UK: Iranian tanker will be released if oil is not bound for Syria

The Iranian supertanker ‘Grace 1’, that was seized by Royal Marines near Gibraltar over suspected breach of EU sanctions earlier in July, could be released if the UK is guaranteed the oil is not bound for Syria, said UK Foreign Secretary, Jeremy Hunt.

On 4 July, the Grace 1 was transiting Gibraltar, fully loaded with crude oil, when it was seized by British Royal Marines on suspicion of heading for Syria’s Banyas refinery, therefore violating EU sanctions against Syria.

Shortly after, on 10...

https://safety4sea.com/uk-iranian-tanker-will-be-released-if-oil-is-not-bound-for-syria/

OPEC+ cuts affect Middle East’s tanker market

OPEC+ cuts affect Middle East’s tanker market
According to Gibson Shipbrokers, OPEC+ announced the expansion of their product cuts for additional nine months until the end of the first quarter of 2020. Yet, the OPEC cuts are a negative development concerning Middle East’s tanker market, mostly affecting VLCCs.

Specifically, according to the report, in Q4 of 2018, almost 68% of all spot VLCC trade originated out of the Middle East Gulf and Red Sea, compared to 14% out of West Africa and nearly 15% out of the US Gulf and Latin America.

Based...

https://safety4sea.com/opec-cuts-affect-middle-easts-tanker-market/

Iranian VLCC at centre of diplomatic storm with the UK set to depart Gibraltar

The crew and the Iranian VLCC arrested in Gibraltar earlier this month are set to depart the British territory on the guarantee that the ship does not head to sanctions-bound Syria. Iran had called the seizure of the an “act of piracy” and vowed to retaliate against British shipping assets in the...

https://splash247.com/iranian-vlcc-at-centre-of-diplomatic-storm-with-the-uk-set-to-depart-gibraltar/

Oman Shipping to buy three more VLCCs

Oman Shipping Company (OSC), part of the Asyad group, is expanding the size of its tanker fleet through the purchase of three new 336m long VLCCs from South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME). Once operational, OSC predicts that the three newbuildings will increase company revenues by around 10 per cent. Long term contracts with international oil majors are already in place for all ships, it adds. Able to hold 300,000 tons of cargo, all of the new ships will also be...

https://www.themaritimestandard.com/oman-shipping-to-buy-three-more-vlccs/

Japan mulls changing its constitution in order to protect oil supplies through Hormuz

Japanese politicians spent Sunday debating whether the country’s Self-Defense Forces (SDF) troops should take part in a US-proposed coalition to safeguard strategic waters near the Strait of Hormuz, something that might require amending the nation’s constitution. The US is pushing for an...

https://splash247.com/japan-mulls-changing-its-constitution-in-order-to-protect-oil-supplies-through-hormuz/