Middle East

NITC adding to fleet to counter sanctions

Dubai: As sanctions bite it is becoming increasingly important for Iran to bolster its own oil supply chains. A Reuters report out this week, citing information from IHS Maritime, showed National Iranian Tanker Company has added a total of seven VLCCs to its fleet this year as shipping lines from elsewhere increasingly shun the Islamic Republic for fear of being caught up in the Western imposed sanctions. NITC has been building VLCCs in China for a long time, indeed it was the first foreign owner to take a VLCC export newbuild from China around a decade ago.  [08/08/13]

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