An Iranian tanker carrying crude oil from Iran has changed its journey. It is being told that this ship had left for India with oil, but is now going to China. It is believed that the reason for sudden change of route is due to payment related issues.
The Aframax tanker of this ship is Ping Shun. It was built in the year 2002. America had banned it in the year 2025. It was carrying oil from Iran to Vadinar in Gujarat. If this cargo had reached India, it would have been the country’s first purchase of Iranian crude oil in almost 7 years.
According to ship tracking firm Kpler, it is now sending signals to China’s Dongying instead of Vadinar. However, no confirmation can be denied that the destination shown on the ship’s Automatic Identification System (AIS) transponder is final. This can also be changed during the journey.
Kpler’s lead research analyst Sumit Ritolia says that an Iranian crude ship Ping Shun was on India’s Vadinar route for the last three days. As soon as he came close to reaching India, he removed himself from the India destination. Now he is sending signals to China.
Sumit Ritolia has said that this change in route seems to be related to the tightening of payment terms. The conditions for the seller have been made strict in these rules. Now the credit window for payment has been made between 30 to 60 days. This means that now you will have to pay in less time or immediately.
It is not clear who is the buyer and seller of crude oil?
Apart from this, it is also not clear who was the seller and buyer of crude oil. This development has come at a time when Indian refineries are looking for opportunities to buy some cargoes of Iranian oil at sea. This is happening because America had given a relaxation of 30 days to the restrictions imposed on such purchases. It will end on April 19. With this exemption, other countries were allowed to purchase oil from Iran.
However, payment still remains a challenge. Iran is currently out of SWIFT i.e. Society for Worldwide Interbank Financial Telecommunication. This is a world class banking messaging system. It is used to securely send and receive information related to financial institution transactions.
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