Singapore Bunker Player Looking to Load 120,000 Tonnes of Iranian Fuel Oil

by Ship & Bunker News Team
Monday January 25, 2016

Singapore-based trader Kuo Oil, also known as Kuo International Bunkering, is looking to load a total of 120,000 tonnes of fuel oil form Iran within the next few weeks, according to reports citing data from Clarksons.

Kuo itself is understood to have been subject to U.S. trade sanctions that were imposed in 2012, but these were lifted as part of the recent lifting of sanctions against Iran over its nuclear program.

According to the January 20, 2016 report, Kuo was first looking to lift fuel oil from Bandar Abbas for loading between January 29 and 30, with a second loading from Bandar Mahshahr between February 6 and 8.

Even though sanctions against Iran have been lifted, one local player warned that insurance was still a final problematic hurdle.

"Even if Iran's sanctions have been lifted, P&I Club underwriters won't have the ability to load out of Iran until sometime later," a Singapore-based tanker broker was quoted as saying.

Last week Ship & Bunker reported that Iran was cutting its February crude price for European delivery.

Ship & Bunker News Team
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