Before the EU adopted sanctions on Iran in July this year, Suezmax super tankers were in dire straits.
Previously there were too many tankships in operation and not enough demand for transport through the Suez Canal on to Mediterranean ports feeding European markets, reports 'The Christian Science Monitor'.
Now that Iran’s own exports have dropped by at least half in the face of European sanctions, the concomitant increase in production by Saudi Arabia and Iraq has reignited demand for the tankers and their transport route via the Suez Canal.
The bottom line is that refineries previously supplied by Iran on the Mediterranean prefer to accept cargoes from elsewhere shipped via Suezmax tankers.
Source: The Christian Science Monitor
