Iran orders a dozen

The National Iranian Tanker Co (NITC) confirmed it will order 12 VLCCs in China on the strength of guarantees from China’s export-import bank. Brokers reportedly claim that NITC will build six vessels at Shanghai Waigaoqiao Shipbuilding and six at a second yard that has not been identified, but is probably Dalian Shipbuilding Industry Co.

It was reported earlier that aggressive marketing of Chinese shipping loans was encouraging foreign owners looking to place newbuilding orders. NITC has been in lengthy talks about the 320,000-dwt units and, while the exact size of the VLCCs in not known, brokers are saying they are priced at $100m each, with financing from the Export-Import Bank of China a key component.

The earlier report said NITC would not order vessels directly but get a Chinese owner to do so and then charter the ships long term with purchase options. It was not clear from broker sources how this issue would develop.