Overview
- Two VLCCs carrying Iranian crude — Felicity off Sikka and Jaya near Paradip — arrived late Sunday in what ship-tracking data show is the first such delivery to India since 2019.
- The U.S. Treasury’s OFAC issued a March 21 general license that permits transactions for Iranian oil loaded as of March 20, and the authorization runs only until April 19, leaving a narrow window for any further arrivals.
- Indian Oil Corporation has confirmed purchasing at least one Iranian cargo under the waiver, and trade sources link the Felicity shipment to Reliance, with the ports aligning to their facilities at Paradip and Sikka.
- Hours after cease-fire talks collapsed, the U.S. announced plans to blockade vessels accessing Iranian ports via the Strait of Hormuz, a move that raises legal, security and insurance risks for additional shipments before the waiver ends.
- The tankers reflect Iran’s ‘shadow fleet’ methods, with Iran-flagged Felicity operated by the National Iranian Tanker Company and Curacao-flagged Jaya signaling opaque ownership in shipping databases.