Iran's Oil Tanker Company Prepares to Return to Western Waters

The Wall Street Journal, citing senior government officials, reports that Iran's oil tanker company is preparing to return to Western waters by providing the "largest fleet of supertankers" in anticipation of a final nuclear agreement between Iran and global powers. The National Iranian Tanker Company (NITC), which had previously made efforts to lift European Union sanctions, states it is in talks with British insurers. According to the Wall Street Journal, this major Iranian company has acquired 42 supertankers (VLCCs) after purchasing 20 vessels from China over the past two and a half years. Each supertanker can carry up to two million barrels of oil. This is described as the "first time" that the National Iranian Tanker Company has announced the size of its supertanker fleet. The increase in this fleet comes at a time when Iran faces sanctions against maritime insurers. When the European Union reimposed these sanctions during the nuclear negotiations at the beginning of Hassan Rouhani's administration, Iran's foreign minister stated, "These sanctions [against the National Iranian Tanker Company] are not new; they are a repetition of previous sanctions that require a legal move, and our friends go to court and obtain a ruling, and based on the court's ruling, they resolve technical problems and respond to the court; therefore, it cannot be said legally that the Geneva agreement has been violated." Now, with the report published by the Wall Street Journal, it seems that officials from the National Iranian Tanker Company are preparing to return to Western waters. Ali Akbar Safaei, the CEO of the National Iranian Tanker Company, stated, "We have resumed our relations with [the European Union]... all conditions are ready for our return to European ports [if a final agreement is reached]." He also mentioned contacting rating agencies, maritime transport, and financial companies. Mr. Safaei said the National Iranian Tanker Company is in discussions with insurance companies in Britain to expedite the process of returning to European ports. However, published reports indicate that with 42 supertankers, this company has effectively become a competitor-free entity. Although this fleet has not yet been officially seen, an analyst in London believes that the National Iranian Tanker Company has access to this number of large vessels. In this regard, the Saudi National Oil Company, which was previously considered unrivaled, now has fewer of these giant ships with only 31 supertankers. In this context, Iran has stored "30 million barrels of oil" in the waters of the Persian Gulf, and Iran's oil exports have reached "the highest level since sanctions." India is on standby to settle its oil debts to Iran.