The badly burnt, rusting wreckage of the Sanchi lies on the seabed of the East China Sea. The burning Iranian tanker sank on January 14 this year having collided with a Chinese bulker a week earlier with the loss of all 32 crew becoming one of the worst tanker accidents in recent years.
Despite being on the ocean floor for the past 11 months the NITC suezmax features on the US Treasury Department’s Iranian sanctions list issued yesterday.
The extensive list features the entire NITC fleet as well as assets controlled by Islamic Republic of Iran Shipping Lines (IRISL).
The reimposition of sanctions on Iran – effective yesterday – is viewed by multiple analysts as a boon for the international tanker sector.