TradeWinds: US-Iran deal holds promise for tankers, as ageing NITC fleet remains a sticking point

May 19, 2025 A renewed agreement between Washington and Tehran would boost the amount of oil on the water and push tanker rates upward, but the state of the National Iranian Tanker Co (NITC) fleet could pose a problem: just 12 of its 38 VLCCs are under 15 years old by Clarksons’ count. Poten & Partners’ Erik Broekhuizen said when the last US-Iran deal came into effect in 2016, it took time for the NITC to work out vetting and protection and indemnity issues. “We expect the situation to be similar this time around,” he said. “The NITC fleet is old, not well-maintained and lacks vetting approvals, limiting their trading flexibility. “Modernising their fleet will take time and money, and Iran will likely have many competing priorities for its oil revenues if/when the precious dollars start flowing again.” To read the full article, click here.