The company, however, emphasized that search operation for finding the missing crew, including 30 Iranian and 2 Bangladeshi nationals on-board the vessel, continues.

An Iranian oil tanker carrying gas condensate collided with a Chinese ship and exploded in the East China Sea on Saturday evening.

The Sanchi tanker, heading to South Korea and registered in Panama, collided with the CF Crystal some 160 nautical miles off the coast near Shanghai.

The Iranian tanker was carrying 136,000 tonnes of condensate, an ultra light crude, an equivalent of under a million barrels worth around $60 million based on current crude oil prices.

South Korean customers had purchased the cargo on a Persian Gulf FOB basis.

NITC formed an emergency committee with senior company officials immediately after the news of the collision was transmitted to Tehran.

The state-run company has dispatched two vessels sailing in the region to the spot of the explosion to offer help to rescue operations.