Geneva-headquartered Vitol, one of the world’s largest traders in oil and oil products in terms of volumes, has fixed three vessels to load Iranian condensate, sources said.
The recent removal of sanctions on Iran has resulted in international companies rushing to trade in Iranian petroleum with the latest being Vitol, which has bought at least three such cargoes for prompt loading, they said.
Sources at Vitol would not comment on the matter.
Among the fixtures heard, the Dynacom-controlled Long Range 1 tanker Maistros has been placed on subjects by Vitol at $350,000 to move a clean condensate cargo for early February loading on the Iran-UAE route, sources said, adding more such demand was expected in the next few weeks.
Vitol has also chartered two Medium Range tankers to move clean condensate from Iran. MR tankers typically move cargoes of up to 45,000 mt while LR1s load up to 65,000 mt.
The condensate loading from Iran was expected to be done at Assaluyeh or the neighboring Bandar Taheri port, market sources said.
The Asian clean LR tanker market has taken a big hit this year due to ample supply of ships and a lack of demand, pushing rates to new lows almost on a daily basis.
Owners have been hopeful of a turnaround as fresh demand comes in to move cargoes into and from Iran, with sources saying there was the potential for Iran to import gasoil.