Tehran-based NITC, fully privatised in 2000, is owned entirely by commercial pension funds. It is one of the world’s leading global tanker operators with a fleet of 46 modern, double-hull vessels totaling some 10.6 millions dwt and trading internationally.
Average age of NITC’s fleet is five years, making it one of the world’s youngest fleets with age varying from 13 years to one month. A further 10 VLCC vessels will be delivered by the end of 2011 to increase the fleet’s overall capacity to 13.8 million dwt.
The current fleet comprises 28 VLCCs , Nine Suez max , five Afra max and three product carriers. In addition, the company will acquire three Caspian max shuttle tankers, two product carriers and 10 more VLCC’s by 2010. NITC has also planned to acquire another 10 LNG and 20 chemical carriers which links to domestic LNG plans. This would then increase the fleet’s overall capacity to 16m dwt.
The company’s excellent safety and quality record has resulted in it becoming a trusted partner to most of the world’s leading oil companies, NITC’s principal clients.
NITC’s new Sharjah office, inaugurated in 2007, carries out technical support for five VLCC’s and facilitates back-up operations including technical, supply, repairs and handling for entire fleets.
Since the fleet modernization program began 13 years ago, the company has never failed a fleet inspection by a major oil company, been detained by Port State Control or suffered a pollution accident.
The company views safety and quality issues as ‘absolute values’ and carries out more inspections than the minimum required by international law.
When constructing its VLCC’s and the other tankers, the company spent around USD 8 million per ship equipping them with systems including extra-powerful main engines, improved redundancy, better environmental protection equipment and on board accommodation to carry more crew and cadets for minimum safe manning/riding squads to carry out maintenance and training.
NITC has an extensive training programme for both shore and ship staff with a training budget exceeding USD 20 million.