Vietnamese oil tanker seized by Iran now free in open waters

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Updated 10 November 2021
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Vietnamese oil tanker seized by Iran now free in open waters

DUBAI: A Vietnamese oil tanker earlier seized by Iran was free in open water Wednesday, ending the latest maritime confrontation involving Tehran amid stalled negotiations over its tattered nuclear deal with world powers.
The Sothys left a position off Iran's Bandar Abbas port and had reached international waters in the nearby Gulf of Oman early Wednesday, data analyzed by The Associated Press from MarineTraffic.com showed. The vessel appeared anchored there, but there was no information about its crew.
Shahrokh Nazemi, a spokesperson for Iran's mission to the United Nations, told the AP on Wednesday that “Sothys left Iranian waters last night after transferring the oil.”
Vietnamese officials could not be reached for comment, though its officials earlier acknowledged trying to obtain more information about the seizure from Iran.
The U.S. Navy's Mideast-based 5th Fleet did not immediately respond to a request for comment.
Iran’s powerful paramilitary Revolutionary Guard troops on Oct. 24 took control of the MV Sothys, a vessel that analysts suspect of trying to transfer sanctioned Iranian crude oil to Asia. U.S. forces had monitored the seizure but ultimately didn’t take action as the vessel sailed into Iranian waters.
Iran later celebrated its capture of the vessel in dramatic footage aired on state television, the day before the 42nd anniversary of the 1979 seizure of the U.S. Embassy in Tehran.
The Sothys had been on the radar of United Against a Nuclear Iran, a New York-based advocacy group long suspicious of the Islamic Republic. In a letter dated Oct. 11 addressed to the Vietnam Maritime Administration, the group said its analysis of satellite photos showed the Sothys received a ship-to-ship transfer of oil in June from an oil tanker called the Oman Pride.
The U.S. Treasury identified the Oman Pride in August as being used to transport Iranian oil as part of a smuggling scheme to enrich the Guard’s expeditionary Quds Force. That Iranian oil ends up being sold into East Asia, the Treasury alleged, without identifying a specific country.
Iran’s seizure of the Sothys would be the latest in a string of hijackings and explosions to roil the Gulf of Oman, which sits near the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all traded oil passes.
The U.S. Navy blamed Iran for a series of limpet mine attacks on vessels that damaged tankers in 2019, as well as for a fatal drone attack on an Israeli-linked oil tanker that killed two European crew members earlier this year. Just a few months ago, Iranian hijackers stormed and briefly captured a Panama-flagged asphalt tanker off the United Arab Emirates.
Tehran denies carrying out the attacks, but a wider shadow war between Iran and the West has played out in the region’s volatile waters since then-President Donald Trump withdrew the U.S. from Iran’s nuclear deal in 2018 and imposed crushing sanctions on the country.


Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

Updated 30 December 2025
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Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.

The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.

Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).

Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.

National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.

Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.

On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.

Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.

In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.