Iran Ships First Fuel Oil to Singapore Since June

Reuters reported that Iran is shipping close to 2 million barrels of fuel oil to Singapore, the first shipment of its kind since Singapore received exemption from US financial sanctions in late June.

As quoted in the market news:

Although Singapore had been left off the first list of nations exempted from U.S. sanctions, it secured the reprieve after showing a significant dip in oil imports from Tehran.

Shipping data shows the Iranian owned supertanker Leadership, which is set to arrive in Singapore sometime in early October, departed Iranian waters this week.

The Very Large Crude Carrier (VLCC) was one of three supertankers that have been anchored off Iran’s key export facility of Kharg Island, holding fuel oil and waiting for a buyer, an Iran-based shipping source told Reuters.

Click here to read the full Reuters report.