Lloyd’s Register to resume business in Iran

As the sanctions against Iran are being lifted, the British classification society Lloyd’s Register is readying for a comeback to the country.

Lloyd’s Register said they are able to provide classification services to Iranian controlled tonnage and that the society will be reopening its office in Tehran.

The classification society had provided its services to ships owned by NITC and IRISL until 2012 when sanctions against Iran were introduced.

Lifting of sanctions against Iran will mean that 14.1 million DWT of Iranian tankers would be free to trade globally.

Iran’s tanker fleet is valued today at USD2.7 billion and is currently placed 8th in the world by value. 

NITC, Iran’s largest VLCC owner, is ranked 6th in the world, owning 37 VLCCs worth USD 2.1 billion, according to VesselsValue’s data.

On Monday, Mehr News Agency (MNA) reported that the society has lifted one of its sanctions against Iran thus allowing for the country’s oil tankers to enter the European Union’s oil ports and terminals. 

 

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