Waigaoqiao Shipbuilding

"The very large crude carrier (VLCC) left Waigaoqiao Shipbuilding on Sept. 18. It was initially due to sail to Iranin May, but the sanctions delayed its delivery... Under a $1.2 billion contract, Waigaoqiao Shipbuilding Co Ltd, a unit of China CSSC Holdings Ltd, and Dalian Shipbuilding Industry Co. Ltd plan to deliver 12 supertankers by the end of 2013 to NITC, which would boost the capacity of its fleet by nearly 40 percent to around 86 million barrels." (Reuters, "China delivers first of new Iranian oil tankers," 9/27/2012) (http://articles.chicagotribune.com/2012-09-27/news/sns-rt-iran-tankersl4e8kr48x-20120927_1_national-iranian-tanker-nitc-islamic-revolutionary-guard)

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"An Iranian oil shipper's $100 million tanker, on order from China, is nearly ready to sail the high seas. But it's turning out to be a mystery ship.

Until now, the company had been spared by the restrictions. But political and legal pressure from governments and groups such as New York-based United Against Nuclear Iran is building for companies to cut their links to the tanker company."  (Wall Street Journal, "Mystery Ship Underlines Pain Tehran Faces Over Sanctions," 6/21/12) (http://professional.wsj.com/article/SB10001424052702303768104577460573094746402.html?mg=reno64-wsj)

The National Iranian Tanker Co., a private company that records show ordered the tanker three years ago for its fleet, has acknowledged it ordered the ship but is now trying to distance itself from its ownership. The ship's Chinese state-owned builder, Shanghai Waigaoqiao Shipbuilding Co., dismisses any link with Iran or NITC.

Waigaoqiao is a unit of China Shipbuilding Industry Co Ltd (China CSSC Holdings Ltd). (http://www.unitedagainstnucleariran.com/company/china-cssc-holdings-ltd)

"NITC ordered the 12 vessels to be built at Waigaoqiao Shipbuilding Co Ltd, a China CSSC Holdings Ltd unit based in financial hub Shanghai, and Dalian Shipbuilding Industry Co. Ltd, based in the northeastern port of Dalian." (Reuters, "Iran to expand oil tanker fleet ahead of sanctions," 4/13/2012) (http://uk.reuters.com/article/2012/04/13/uk-iran-china-idUKBRE83C0FY20120413)

The fog around the new tanker shows the high level of secrecy companies are imposing on their business with Iran these days—especially in the oil sector—in the face of heightened pressure to squeeze Iran economically...The sanctions have scared away many foreign oil shippers, leaving Tehran increasingly reliant on NITC to export the country's economic lifeblood.