An Iranian crude cargo is heading to India in what could be the country's first such delivery since 2019, according to ship-tracking data and shipbrokers.
The Aframax Ping Shun is scheduled to arrive at India's Vadinar port on 4 April carrying about 600,000 bl of Iranian crude, data from Kpler and Vortexa show. Formerly known as Urgane I, the vessel was sanctioned by the US Treasury's Office of Foreign Assets Control (OFAC) in 2025, according to Treasury records. Shipbrokers said it is on time charter to Iran's state-owned oil firm NIOC, and Vortexa data indicate it loaded at Kharg Island in early March. Kharg typically handles more than 90pc of Iranian crude exports.
The cargo appears to be moving under a temporary US waiver covering Iranian crude loaded on or before 20 March and discharged by 19 April. The waiver has opened a narrow window for cargoes already on the water, but does not amount to a broader easing of US sanctions on Iranian crude. Market participants said trades involving sanctioned vessels still face heavy compliance scrutiny.
If delivered, it would be the first known Iranian crude shipment to India since May 2019, when refiners halted imports after Washington withdrew sanctions waivers that had allowed limited purchases. India had previously supported the trade through alternative payment and marine insurance arrangements.
The apparent return of Iranian supply to India is not limited to crude. At least two Iranian LPG cargoes also appear to be heading towards Indian ports in recent weeks. A third vessel, the Luma, has arrived at India's Jaigarh port carrying about 10,800t of LPG, according to market sources and tracking data. Sources told Argus the cargo was booked by a private buyer at the April contract price plus a premium of more than $100/t, although this could not be independently confirmed.
Another Iranian VLGC, the Sea Bird, carrying around 44,300t of LPG, has faced delays in discharging at Mangalore port. The delay may relate to a bill-of-lading issue that complicated payment, according to market participants.
Even with the temporary waiver in place, some banks remain wary of handling transactions involving sanctioned vessels carrying Iranian fuel, traders said. The Sea Bird passed through the strait of Hormuz around 18 March, initially appeared bound for China, and later diverted towards India. Vortexa satellite imagery showed the vessel moving towards Mumbai.
The unusual trade flows come as the US-Israel war with Iran enters its second month with no clear resolution in sight, raising concerns over prolonged supply disruption. Threats to strike Kharg Island — the hub for most of Iran's crude exports — have sharpened risks to global supply. Trump said on 1 April that US forces would continue hitting Iran "very hard" for another 2-3 weeks.
Any resumption of Iranian energy imports would be significant for India, which remains heavily dependent on imported crude and LPG even though its supply mix has shifted sharply since 2019. India continues to source large volumes from Iraq, Saudi Arabia and Russia, but the closure of the strait of Hormuz and attacks on energy infrastructure across the Mideast Gulf have disrupted those flows.
