Hossein Shiva, CEO of National Iranian Tanker Company (NITC) says Iran has entrusted domestic shipyards with repairs to “24 tankers and submarines” in anticipation of an easing of sanctions and a rise in oil exports. NITC has a fleet of 61 vessels. Only 54 are active, and of which 38 are VLCCs, according to data intelligence firm Kpler. Most of NITC’s fleet is currently used as floating storage, which Petroleum Minister Javad Owji says stands at 65-68mn barrels.

NITC has also contracted Iran Shipbuilding and Offshore Industries Complex to build a new 113,000 DWT (850,000-barrel) Aframax. Despite the firm having no experience in building such vessels, NITC has called on the vessel to be duel fuel, with the capacity to run on either LNG or IMO-compliant fuel oil. No pressure. (CONTINUED - 127 WORDS)