Bloomberg News

Indian Oil Charters Tanker to Ship Iranian Crude in Early March

February 24, 2012

Feb. 23 (Bloomberg) -- Indian Oil Co. hired a vessel to ship crude from Iran less than a week after loading another tanker in the Persian Gulf state, which is seeking to extend sales to Asian customers while reducing supply to Europe.

India’s largest refiner yesterday booked the Mykonos Warrior to carry 130,000 metric tons from Kharg Island on March 9 for delivery to Mundra on India’s west coast, according to shipbrokers including Poten & Partners Inc. The Liberia-flagged vessel, classed as a Long-Range 2 tanker, is currently under way in the Indian Ocean, transmissions captured by AISLive on Bloomberg show.

Ajit Pathak, a New Delhi-based spokesman for Indian Oil, didn’t answer two calls to his mobile phone today seeking comment. The fixture is provisional and subject to change or cancellation. The company on Feb. 18 loaded crude on the Maharaja Agrasen from the same Iranian port for delivery to Mumbai, according to a unit of Clarkson Plc, the world’s biggest shipbroker.

Iran, the second-largest producer in the Organization of Petroleum Exporting Countries, on Feb. 19 said it halted crude sales to customers in France and the U.K. The move preempts a European Union embargo planned to start July 1 to protest Iran’s nuclear program. The country pumped an average 3.55 million barrels a day of oil in January, based on a Bloomberg survey of producers and analysts.

Iran exported 59 percent of its crude to China, Japan, India and South Korea in the first half of 2011, according to the latest available data from the U.S. Energy Department. France took 2 percent of Iran’s shipments and the U.K. purchased less than 1 percent.

The following table shows tankers scheduled to load crude and oil products from Iran reported so far this month, according to shipbroker reports and data compiled by Bloomberg. Volumes are in thousand tons. Some bookings are provisional:

--With assistance from Pratish Narayanan in Mumbai. Editors: Paul Gordon, Mike Anderson

To contact the reporter on this story: Yee Kai Pin in Singapore at kyee13@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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