Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Iraq looks to rebuild tanker fleet, eyes crude oil sales on delivered basis

Containers | Dry Freight | Marine Fuels | Tankers

Shipping: Out of the frying pan, into the fire?

Shipping | Marine Fuels

Platts Bunkerworld

Oil | Refined Products | Fuel Oil | Shipping | Dry Freight | Marine Fuels | Tankers

Mediterranean Bunker Fuel Conference, 9th Annual

Agriculture | Grains

US corn planting reaches 88% of the 2020-21 intended area, tops five-year average

Iraq looks to rebuild tanker fleet, eyes crude oil sales on delivered basis

Dubai — After decades without its own vessels, Iraq is looking to rebuild its tanker fleet under the Iraq Oil Tanker Company, paving the way for sales of crude oil on a delivered basis.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

State-owned IOTC has reached a number of agreements with Iraqi shipping company Al-Iraqia Shipping Services & Oil Trading, to help build the fleet and train staff, IOTC general manager Hussein Allawi said Thursday.

Formed in June 2017, AISSOT is a Dubai-based joint venture between IOTC and Arab Maritime Petroleum Transport Company. IOTC owns and manages tankers transporting refined petroleum products. AMPTC is owned by member countries of the Organization of Arab Petroleum Exporting Countries.

"They [AISSOT] are promoting their crude export and own transportation volume, so that more will be handled by their national shipping arm," a shipping executive at a North Asian refiner said.

Currently, the majority of Iraq's crude and oil products are sold on a free on board basis, meaning the seller pays for transportation of the goods.

With its own fleet, Iraq could sell on a delivered basis and manage the shipping of crude to its customers. Other Persian Gulf crude producers supply on an ex-ship basis.

"They plan to expand their fleet by purchasing second-hand vessels and ordering new-building vessels so that they can become a similar size to Bahri and gain CFR export volumes, so that means they will acquire another 40-50 VLCCs," the executive said.

AISSOT has previously said it hoped to become a leading crude oil carrier for OPEC's second-largest producer by acquiring 80 tankers.

It currently has two VLCC tankers, the Baghdad and the Basra, along with two Aframax tankers the Album and the Zirku, shipping sources said.

Saudi Arabia's state-owned shipping company, Bahri, owns the world's largest VLCC fleet with 45 vessels. Iran's National Iranian Tanker Co, is the second largest with 42 VLCCs.

--Adal Mirza,
--Wanda Wang,
--Edited by Daniel Lalor,