The positive effect on the tanker market is expected to continue
As part of its strategy of maximum pressure on Iran, the United States has imposed new sanctions this week aimed at halting Iranian oil sales. The goal is to bring the country's oil exports down to zero, thereby preventing the government from funding its nuclear program. The sanctions specifically target individuals and tankers involved in shipping millions of barrels of Iranian crude to China each year. According to the brokerage group VLCC Hunter Group, these measures could positively impact the equivalent of more than 50 VLCCs.
Nordic and Baltic countries tighten controls on the phantom fleet
Nordic and Baltic governments are drafting new laws to restrict ghost fleet ships carrying Russian oil. The measures include seizing ships, implementing stricter insurance regulations, and considering environmental risks. Denmark has already increased tanker inspections, signaling a broader crackdown. However, legal and geopolitical challenges remain. According to Politico, Putin has already threatened to retaliate against the EU in response.
Source: Tradewinds, Shippingwatch