The world's largest super tanker fleet is poised to make serious moves

Iran oil tankerReuters/Tim ChongIran’s oil reserves are the fourth-largest in the world.

Iran’s largest oil shipping company, NITC, has reportedly “amassed the world’s largest fleet of super tankers,” according to the Wall Street Journal.

The company reportedly has 42 VLCCs — or “very large crude carriers.”

“No other company in the world owns that number of VLCCs,” Captain Nasrollah Sardashti, NITC’s commercial director, told the Journal.

Furthermore, if the nuclear deal passes, NITC wants to play nice with Europe again after US and European sanctions cut Tehran’s exports in half since 2012.

“Ali Akbar Safaei, the managing director of the NITC, said in an interview that the company is in talks with insurance companies that are part of London’s International Group of P&I Clubs — a form of oil-shipping insurance coverage that pools insurers’ resources to cover high risks — as the company seeks to speed up its return to Europe,” according to the WSJ.

“All conditions are there to call at European ports” after sanctions are lifted, Safaei told the Journal.

Kerry lavrov iran tlaksREUTERS/Carlos BarriaU.S. Secretary of State John Kerry (3rd L), British Foreign Secretary Philip Hammond (2nd R) and Russian Foreign Minister Sergey Lavrov (R) meet with foreign ministers from China, Germany and France at a hotel in Vienna, Austria July 6, 2015.

The nuclear deal deadline is in sight — with the official deadline on Tuesday, July 7, although the White House wants a deal by June 9 at the latest.

However, there are still hurdles to a permanent agreement.

On Sunday, Secretary of State John Kerry dampened the mood, nothing that although progress has been made, “we are not yet where we need to be on several of the most difficult issues.”

“We’re not going to shave anywhere at the margins in order to get an agreement,” he added. “This is something that the world will analyse, experts everywhere will look at. None of us are going to be content to do something that can’t pass scrutiny.”

To get all the details on the super tankers, head to the Wall Street Journal >

NOW WATCH: 11 facts that show how different China is from the rest of the world

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at