Showing posts with label Advantage Sweet. Show all posts
Showing posts with label Advantage Sweet. Show all posts

Saturday, 11 May 2024

Chevron denied claim for Iranian oil

Three insurance companies have rejected Chevron's claim over the seizure last year of an oil cargo by Iran, according to a complaint filed on Tuesday in a US court in California.

The Chevron-chartered tanker Advantage Sweet was boarded by Iranian military, opens new tab in the Gulf of Oman in April 2023 and its crude oil cargo confiscated and later transferred to an Iranian vessel.

Zurich American Insurance, Liberty Mutual Insurance and Great American Insurance asked a US District Court in San Francisco to uphold their rejection of Chevron's $57 million claim under both marine cargo and war risks policies the company held.

The seizure of the crude oil and its later expropriation by Iran do not constitute 'warlike operations,' the companies said of their denial of war risks coverage. Chevron's marine cargo policy also did not cover a seizure or confiscation, they told the court.

A Chevron spokesperson said the company contests the denial of insurance coverage.

"The military seizure by the Islamic Republic of Iran of the Advantage Sweet in international waters with Chevron's cargo aboard was a hostile act plainly covered by our insurance policies. We look forward to proving this in court," said Chevron spokesperson Christine Dobbyn.

Chevron chartered the Advantage Sweet to transport crude oil to Houston from the Neutral Zone area shared by Saudi Arabia and Kuwait, the complaint said. Chevron has oil production operations in the zone.

"Iranian Navy commandos boarded the Advantage Sweet while the vessel was in international waters in the Gulf of Oman on or about April 27, 2023 and seized control of the vessel and its cargo of crude oil," according to the complaint.

 

Thursday, 27 April 2023

Iran seizes oil tanker in Gulf of Oman

Iran seized a Marshall Islands-flagged oil tanker in the Gulf of Oman in international waters on Thursday, the US Navy said, the latest in a series of seizures or attacks on commercial vessels in sensitive Gulf waters since 2019.

Iran's army said it had seized a Marshall Islands-flagged oil tanker in the Gulf of Oman after it collided with an Iranian boat, injuring several crewmen, Iranian state media reported.

"Two members of the boat's crew are missing and several were injured due to the collision of the ship with the boat," an army statement said.

The US Navy identified the vessel as the Advantage Sweet. According to Refinitiv ship tracking data, it is a Suezmax crude tanker that had been chartered by oil major Chevron and had last docked in Kuwait.

Chevron said it is aware of the situation involving the Advantage Sweet and is in contact with the vessel operator with the hope of resolving this situation as soon as possible, a spokesperson said.

The vessel's destination was listed as the US Gulf of Mexico port of Houston, ship tracking data showed.

The Marshall Islands Maritime Administrator said it was aware of the situation and was in communication with the vessel's owner/operator.

"Iran's continued harassment of vessels and interference with navigational rights in regional waters are a threat to maritime security and the global economy," the US Navy said, adding Iran has in the past two years unlawfully seized at least five commercial vessels in the Middle East.

The US Navy added that after sending a P-8 Poseidon maritime patrol aircraft to monitor the situation, "we have since been able to determine the IRIN (Iranian navy) conducted the seizure".

About a fifth of the world's crude oil and oil products passes through the Strait of Hormuz, a narrow choke point between Iran and Oman which the Advantage Sweet had passed through, according to data from analytics firm Vortexa.

Maritime security company, Ambrey said the vessel had been boarded via helicopter. "The vessel did not show any signs of conducting evasive maneuvers prior to the incident," it said.

Munro Anderson, with maritime security company Dryad, said separately that Iran usually detained vessels for "leverage or signalling".

"The working hypothesis at the moment is that it could either be an arbitrary detention of a vessel by Iran in response to the US sailing its first unmanned vessel through the region last week - as a show of force," he said. "Or, it could be in response to the sanctions on the 24th (of April) by the US against personnel in Iran connected to the IRGC (elite Revolutionary Guards)."

Since 2019 there have been a series of attacks on shipping in the strategic Gulf waters at times of tension between the United States and Iran.

Iran last November released two Greek-flagged tankers it seized in the Gulf in May in response to the confiscation of oil by the United States from an Iranian-flagged tanker off the Greek coast.

Indirect talks between Tehran and Washington to revive Iran's 2015 nuclear pact with world powers have stalled since September over a range of issues, including the Islamic Republic's violent crackdown on popular protests, Tehran's sale of drones to Russia and acceleration of its nuclear program.

The US Navy Fifth Fleet is based at the Gulf island state of Bahrain, called on Iran to immediately release the tanker.

The ship issued a distress call during the seizure, the U.S. Navy statement said.

According to the International Maritime Organization shipping database, the Advantage Sweet is owned by a China-registered company called SPDBFL No One Hundred & Eighty-Seven (Tianjin) Ship Leasing Co Ltd.