Sinking oil prices swell oil tanker revenues

News ID: 3562226 -
TEHRAN, Feb. 21 (MNA) – An NITC official said the drop in global oil process has boosted revenues of Iranian oil tankers by 80 per cent.

Nasrollah Sardashti, Commercial Director of the National Iranian Tanker Company (NITC), has dismissed any probable disruption in the passage of the Iranian oil tankers fleet; “it has been estimated that with the arrival of foreign oil tankers in the country’s terminals, a number of Iranian tankers will cooperate with international oil companies in world markets.”

Sardashti referred to the status of maritime transport of crude oil in view of falling oil process stating “the year 2015 marked one of the most profitable years for international oil tanker companies including NITC.”

“Despite considerable fluctuations in oil prices in 2015, the costs of maritime transport of crude oil have doubled,” maintained the official stressing “the rental income of oil tankers has experienced an 80-percent growth compared with the year 2014.”

He further stressed that oil prices have dropped by about 70 per cent over the past two years; “however, revenues of oil tankers have soared as a result of increased storage of crude.”

In other words, although reductions in oil prices have caused several challenged for crude producers, apparently freight shipping companies have made a substantial profit.

 

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