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Iran oil tanker signals for Daesan as Korea continues importing

Bloomberg

By Yee Kai Pin

An Iranian supertanker is sailing for South Korea’s Daesan port, indicating the Asian country will probably continue to import oil from the Islamic nation after stopping in August and September.

The Motion, a very large crude carrier that can carry 2 million barrels, left the Persian Gulf port of Kharg Island yesterday and is signaling for Daesan on South Korea’s west coast, according to transmissions captured by IHS Inc. (IHS) on Bloomberg. National Iranian Tanker Co. owns the vessel. Hyundai Oilbank Co. operates a 395,000 barrel-a-day refinery in Daesan.

South Korea halted crude purchases from Iran for two months after its refiners lost insurance coverage on ships because of sanctions over the Islamic republic’s nuclear program. Iran responded by using state-owned tankers to carry cargoes. SK Innovation Co. took delivery of an oil shipment on Oct. 2 in Ulsan, Yoo Jung Min, a spokesman at South Korea’s largest refiner, said last month.

The Marigold, previously known as the Brawny, discharged a separate cargo in South Korea around Oct. 28, ship transmissions show. The VLCC took about 24 days to sail from Kharg Island to Daesan.

South Korea imports almost all its crude requirements.