TEHRAN- National Iranian Tanker Company (NITC) is looking at options to place its first orders for new very large crude carriers (VLCCs) in post-sanction era, as it plans to renew its existing fleet, the managing director of company has announced.

Sirous Kianersi said that any new contracts would be to replace its current vessels, rather than adding new deadweight tons (dwt), Shana news agency reported.
The official said the new building price is at its lowest and this is the best time to renew the fleet.
Implementation of the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA) in January 2016, has had a key influence on the activity of NITC as the company’s tankers have been moving comfortably in the international waters since the nuclear deal took effect, Shana reported in late May, quoting Kianersi as saying.
Removing problems related to insurance and ranking were some other fruits of JCPOA, he said, adding “NITC is currently shipping the oil produced by some Italian and Spanish companies and is negotiating with Polish refiners in this regard as well.”
The officials also said that NITC has signed 70 deals since the removal of sanctions, for leasing out tankers to large foreign companies.
The deals have been mainly made with European and Asian companies, he added.
NITC, which operates the largest tanker fleet in the Middle East and has the world’s largest fleet of super tankers, transports Iranian crude and also acts as an independent entity in contracts with foreign concerns for crude oil transportation based on prevailing international freight rates. It enjoys a fleet of 65 tankers and gas carriers amounting for a total of 15.5 million dwt capacity.

MA/MG