News

Reports indicate fire accidents at two bitumen refineries using fuel oil (Mazut) to produce low-quality bitumen. Fuel oil should not be used in bitumen production, yet some suppliers still use it, leading to unsafe and unsuitable products for road construction. Buyers are advised to verify the source of their bitumen to avoid risks associated with mixed or low-quality products.

Not all bitumen is suitable for road construction, and choosing low-quality bitumen to save costs can harm investments and reputations. Reliable Iranian suppliers provide high-quality bitumen, but some buyers receive substandard products due to pricing misconceptions. Quality varies, and bitumen buyers should not expect road-grade bitumen at unrealistically low prices. Educating customers on quality differences ensures better decisions and industry sustainability.

Greek operator NewLead Holdings has secured a one-year time charter for its 2009-built bitumen tanker, Ioli, with an option for four additional one-year extensions. The company expanded its fleet to ten vessels in less than a year, acquiring five bitumen tankers, including three purchases for approximately USD 21 million and two leased vessels with options to buy. The delivery of the last two tankers will cost USD 4.23 million, financed through company stock issuance.