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Shipping Finance: A Case Study of Purchasing Chemical Tankers for the Iranian Petrochemical Industry

Vafaei Zonouz, Ali | 2025

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 58714 (44)
  4. University: Sharif University of Technology
  5. Department: Management and Economics
  6. Advisor(s): Talebian, Masoud; Khorasanchi, Mahdi
  7. Abstract:
  8. This research investigates the methods of financing ship purchases in Iran, with a specific focus on the financing of chemical tanker purchases for the Iranian petrochemical industry as a case study. Following a logical sequence, the study first examines the industry’s need and the necessity of purchasing chemical tankers, and then analyzes in detail the common methods, obstacles, and potential solutions for financing the development of Iran’s petrochemical shipping fleet. To achieve this, primary data were collected through semi-structured interviews with experts in the fields of petrochemicals, shipping, and finance, and subsequently analyzed using the thematic analysis method. The findings indicate that the development of the petrochemical shipping fleet is not only an economic opportunity but also a strategic necessity for ensuring the continuity of exports and the long-term sustainability of Iran’s petrochemical industry. Under current sanctions, the sale of petrochemical products is conducted mainly on a CFR (Cost and Freight) basis; therefore, transportation responsibility lies with the petrochemical producers themselves. The internal rate of return (IRR) for ship purchases is estimated to range between 20–30%, and up to 50% in optimistic scenarios, confirming the economic feasibility of such investments. However, Iran’s petrochemical sector remains highly dependent on foreign vessel owners for transportation. Sanctions, trust-related legal complexities, bureaucratic inertia, risk aversion within state-owned structures, and financing difficulties are identified as the main barriers to developing a domestic fleet. The study finds that ship purchases in Iran have largely relied on companies’ internal funds, as access to foreign financing has been virtually blocked in recent years. Innovative and hybrid financing mechanisms—such as forming consortia between petrochemical companies, shipping firms, and the National Development Fund, or providing ship purchase loans from petrochemical companies to private firms through discounted prepayment of freight contracts—can offer practical solutions. In addition, capital market instruments, project funds, crowdfunding, tokenization, and product barter mechanisms are proposed as complementary methods worth further exploration. Overall, the research concludes that the path toward developing Iran’s petrochemical shipping fleet—under current conditions—must rely primarily on domestic financial resources, institutional cooperation, and innovative financing structures
  9. Keywords:
  10. Finance ; Shipping Lines ; Petrochemical Industries ; Equity ; Marine Transport ; Debt Financing ; Logistics System ; Ship Purchase ; Chemical Tankers

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