On 15 December, Insurance Marine News reported claims by Lloyds List that a quarter of Aframax tankers that were more than 20 years old were being deployed in Venezuelan and Iranian trades. An Aframax vessel is an oil tanker with a deadweight between 80,000 and 120,000 metric tonnes. The term is based on the Average Freight Rate Assessment, a tanker rate system created in 1954 by Shell Oil to standardize shipping contract terms.
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