“Sanctions stigma” is making it difficult for Iranian cargo to owners to find willing handlers

Cargo owners are struggling to find shipowners willing to lighter Iran crude oil amid “sanctions stigma” on handling Iranian crude trapped off the US Gulf Coast, according to S&P Global. US authorities seized the 158k dwt Suezmax tanker Suez Rajan in April amid a tanker war with Iran, but Houston Refining — which owns the cargo — is facing trouble finding shipowners willing to conduct ship-to-ship transfers of the Iranian-grade crude in the tanker's holds. Despite Houston Refining carrying the necessary waivers from the US Department of Justice and sanctions watchdog OFAC, handling sanctioned Iranian crude carries an industry stigma, a shipowner told S&P Global. Chartering companies looking to hire shipowners routinely require disclosures on the previous three to five shipments carried, and shipowners fear that reporting cargoes of sanctioned Iranian oil will lead to charterers shying away, S&P Global said.