[Mexico / Singapore 11th Reuters]-Tanker fares are rising globally as a result of US sanctions against Iran and Venezuela. Since trading companies and oil companies feared sanctions violations, they no longer use tankers with a proven track record in transporting oil from both countries.
Nearly 300 tankers are not available. According to industry and refinitive icon data, it represents about 3% of the world's oil tankers.
An oil trader in Asia said yesterday, “Fare is rising without knowing the ceiling, and people are nervous about transportation costs.”
China Petrochemical (Sinopec) <600028.SS> Oil trading company Unipec, Swiss resource trading company Trafigura [TRAFGF.UL], Norwegian Equinol <EQNR.OR>, ExxonMobil <XOM.N> is here 1 In 2000, 250 tankers with a track record of carrying crude oil from Venezuela were stopped.
In addition, 43 tankers owned by the Dalian Chinese Ocean Shipping Group (COSCO) Dalian, who imposed sanctions on the US last month for violating Iranian sanctions and carrying Iranian crude oil, are no longer used.
COSCO Dalian also owns a large crude oil tanker (VLCC) equivalent to 3% of the world. For this reason, the VLCC fares are said to have been the highest daily for the past two weeks.
VLCC fares for Asia have soared in recent months following US sanctions.
According to a trading company source, the VLCC fare <DFRT-ME-CN> chartered by a PetroChina subsidiary to transport Middle Eastern crude oil to China in early November is expected to reach a record high at World Scale (WS) 205. Before sanctions were triggered, it was WS67.
The VLCC fare <TD-LPP-SIN> from the US to Asia, which has the longest travel distance, recorded a record $ 14 million this week.
