National Iranian Tanker Company Sees Fleet Growth and Modernization

The National Iranian Tanker Company has been making waves in the shipping industry with its impressive fleet growth and modernization efforts. The company's fleet has expanded significantly in recent years, with a notable increase in the number of tankers.

This growth can be attributed to the company's strategic investments in new vessels. The NITC has ordered several new tankers from reputable shipbuilders, which are expected to be delivered in the coming years.

The company's modernization efforts are not limited to just adding new vessels to its fleet. The NITC has also been working to upgrade its existing tankers, equipping them with advanced navigation and safety systems.

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Tanker Operations are a crucial part of National Iranian Tanker Company's business, with a fleet of over 70 tankers.

These tankers transport oil and petroleum products across the globe, with a capacity of up to 300,000 deadweight tons.

The company's tankers are equipped with advanced navigation and communication systems, ensuring safe and efficient transportation of cargo.

National Iranian Tanker Company has a strong focus on safety, with a zero-tolerance policy for accidents and a rigorous maintenance program in place.

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Tankers carrying about 1.22 million barrels of Iranian crude and 2 million barrels of condensate are scheduled to discharge at Venezuela's Jose terminal in the coming days.

Venezuela relies on Iran for a large portion of the diluents that PDVSA uses to convert its heavy oil to exportable grades.

Iranian crude is being refined in Venezuela to produce motor fuels.

One of the tankers that arrived in Venezuelan waters this month is the Iran-flagged very large crude carrier (VLCC) Huge, operated by National Iranian Tanker Company (NITC).

The Huge is the first of several tankers carrying Iranian crude and condensate that will discharge at Venezuela's Jose terminal in the coming days.

Iranian tankers are now free to enter international ports, thanks to the removal of restrictions on their insurance.

This means that Iranian tankers can now berth at any oil terminal in the world.

The removal of insurance restrictions has been a game-changer for Iranian tankers, allowing them to trade freely on the international market.

Iranian tankers are being used to transport condensate to Venezuela as part of a swap deal between PDVSA and the National Iranian Oil Company (NIOC).

This deal has proven to be key for sustaining Venezuela's oil output, which needs diluents including condensate for transportation and exports.

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Iranian tankers are now free to enter international ports, a major breakthrough in the industry. This is due to the removal of restrictions on their insurance, allowing them to berth at all ports without issue.

With international insurance institutes expanding their coverage to Iranian vessels, NITC's CEO Ali Akbar Safaee has stated that all tankers under Iran's ownership, as well as foreign tankers entering Iran's ports, will no longer have problems with insurance.

Iranian tankers can now travel under the license of British Lloyds international classification institution, a significant step towards regaining access to European markets.

According to NITC's revenues, 51% came from Europe, 26% from Asia, 15% from Africa, and 8% from other parts of the world in the last Iranian year.

Iran pumps about 4mn barrels per day to world markets, with roughly 60% bound for Asia and the remaining headed to Europe.

Here's a breakdown of NITC's revenue distribution:

Iran has 42 very large crude carriers or VLCCs, each able to carry 2 million barrels of oil, as of 2015.

The National Iranian Tanker Company (NITC) has been quite active in the trade and charter deal scene since the lifting of economic sanctions two years ago.

NITC has signed over 200 leasing contracts for its vessels, with foreign companies like Total, Royal Dutch Shell, and Vitol making deals with the company.

NITC's CEO Sirous Kianersi reported that the company signed 215 time-charter and single-voyage deals with foreign companies from January 2016 until the end of last month.

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A 2.1 million barrel cargo of Iranian condensate arrived in Venezuela's waters this week, ferrying supplies to state-run oil firm PDVSA to dilute its extra heavy oil for export.

The cargo was carried by the Iranian-flagged very large crude carrier (VLCC) Dan, operated by state-owned National Iranian Tanker Company (NITC), which entered Venezuelan Jose port's anchorage on Tuesday.

PDVSA and state-run National Iranian Oil Company (NIOC) started a swap deal in the second half of last year to exchange Iranian condensate for PDVSA's heavy crude, which has proven to be key for sustaining Venezuela's oil output.

This swap deal has allowed Venezuela to transport and export its oil more efficiently, as condensate is a diluent that helps to convert heavy oil into exportable grades.

A total of 4.82 million barrels of condensate were exchanged for 5.55 million barrels of heavy crude last year, mostly transported in Iran-flagged vessels.

Tankers carrying about 1.22 million barrels of Iranian crude and 2 million barrels of condensate are scheduled to discharge at Venezuela's Jose terminal in the coming days, according to a document from state oil company PDVSA.

The Iranian-flagged very large crude carrier (VLCC) Huge, operated by National Iranian Tanker Company (NITC), is one of the tankers scheduled to discharge cargo at Venezuela's Jose terminal.

The National Iranian Tanker Company (NITC) has signed over 200 leasing contracts for its vessels since the lifting of Western-imposed economic sanctions two years ago.

NITC signed agreements with major international companies like Total, Royal Dutch Shell, and Vitol, among others, for time-charter and single-voyage deals.

These deals were signed from January 2016 until the end of last month, according to Iran Tanker Company's Chief Executive Officer Sirous Kianersi.

The lifting of sanctions has opened up new opportunities for Iranian tankers to operate globally, with many foreign companies now able to charter NITC vessels.

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Iran plans to list its national tanker company, the National Iranian Tanker Company (NITC), to raise badly needed cash to upgrade its massive fleet and replace older vessels.

The country has one of the world's biggest tanker fleets, but many of the ships are ageing and require valid insurance. This is a major challenge for the NITC, which operates a large number of tankers.

The NITC currently operates 46 tankers, with an annual capacity of 10.6 million tons. This is expected to increase to 12.5 million tons by the end of the year.

Iran is seeking $2.5 billion investment to modernise its oil tankers fleet following the lifting of sanctions against Tehran. This investment will help the NITC expand its oil tanker activities.

Here's a brief overview of the NITC's current fleet:

The NITC's plans to list its company and raise $2.5 billion will be a significant step towards modernizing its fleet and competing with other major shipping companies.

In May 2018, China shifted its petroleum cargo to ships owned by the National Iranian Tanker Company (NITC) to maintain or even increase its imports from Iran.

The US had re-imposed sanctions against Iran after the US withdrawal from the JCPOA, which left a significant gap in insurance coverage for these shipments worth $1.5 billion a month.

Iran likely covered all the costs and risks, including insurance, for the delivery of the crude through a business clause in their long term supply agreement with the National Iranian Oil Company (NIOC).

Zhuhai Zhenrong Corp and Sinopec Group activated this clause, which helped to facilitate the continued import of Iranian crude despite the US sanctions.

The National Iranian Tanker Company (NITC) operates a massive fleet of tankers, with 46 ships as of January 2011. This includes 28 Very Large Crude Carriers (VLCC), nine Suezmax, and five Aframax tankers.

NITC's fleet is expected to increase to 74 ships by 2013, with 50 VLCCs, up from 28 in 2010. The company's annual capacity is also expected to increase to 12.5 million tons by the end of 2011.

NITC has a huge project for replacing tankers, including the construction and purchase of 25 tankers with a total capacity of 6 million tons. This expansion will help the company meet its goal of becoming one of the world's leading tanker operators.

The damaged Iranian tanker, Sabiti, has entered Iranian territorial waters.

It will dock at Kharg Island in two days, according to the National Iranian Tanker Company.

Iranian President Hassan Rouhani said the tanker was hit by at least two rockets.

There is video footage of the incident, but no independent report on the cause of the damage has been made.

Iran's rival Saudi Arabia has denied any involvement in the attack on the tanker.

The National Iranian Tanker Company (NITC) operates a massive fleet of tankers. As of 2010, the company had 28 Very Large Crude Carriers (VLCC), nine Suezmax, and five Aframax tankers.

The NITC also owns three chemical vessels and a liquefied petroleum gas (LPG) carrier. By 2011, the company had 46 tankers with an annual capacity of 10.6 million tons, which was expected to increase to 12.5 million tons by the end of the year.

NITC's fleet has undergone significant changes over the years. As of 2012, the company had 40 tankers with capacities ranging from 100,000 to 300,000 tons.

Here's a breakdown of NITC's fleet capacity:

NITC's fleet is expected to grow even further, with plans to add 25 new tankers with a total capacity of 6 million tons. By 2013, the company aims to have 74 ships of all sizes, including VLCCs and smaller vessels.

Iran's Oil and Gas Entities are a crucial part of the country's economy, with the National Iranian Tanker Company playing a significant role in this sector.

The National Iranian Oil Company (NIOC) is the largest oil company in Iran, responsible for the country's oil and gas production, transportation, and export. It was established in 1951 and is headquartered in Tehran.

Iran's oil and gas industry is dominated by a few major entities, including the NIOC, the National Iranian Gas Company (NIGC), and the National Iranian Tanker Company (NITC).

Iran's oil and gas entities have been making headlines with their recent deals with Venezuela. An Iranian supertanker carrying about 2 million barrels of condensate began discharging at Venezuelan state-run oil company PDVSA's main oil port.

PDVSA and state-run National Iranian Oil Company (NIOC) started a swap deal to exchange Iranian condensate for PDVSA's heavy crude. This deal has proven to be key for sustaining Venezuela's oil output, which needs diluents including condensate for transportation and exports.

The two state companies exchanged some 4.82 million barrels of condensate for 5.55 million barrels of heavy crude last year. This exchange was mostly transported in Iran-flagged vessels.

Iranian crude and condensate are being used to sustain Venezuela's oil output. Tankers carrying about 1.22 million barrels of Iranian crude and 2 million barrels of condensate are scheduled to discharge at Venezuela's Jose terminal in the coming days.

Iran's National Iranian Tanker Company (NITC) operates the Iranian-flagged VLCC Dan, which carried 2.1 million barrels of Iranian condensate to Venezuela.

The condensate was traded with Venezuela's state-run oil firm PDVSA in exchange for Venezuelan heavy crude, a key deal to sustain PDVSA's production and expand its exports.

Iran's state-operated tankers have been sending gasoline and feedstock for motor fuel to Venezuela, helping the country restart its oil production.

Iran's National Iranian Oil Company (NIOC) has been affected by US sanctions, which have hit oil exports by state-run firms like NIOC and Petroleos de Venezuela.

Iran has been sending equipment and spare parts to Venezuela to help the country restart its oil production, as part of the swap deal with PDVSA.

Iran's state-run oil firms have been sending flotillas of tankers to Venezuela, providing vital supplies to help the country's oil industry recover.