By Abisola THOMPSON
Iran is running short of options to replace its aging fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran.
Since U.S. President Donald Trump reimposed sanctions in November, exploratory talks with South Korea for up to 10 new supertankers have stalled.
“Panama has also removed no less than 21 Iranian tankers from its registry forcing Tehran to put the vessels under its own flag,’’ local media reported on Wednesday.
Washington has put restrictions on Iran’s port, energy and shipping sectors; however it has given temporary waivers to the country’s eight biggest oil customers, which include China, India and Japan, so they can keep buying Iranian crude.
With oil exports accounting for an estimated 70 per cent of Iran’s revenues, maintaining a fleet of enough tankers to store and move that oil is crucial for Tehran.
However, potential sellers of vessels are more wary under the new round of sanctions after a Greek network that helped Iran buy tankers under previous restrictions was blacklisted.
“Iran has been looking for ships, but this time round it is going to be harder, there is so much more scrutiny now.
“It is going to take them longer,” one shipping source said.
Western insurers are steering clear of Iranian vessels.
While Iran’s attempts to export crude to the U.S.-approved buyers is further complicated by having to put its tankers under its own flag, rather than a third country such as Panama.
If Iran runs into difficulties exporting its oil it could have a significant impact.
Besides the importance of oil for its budget, Iran is estimated to produce about 2.8 million barrels a day, more than 9 per cent of OPEC’s output.
“Panama, the world’s leading flag state for commercial shipping, following the reimposition of sanctions decided to de-flag Iran’s ships,’’ an Iranian official said.
Report says shipping data shows nearly all Iran’s tankers had been registered with Panama.
All commercial ships have to be registered, flagged in a particular country, partly to comply with safety and environmental laws.
A source at Panama’s flag registry said the cancellation, “affects approximately 60 Panama registered ships that are related to Iranian and Syrian owners”.
However, the source did not provide further details.
No less than two other tankers registered to Panama, the Sarak and the Sobar, that were not previously considered part of Tehran’s fleet, have been re-flagged to Iran this year.
The owners of the vessels, who were listed in the British Virgin Islands, could not be contacted.
Altogether, over 20 other tankers in Iran’s fleet have been re flagged to Iran this year. (Reuters
