A Chinese shipyard has delivered the first of twelve VLCCs to Tehran, increasing its Asian distribution capacity.
Waigaoqiao Shipbuiling announced the first successful delivery of a 318,000 ton “Panda”, a very large crude carrier (VLCC in the Persian gulf. The new supertanker is the first of a dozen purchased by the oil-rich nation, who are looking increasingly to Asia for distribution. The “Panda” will soon be joined by the “Souveneir”, which is currently undergoing sea trials.
Western sanctions on Iran make it unclear exactly how the tankers will be insured, although a Singapore-based oil executive was convinced “Iran has found a way”, by offering up to $1 billion of insurance for its four largest customers: South Korea, China, India and Japan.
The 12-strong fleet of VLCCs, built by two separate shipping Chinese shipping yards, will have a cumulative capacity of 24 million barrels of crude and will be a sizeable addition to the National Iranian Tanker Company's existing fleet of 39 ships. Industry sources say the company has already cleared two thirds of its $600 million bill.