 to safeguard maritime trade and in particular ships and oil tankers owned or leased by Iran.In May 2011, International Maritime Organization (IMO) Secretary General Efthimios E. Mitropoulos described the anti-piracy efforts by Iran's Navy as "effective."Somalia has been ...

Shippers could breach sanctions anytime they refuel European shipowners could violate impending EU sanctions against Iran without even knowing it every time they set sail, leaving them vulnerable to being blacklisted, the managing director of leading industry group Intertanko said on Friday.Vessels ranging from tankers to dry bulk vessels to containers run the risk of falling foul of the sanctions every time they refuel, because fuel from various origins - including Iran - are blended at trading hubs, Katharina Stanzel, who takes her role in July, told Reuters.Intertanko's members own the majority of the world's tanker fleet."For us, it is a huge problem ... it's really difficult to say is it or is it not (from Iran)," Stanzel said ahead of an industry conference in Singapore."It's like taking orange juice from the hotel buffet. It will be really difficult to tell if it was made here or somewhere in California because it has been processed so much."The European Union is preparing to slap a total embargo on the purchase of Iranian crude and oil products, which includes fuel oil, from July to pressure Iran to halt its disputed nuclear programme.Most European shipping firms have stopped transporting Iranian oil products ahead ...

A 'cat-and-mouse' game with Western governments seeking to enforce sanctions on Iranian exports Increasingly hard-pressed to find buyers for its petroleum, Iran has been routinely switching off satellite tracking systems on its sea-bound oil tankers for more than a month, in what U.S. officials and industry analysts describe as a cat-and-mouse game with Western governments seeking to enforce sanctions on Iranian exports.The unusual tactic was begun in early April and affects a quarter of Iran's tanker fleet, according to the International Energy Agency (IEA), which has been monitoring the practice. The move, a violation of maritime law, is only modestly effective in cloaking 1,000-foot-long tankers as they ply the oceans in search of open ports and willing buyers. But it underscores Iran's precarious position as it faces ever-tighter Western restrictions against its oil industry, which provides the bulk of export and government revenue.Hobbled by sanctions against its banks and a growing international boycott of its petroleum, Iran is seeing its revenue sag while its oil sits in storage depots and floats in tankers with nowhere to go, U.S. security officials and diplomats say.The country's worsening prospects have encouraged Western governments as they prepare for nuclear talks with Iran, set to ...

To allow them to continue importing Iranian crude oil after EU sanctions come into effect in July Japan is considering a new law to provide sovereign guarantees for its ships to allow them to continue importing Iranian crude oil after EU sanctions come into effect in July, the Nikkei business daily said.The European Union has already prohibited European insurance coverage on hull and machinery for Iranian crude shipments, which has significantly limited Japan's lifting of Iranian crude from April.The European Union in March, however, extended European insurance for oil spills on Iranian oil shipments until July 1, responding to calls for exemptions by Japan and South Korea.Industry sources have said it would be virtually impossible to keep importing Iranian crude without European insurance coverage for oil spills.The Japan P&I club, the country's main ship insurer against pollution and personal injury claims, would been forced to slash its cover on oil spills for a tanker carrying Iranian oil to $8 million from July 1 versus $1 billion now due to the EU sanctions.Around 90 percent of the world's tanker insurance is based in the West, so the measures threaten shipments to Iran's top Asian buyers China, India, Japan and South Korea.The ...

Iran has diverted large volumes of shipping fuel Iran has diverted large volumes of shipping fuel that would normally be sold through Fujairah to Singapore to avoid international sanctions, traders said yesterday.Situated on the Gulf of Oman, Fujairah offers an ideal staging post between the Atlantic and Pacific regions where ships can drop anchor and refuel. It has grown into one of the world's most frequented ship refuelling terminals."Getting product from Iran is impossible. Its been like this for more than two months," said Nic Marinos, a broker at Agean in Fujairah.Abolfazl Rostami, a senior trader at the National Iranian Oil Company (NIOC), said Singapore was proving a better market for Iranian exports."For the NIOC part is has been reduced a little bit, it has sold to Singapore because we have good customers there," he said.Iranian fuel oil is of a high quality with a low ratio of sulphur, and fuel retailers normally blend it with lower quality oil before selling it on to ship owners.The drop in supply has caused prices in Fujairah to rise sharply. "This implies higher blending costs for Fujairah," said Barclays Capital in a report, adding that the cost of fuel sold in Fujairah rose ...

Tough new European Union sanctions Indian shipping firms will continue to transport Iranian crude even if limited insurance coverage due to tightening Western sanctions leaves them financially exposed to a spill or accident, a top executive and industry sources said.Tough new European Union sanctions aimed at stopping Iran's oil exports to Europe also ban EU insurers and reinsurers from covering tankers carrying Iranian crude anywhere in the world from July. Around 90 percent of the world's tanker insurance is based in the West, so the measures threaten shipments to Iran's top Asian buyers China, India, Japan and South Korea.The sanctions seek to stem the flow of petrodollars to Tehran to force the OPEC member to halt a nuclear program the West suspects is intended to produce weapons.Shipping Corp of India, which is the country's largest shipping firm, Great Eastern and other Indian tanker firms have asked state insurers to step in and provide up to $50 million in third-party liability coverage per tanker voyage.The amount is a fraction of the typical $1 billion coverage that a supertanker carrying around 2 million barrels of crude would have from reinsurers against personal injury and pollution claims.India's shipping companies would run the risk ...

European Union oil embargo on Iran will take effect in July Marine insurance, or lack of it, may yet turn out to be the most effective sanction used by Western nations in 17 years of tightening the screws on Iran's nuclear program.A European Union oil embargo on Iran, set to take effect in July, prohibits EU insurers from covering Iranian oil exports anywhere in the world. With around 90 percent of the world's tanker insurance based in the West, the arcane world of reinsurance and liability coverage has become a powerful weapon.Iran, OPEC's second-largest producer, exports most of its 2.2 million barrels of oil per day to Asia, and the four main buyers - China, India, Japan and South Korea - have yet to find a way to replace the predominantly Western cover for the giant crude oil cargoes en route from Iran to refineries across Asia. And that could dent Iranian crude exports to key markets, particularly Japan, cutting off a valuable source of Tehran's foreign exchange income. Crude oil prices have risen close to 40 percent to above $100 per barrel since October, partly on fears over supply disruptions from Iran."The bottleneck is insurance. If that's not settled, ...

Ship owners must alert insurer of Iran oil voyages Ship owners covered by Japan P&I club must alert the maritime insurer in advance of any plans to transport Iranian oil and petrochemicals that could fall foul of Western sanctions, the insurer said.The United States and European Union have tightened measures aimed at reducing Iran's oil trade, stemming the flow of petrodollars to Tehran to force the OPEC member to halt a nuclear programme the West suspects is intended to produce weapons.European insurers and reinsurers will be prohibited from indemnifying ships carrying Iranian petrochemicals anywhere in the world from May, and crude and oil products from July.Although Japan's P&I Club, which provides insurance for shipping companies, does not directly fall under the sanctions regime, it is largely dependent on the European reinsurance market to hedge its risk."Any reinsurers including other (P&I clubs) subject to EU legislation will not be able to pay out if a claim involves a sanctioned cargo," said Japan's main ship insurer in a circular to its members on Tuesday."This will impact the member's ability to make a recovery from the club as the club is not able to pay out on any claim in relation to which ...