Saudi Shipping Giant Arrests UOG Tanker Over Charter Dispute Amid Iran War

Singapore, April 10, 2026 — National Chemical Carriers (NCC), a subsidiary of Saudi shipping giant Bahri, has arrested a Greek-owned product tanker in India, accusing its owner of wrongfully using the ongoing Iran war as an excuse to terminate a time charter that does not expire until 2028, according to TradeWinds.

The arrest warrant was issued against the UACC Marah, a 45,200-deadweight ton (dwt) MR2 chemical and product tanker owned by Greece’s United Overseas Group (UOG), at the Indian port of Sikka on April 3, TradeWinds reported. Built in 2013, the UACC Marah has been detained indefinitely as the two parties remain locked in a bitter dispute over charter terms.

NCC alleges that UOG improperly invoked a war clause in the charter agreement to cancel the contract prematurely, with the aim of renegotiating a higher charter rate amid market volatility driven by the Iran conflict, according to ShippingWatch. The Saudi subsidiary emphasized that the tanker’s operational routes were not significantly affected by the regional tensions, making the termination unjustified.

“The Iran war has not posed a direct threat to the UACC Marah’s scheduled voyages, which mainly cover routes in the Indian Ocean and Southeast Asia,” a spokesperson for NCC stated in a written response to media inquiries. “UOG’s attempt to use the conflict as a pretext to exit the charter is a clear breach of our agreement.”

UOG has yet to issue an official statement on the arrest, but industry insiders revealed that the Greek company argues the Iran war has increased operational risks and costs, justifying the charter cancellation. The dispute comes as regional conflicts have roiled global shipping markets, pushing up charter rates for chemical and product tankers by 15% since the start of the Iran conflict, according to Clarksons Platou, a leading shipping consultancy.

Rajesh Patel, senior shipping analyst at India’s Shipping Corporation of India, commented on the case: “War clauses in charter agreements are designed to protect shipowners from genuine security threats, but their misuse to exploit market conditions can lead to lengthy legal disputes. The arrest of the UACC Marah highlights the challenges facing the shipping industry amid regional tensions.”

The Sikka port, where the UACC Marah is currently detained, is a key hub for oil and chemical shipments in western India. Local port authorities stated that the tanker will remain under arrest until the dispute between NCC and UOG is resolved through legal proceedings or out-of-court negotiations, according to India Today.

Bahri, Saudi Arabia’s state-owned shipping giant, operates one of the world’s largest fleets of chemical and product tankers. NCC, its wholly owned subsidiary, focuses on global chemical and petroleum product transportation, with a fleet of over 50 vessels, according to the company’s official website.