Oil Tankers Idling Off China Hold Key to Shipping Rates

By Bloomberg News (Bloomberg) -- The fate of at least 15 oil tankers idling off the coast of China holds the key to determining the path of global freight rates. The vessels are owned by a unit of Chinese shipping giant COSCO that was sanctioned by the U.S. in late September for carrying Iranian oil. They’ve been floating off the coast for over a month, ship-tracking … [Read more...]

BHP Says It’s Been Unaffected by COSCO Sanctions

LONDON, Nov 7 (Reuters) - The sanctions imposed by the United States on subsidiaries of Chinese state-owned group COSCO have not affected the world's biggest dry bulk shipper BHP , the mining company said, after carrying out due diligence to check. In one of the biggest sanctions actions taken by the U.S. government since its crackdown on Iranian oil exports, Washington … [Read more...]

U.S. Sets Sights on Shipping Companies for Sanctions Evasions

By Jonathan Saul LONDON, Nov 6 (Reuters) - The United States will target shipping companies that are in breach of sanctions and aggressively enforce measures across the globe to clamp down on such practices, a top U.S. official said on Wednesday. In one of the biggest sanctions actions taken by the U.S. government since its crackdown on Iranian oil exports, Washington … [Read more...]

COSCO Tanker Sanctions Seen Denting Demand for High Sulphur Fuel Oil

By Noah Browning LONDON, Oct 29 (Reuters) - U.S. sanctions on a top Chinese shipping fleet is set to produce a totally unintended result -- less burning of the dirtiest marine fuels at sea at the start of next year, Refinitiv data showed on Tuesday. The move to blacklist ships from COSCO on Sept. 24 for allegedly ferrying sanctioned Iranian oil will undercut demand for … [Read more...]

Tankers Sail After U.S. Gives Time to Wind Down COSCO Deals

By Jonathan Saul and Collin Eaton LONDON/HOUSTON, Oct 25 (Reuters) - At least three tankers are on their way to Asia with U.S. oil cargoes after Washington gave temporary approval to wind down transactions with a Chinese shipping company that it sanctioned last month, according to data and shipping sources. In one of the biggest sanctions actions taken by the U.S. government … [Read more...]