Iran seeking more ships to keep oil exports going

Iran is reportedly scouring the world for used tankers to replace its elderly fleet. Panama has withdrawn at least 21 Iranian oil vessels from its records and Iran is looking for ships in nations such as Vietnam, according to reports. Oil exports comprise about 70% of Iranian revenues, meaning that it is essential for the country to maintain an efficient fleet of oil tankers. However, potential sellers of used ships have become more cautious after a Greek network that helped Iran to buy oil tankers was blocked under earlier sanctions.

Iran produces about 2.8m bpd, equal to about 9% of OPEC’s production.