We have not lifted anything yet, there are still terms of insurance and payments. There are still some outstanding (issues). (But) we expect that to be in place within two to three months, that could change, but two to three months (is) our estimate.

Robert Hvide Macleod

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In terms of volumes, (Iran's) pre-sanctions levels were 2.8 million barrels of oil per day. Their domestic refineries consumed about 1.8 million, there is a million left to export which they did on their own ships. Now the post-sanctions volumes available into 2016 looks to be between 1.5 million to 2 million barrels.

Robert Hvide Macleod
energy

We expect the chartering requirement from Iran to increase and (for) them to fix international tonnage.

Robert Hvide Macleod
energy

They will do what they can what they can to get the European market back and there will be demand for international tonnage to handle this volume.

Robert Hvide Macleod
energy