⚓️ The tanker market has been facing a flurry of sanctions of late, with Russian and Iran oil trades

Tankers: Sailing the Sea of Sanctions

⚓️ The tanker market has been facing a flurry of sanctions of late, with Russian and Iran oil trades in the forefront. In its latest weekly report, shipbroker Gibson said that “just before the end of his presidency, the Biden administration gave a parting gift to the tanker markets as the Office of Foreign Assets Control (OFAC) sanctioned 155 mainly Russia affiliated tankers. In the same week, Shandong Port Group, home to refiners responsible for significant crude imports from countries under US embargo, banned sanctioned tankers from calling into its ports in eastern China. The following weeks saw some redirection of trade flows and rising freight rates especially for VLCCs, as buyers of Iranian and Russian crude attempted to diversify their import streams to safeguard supply”.