US imposed sanctions on COSCO. Iran will be squeezed even more!
About one-third of the oil tankers owned by Cosco Shipping Tanker (Dalian) have shut off their ship-tracking transponders since the United States imposed sanctions on the company for allegedly shipping Iranian crude, shipping data showed.
From September 30 to October 7, a total of 14 Cosco Dalian ships, six of which carry some oil, stopped sending location data from their automatic identification system (AIS), ship-tracking data on Refinitiv Eikon showed. The US imposed the sanctions on September 25.
MEXICO CITY/SINGAPORE (Reuters) - Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs, industry sources said.
The move has taken roughly 3% of the global oil tanker fleet out of the market, according to industry sources and data on Refinitiv Eikon, sending rates soaring to secure tankers to ship oil, particularly to Asia.
"Freight rates are going through the roof and people are getting very nervous with the cost of shipping," a crude oil trader in Asia said on Friday, declining to be identified as he was not authorized to talk to media.
US imposed sanctions on COSCO. Iran will be squeezed even more!...
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