Iran’s currency is now on the brink of collapse vis a vie the US dollar, due to heavy economic sanctions. In response to these sanctions Iran is selling its oil for a basket on international currencies aith a strong Chinese Yuan focus. meanwhile the Yuah is rising rapidly against the dollar which means that Iran will save itself from dependency on the dollar and joing ever more closely with China.
This is a major step which would lead the whole world away from the inflated virtually worthless dollar, and necessitates a US attack on Syria / Iran to save the dollar.
“The first of Iran’s VLCCs is on its way to Iran. It is unclear how the tanker is being insured in light of the Western sanctions, but I’m sure Iran has found a way,” said a Singapore-based oil shipping executive who declined to be named as he was not authorized to talk to the media.
Seven more VLCCs are scheduled for delivery by the end of this year, with the remaining four being built in 2013, giving Iran greater flexibility to store and transport its oil.
The 12 new VLCCs, together capable of transporting 24 million barrels of crude, will significantly expand the National Iranian Tanker Company (NITC)’s fleet of 39 ships.
The 12 vessels were commissioned at Waigaoqiao Shipbuilding Co. Ltd, a unit of China CSSC Holdings Ltd based in financial hub Shanghai, and Dalian Shipbuilding Industry Co. Ltd, based in Northeastern port Dalian.
The very large crude carrier (VLCC) left Waigaoqiao Shipbuilding on September 18, Business Recorder reported, adding that the vessel was initially due to sail to Iran in May, but the sanctions delayed its delivery. A second vessel, the Souvenir, is conducting sea trials in China, but it is unclear when it would begin commercial operations.
A Chinese shipyard delivered the first one of 12 supertankers to Iran, giving Tehran extra capacity to transport its oil to Asia.
Industry sources said the arrival of the 318,000 deadweight ton “Panda” in the Persian Gulf in early October will help Iran expand its fleet, which is now very busy with carrying Iranian crude supplies to various destinations across the globe, specially in Asia.