Bloomberg News

Iran Seen Drawing Fewest Tankers Since October as Sanctions Loom

June 08, 2012

The fewest supertankers in at least eight months were headed for Iran as the deadline neared for a Europe Union embargo against the nation’s oil, ship-tracking data showed.

The Daylam, owned by Tehran-based NITC Co., was the only very large crude carrier signaling a future destination in Iran, according to IHS Inc. data compiled by Bloomberg. That’s the fewest ships since at least October, based on a weekly snapshot of the global fleet’s movements. The latest signals from 23 NITC tankers are more than a week old, data showed.

International tanker owners are avoiding Iran because carrying the country’s crude will cause them to lose insurance under EU sanctions taking full effect July 1. Iran is under pressure to stop a nuclear program that the U.S. and Europe suspect involves weapons development and will export 1.2 million barrels a day starting next month, down from 2.2 million last year, Barclays Plc estimates.

The following table shows the destinations and combined carrying capacity in deadweight tons of 419 VLCCs, out of a global fleet of 566, according to data compiled by Bloomberg. Average drafts are expressed as a percentage of maximum sailing depth and are an indication of cargo size. Each country’s percentage share of total oil shipments is shown for the current and previous weeks.

Destination          Capacity     Draft    Share      Last Share
                                           (June 8)   (June 1)
United Arab Emirates 24,743,829   54       19.4       18.9
China                15,419,723   89       12.1       12.4
Singapore            12,500,556   65       9.8        11.8
United States        9,844,885    94       7.7        6.8
Japan                9,122,785    86       7.2        6.6
South Korea          7,894,782    90       6.2        6.5
Saudi Arabia         7,342,083    51       5.8        4.3
Angola               6,107,753    55       4.8        4.8
India                3,342,335    94       2.6        3.1
Qatar                2,449,772    67       1.9        1.4
Taiwan               2,345,309    88       1.8        1.9
Kuwait               1,852,051    55       1.5        1.7
Iraq                 1,820,931    50       1.4        1.9
Egypt                1,820,830    96       1.4        1.6
Nigeria              1,487,321    50       1.2        0.7
Netherlands          1,244,820    93       1.0        1.2
Venezuela            935,586      49       0.7        0.7
Thailand             916,385      87       0.7        1.2
Indonesia            899,159      93       0.7        0.0
Brazil               607,869      77       0.5        0.5
Malaysia             309,327      92       0.2        0.4
Oman                 302,550      52       0.2        1.2
Iran                 299,500      50       0.2        1.7
Other                13,726,617   65       11.0       8.7
Total                127,336,758

To contact the reporter on this story: Isaac Arnsdorf in London at iarnsdorf@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net


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