Dynacom Tankers Management Ltd.

“More than 25 European and Asian-owned supertankers are shipping Iranian oil, data seen by Reuters shows, allowing Tehran to ramp up exports much faster than analysts had expected following the lifting of sanctions in January. Iran was struggling as recently as April to find partners to ship its oil, but after an agreement on a temporary insurance fix more than a third of Iran's crude shipments are now being handled by foreign vessels. ‘Charterers are buying cargo from Iran and the rest of the world is OK with that,’ said Odysseus Valatsas, chartering manager at Dynacom Tankers Management. Greek owner Dynacom has fixed three of its supertankers to carry Iranian crude. Some international shipowners remain reluctant to handle Iranian oil, however, due mainly to some U.S. restrictions on Tehran that remain and prohibit any trade in dollars or the involvement of U.S. firms, including banks and reinsurers... The resumption of international shipping of Iranian oil has been made possible by an increase in interim, limited, insurance cover by ‘P&I clubs’ - maritime mutual associations that provide ‘protection and indemnity’ insurance to shippers. The International Group of P&I Clubs, which represents the world's top 13 ship insurers, increased the amount covered by so-called ‘fall-back’ shipping insurance from 70 million to 100 million euros ($113.36 million) in April... Indeed, while the partial lifting of sanctions means foreign tankers can now transport Iranian oil, risks remain because large accidents might not be fully covered. As a result, insurers say many first-tier oil shippers, many of them publicly listed such as Euronav, Teekay Group or Frontline, still shy away from carrying Iranian oil.” (Reuters, “As Iran's oil exports surge, international tankers help ship its fuel,” 6/6/2016) (http://www.reuters.com/article/us-iran-oil-exports-idUSKCN0YR0XU)

"While NITC continues to be the market leader in terms of the number of ships deployed for loading crude from Iran, other companies with ships loading from the country include Dynacom, Delta Tankers, Euronav, Polembros, COSCO, Avin International, Olympic Shipping and Management, New Shipping and Thenamaris, it said." (Platts, "Tankers: Sharp Rise in Iran's Crude Oil Shipments to Europe," March 2017). -- (https://www.platts.com/latest-news/shipping/singapore/tankers-sharp-rise-in-irans-crude-oil-shipments-26674925)

"A Greek oil-tanker owner was asked about transporting Iranian crude, a shipment that’s only just become permissible following an easing of sanctions that hit the Persian Gulf country four years ago. Dynacom Tankers Management Ltd., based in the Athens suburb of Glyfada, has been approached to haul the Persian nation’s crude, said chartering manager Odysseus Valatsas, declining to elaborate. Shipbroker reports compiled by Bloomberg show that Litasco SA and Cia. Espanola de Petroleos SAU both have Iranian cargoes for which they will need vessels next month for westbound shipment." (Bloomberg, “Greek Tanker Owner Asked About Iran Oil as Europe Awaits Influx,” 1/26/2016) (http://www.bloomberg.com/news/articles/2016-01-26/greek-tanker-owner-asked-about-iran-oil-as-europe-awaits-influx)

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