• 4 minutes Get First Access To The Oilprice App!
  • 7 minutes Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 3 hours Is Natural Gas Renewable? I say yes it is.
  • 11 hours Oceans "Under Fire" Of Plastic Trash
  • 4 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 4 hours Making Fun of EV Owners: ICE-ing Trend?
  • 3 hours Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 2 hours Renewables in US Set for Fast Growth
  • 13 hours Algorithms Taking Over Oil Fields
  • 9 mins Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 16 hours Europe Slipping into Recession?
  • 3 hours Socialists want to exorcise the O&G demon by 2030
  • 20 hours Nuclear Power Can Be Green – But At A Price
  • 10 hours Orphan Wells
  • 18 hours UK, Stay in EU, Says Tusk
Israel Aims To Become An Energy Export Hub

Israel Aims To Become An Energy Export Hub

A new sub-sea natural gas…

Global Intelligence Report - 16th January 2019

Global Intelligence Report - 16th January 2019

Plagued by U.S. oil sanctions,…

Iranian Oil Tanker Sinks After Second Explosion

Sanchi tanker

A second explosion on board the Iranian tanker Sanchi, which had been burning for a week, sank the vessel, leaving no hope for any survivors from the 32-strong crew.

The Sanchi carried about a million barrels of Iranian condensate to South Korea and collided with a Chinese freighter carrying American wheat on January 6th near Shanghai. The vessel’s cargo is worth around US$60 million at current crude oil prices. The cause of the collision remains unclear, but the rescue teams have recovered the tanker’s voice data recorder, which could shed some light on the collision.

Rescue efforts involved Chinese, Korean, Japanese, and U.S. crews, but their efforts were hampered by bad weather conditions.

Now, according to Chinese government authorities, three bodies of crew members have been recovered from the sea, and there is a 3.8-square-mile area contaminated with condensate that spilled from the burning tanker. Yet there is no huge concern about the environment as condensate evaporates easily. On the other hand, it is also highly flammable.

The company that bought the condensate is South Korean Hanwa Total Petrochemical, a joint venture between South Korean Hanwa General Chemicals and French Total. At the moment, it is trying to find a replacement for the lost cargo. A spokesman told Reuters that there are three alternatives: Hanwa can use condensate it has in stock, order another cargo from Iran, or approach Qatar as an alternative supplier.

The owner of the tanker is the National Iranian Tanker Company, which says it has the largest tanker fleet in the Middle East. The Associated Press recalls that this is the second collision involving a NITC tanker in 18 months. The first one occurred in August 2016, when a tanker collided with a Swiss container ship in the Singapore Strait. However, that accident was much smaller, causing no injury to crew members or oil spills.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News