National Iranian Tanker Company (NITC) has halved the cost of operating its fleet of 25 oil tankers during the past ten years. Chairman and managing director of NITC Mohamad Souri says the savings have come through professional management and uncompromising priority on quality ships, and claims it is better to have a well-run operation than a big fleet.
The Pars field on the border between Iran and Qatar is the worlds largest gas field. NITC is engaged in studies of possible export of LNG from this field to Korea. The project, which includes a joint venture with Korean companies, indicates a need for more than ten LNG tankers. Development of the Pars field has a time window of 5 years.
How quality pays off
Another project that might initiate newbuildings for NITC is the need for larger oil tankers in the Caspian Sea. Plans are under way for a pipeline from the Caspian Sea to Teheran. To carry oil from suppliers in Kazakstan and Turkmenistan, the present small tankers of 4-5,000 dwt need to be replaced by nine 50,000 dwt tankers. Including necessary upgrading of Caspian yards and the construction of five single-point mooring facilities, this project is presently underway and will need another four years to materialise, says Souri.
Quality speaks for itself, he continues, Even with a young fleet, quality of operations is vital. The ISM Code and the new STCW standards have helped, but there is still room for improvement. A friendly relationship with mutual understanding of class requirements and customer needs has made DNV an important safety net in NITCs operations. We want class to look deep into our ships and our operations and to supervise on quality and safety matters.
New tankers in demand
Souri thinks there will be no problem introducing the new tankers into the market. Modern tonnage will be in demand, he says. Throughout this year, the tanker market will be low. NITC plans to sell three VLCCs for scrapping, and others will follow. Today the western countries have oil reserves for close to 100 days. OPEC will maintain low oil production until the reserves are reduced to 30 days. Then production will gradually increase, improving the tanker market.