Tag: Iran

Shipping oil from Iran to Europe is becoming increasingly difficult Shipping oil from Iran to Europe is becoming increasingly difficult, despite the fact that a full oil embargo does not come into effect until July 1, as increasingly tight sanctions from the U.S. and European Union are causing major shipping companies to avoid business with the country.Shipping giants AP Moller Maersk A/S (AMKBY), Frontline Ltd. (FRO) and Teekay Tankers Ltd. (TNK) have all said their ships will no longer call at Iranian ports, while some smaller shipowners have also said they are unwilling to send their vessels to the Islamic Republic to lift crude."We have stopped having our ships call at Iran," said Jens Martin Jensen, Chief Executive of Frontline Management AS, a subsidiary of Frontline responsible for overseeing the companies commercial affairs."We are just following the sanctions, we have no interest in doing business with Iran," he added.The EU imposed new sanctions on Iran on Jan. 23, ratcheting up pressure on the Islamic Republic, although a full ban on oil exports from the country will not come into affect until July 1.Still, for many shipowners the new sanctions are already becoming too onerous, pushing up insurance premiums and requiring ...

The U.S. Navy able to prevent from blocking the Strait of Hormuz Iran has built up its naval forces in the Gulf and prepared boats that could be used in suicide attacks, but the U.S. Navy can prevent it from blocking the Strait of Hormuz, the commander of U.S. naval forces in the region said on Sunday.Iran has made a series of threats in recent weeks to disrupt shipping in the Gulf or strike U.S. forces in retaliation if its oil trade is shut down by sanctions, or if its disputed nuclear program comes under attack."They have increased the number of submarines ... they increased the number of fast attack craft," Vice Admiral Mark Fox told reporters. "Some of the small boats have been outfitted with a large warhead that could be used as a suicide explosive device. The Iranians have a large mine inventory.""We have watched with interest their development of long range rockets and short, medium and long range ballistic missiles and of course ... the development of their nuclear program," Fox, who heads the U.S. Fifth Fleet, said at a briefing on the fleet's base in the Gulf state of Bahrain.Iran now has 10 small submarines, he ...

Tougher sanctions are putting the squeeze on major Iranian commercial institutions Iran's seaborne trade is withering as sanctions are stepped up against the Islamic Republic, freezing bank finance and deterring many international trade and shipping companies from getting involved in deals, industry sources say.Much of Iran's imports, including food and consumer goods, are transported by sea via container and bulker ships. Oil tankers are used to ferry the country's vital crude oil exports.But U.S. financial sanctions imposed since the beginning of this year to punish Tehran over its nuclear program are playing havoc with Iran's ability to buy imports and receive payment for its oil exports."Tougher sanctions are putting the squeeze on major Iranian commercial institutions," said Alan Fraser of security firm AKE."The net is closing in, and companies will be forced to take ever more elaborate measures to evade scrutiny. Iran's national shipping fleet is coming under ever more pressure as many states attempt to monitor its cargoes, while the role of the central bank as a middle man is becoming increasingly redundant in business transactions," he added.Ship industry players say the move last month by the European Union to embargo imports of Iranian oil was already having an ...

New European Union Measures against Iran While the industry still await the EU Council Regulation that will implement the oil import, purchase and transport ban, this is expected shortly and it is hoped will add some clarity to the Council Decision 2012/35. In the meantime, the International Group has put together a useful list of FAQs which interim provide advice on the complex issues these sanctions raise. To view the FAQs, please click here.Attention should be drawn in particular to questions 9 and 10 which deal with the impact of the sanctions on P & I cover and renewal from 20 February 2012.Operators are advised to liaise with their P & I providers and to seek specialist legal advice if contemplating any trade involving Iran. Source : IG P&I Clubs

Shipping and oil company, A.P. Moller-Maersk, has suspended new oil tanker deals Shipping and oil company, A.P. Moller-Maersk, has suspended new oil tanker deals with Iran because of the European Union sanctions which will embargo imports of oil from the Islamic Republic into the bloc, according to Maersk representatives.Other international shipping companies are becoming cautious of the growing sanctions and complications now involved in trading with Iran. Maersk has suspended all new fixtures involving Iran and products with Iranian origin as well. This came into effect as of January 24, 2012.Aspreviously reported, the EU banned imports of oil from Iran; European oil companies are forced to end all Iran crude dealings by July of this year. The EU also agreed to freeze the assets of Iran's central bank and ban trade in gold and other precious metals with the bank and state bodies. These sanctions will greatly affect trading patterns in regards to the import, purchase, and transport of Iranian oil for numerous companies.On the other hand, Maersk representatives claim that its tanker unit made only 14 Iran related voyages in 2011, which represents a very small portion of their activity. Frontline, the world's largest independent tanker operator, also said ...

Iran renamed 90 cargo ships in its container line In an effort to avoid sanctions, Iran renamed 90 cargo ships in its container line, which enables the country to circumvent sanctions on arms sales and the movement of nuclear equipment, The Jerusalem Post reported.One of the authors of the report, published by the Stockholm International Peace Research Institute, likened Iran's tactics to shuffling a deck of cards in a Las Vegas casino."There is a constant game of cat and mouse being played," Hugh Griffiths, a co-author of the two-year report said, according to the paper. "And the renaming and re-flagging of vessels of different states is a way of trying to avoid inspection because of sanctions."The report said the Islamic Republic of Iran Shipping Line, once the 23rd largest container line in the world, has renamed 90 out of its 123-ship fleet and re-flagged additional ships, the paper reported.The Post reported instances where the Israeli Navy caught Iranian arms ships transporting weapons in the volatile area and sought assistance from Western countries to help stanch the smuggling.Tension has been building over Iran's nuclear program. The West is imposing new sanctions, charging that Iran is building nuclear weapons. Iran denies that ...

To enhance their marine cooperation Iran and Iraq reached an agreement on launching a joint shipping line to enhance their marine cooperation, Managing-Director of Iran's Ports and Maritime Organization (PMO) Seyed Ataollah Sadr announced.Speaking to FNA, Sadr underlined that launching a joint shipping line between Iran and Iraq will provide the ground for both countries' private companies to set up a joint company to increase their cooperation."Iran can have desirable cooperation in maritime and port fields with the friendly and brotherly country of Iraq," he added.Sadr also expressed the hope that Tehran and Baghdad would activate a joint committee in the near future for maritime cooperation.Tehran and Baghdad signed a number of bilateral agreements during Iraqi Transportation Minister Hadi Farhan al-Amiri's recent visit to Iran.During the visit, the Iranian and Iraqi officials also agreed to establish joint companies to facilitate transportation of goods and passengers between the two countries."On the sidelines of a recent meeting (between the Iranian and Iraqi road and transportation ministers), the two sides agreed to set up joint transportation companies," Iranian Deputy Minister of Road and UrbanizationShahriyar Afandizadeh told FNA on Saturday.He expressed the hope that the measure would further facilitate transportation between the two neighboring ...

Chinese Premier Wen Jiabao defended his country extensive oil trade with Iran Chinese Premier Wen Jiabao defended his country's extensive oil trade with Iran against Western sanctions pressure in comments published on Thursday, and yet also warned Tehran against any effort to acquire nuclear weapons.Wen spoke on Wednesday at the end of a six-day visit to the Middle East, against a backdrop of tensions over possible U.S. sanctions on nations that do energy trade with Iran, which Western powers say is focused on developing nuclear weapons.Iran has insisted its nuclear goals are peaceful, and in late December threatened to punish the latest Western sanctions by choking off oil flows through the Strait of Hormuz, a vital route for much of the Middle East's oil exports."China adamantly opposes Iran developing and possessing nuclear weapons," said Wen, and he warned against potential confrontation in the Strait of Hormuz. Beijing is usually much more coy in public about saying Iran could want nuclear arms.Speaking at a news conference in Doha, Wen also took aim at both potential threats to China's oil imports: the U.S. sanctions pressure and the Hormuz tensions."I also want to clearly point out that China's oil trade with Iran is ...

Reports in the media suggest that the European Union may ban Iranian oil imports Reports in the media suggest that the European Union may ban Iranian oil imports from 1 July 2012. It is felt that the July deadline will give Member States the time to terminate existing contracts in accordance with the proposal made by the Danish Presidency on 15 January. Once the embargo is in place, Member States would have until the end of June to fulfil existing contracts with Tehran and will have to cease all imports from July onwards. No new contracts will be authorised before the July deadline.Speaking to Reuters, European diplomats said that the EU Presidency intends to finalise discussions at the next meeting of EU foreign affairs ministers on 23 January, so that the agreement can be officially put into place in the days that follow.According to one European source, though, no agreement has yet been reached. Greece, for example, is very dependent upon Iranian oil and has not yet given its agreement because it is still seeking alternative supply sources. Spain, too, is very dependent on Iranian oil but according to a US diplomat based in Spain, the country would still approve ...

Iran has not stored oil on tankers in the Gulf Iran has not stored oil on tankers in the Gulf, and its crude exports have not been disrupted due to mounting international pressure over its disputed nuclear program, an oil official told the semi-official Mehr news agency.On Tuesday shipping sources told Reuters the volume of Iranian crude oil stored at sea had risen to as much as 8 million barrels and was likely to increase further as the Islamic Republic struggles with sanctions and a seasonal refinery slowdown."There has been no disruption in Iran's crude exports through the Persian Gulf ... We have not stored oil in the Gulf because of sanctions as some foreign media reported," Pirouz Mousavi told Mehr."We do not have even one drop of oil (stored) in the Persian Gulf ... Iran's oil exports are taking place based on the OPEC's policies."Iran, OPEC's second-largest oil producer after Saudi Arabia with output of about 3.5 million barrels per day, faces trade hurdles over its nuclear program, which the United States and its allies say is aimed at building bombs.Iran says it needs nuclear technology to generate electricity.European Union countries have agreed in principle to embargo imports of ...