DEMAND FOR FREIGHT IN THE COMPLIANT TANKER MARKET HURT BY SCALE OF PARALLEL OIL MARKET, WHERE SANCTIONED CRUDE OIL IS ACTIVELY TRADED

In its 31 August edition, Hellenic Shipping News reported that a market analysis has said that the unparalleled scale of tankers carrying sanctioned crude oil from Iran or Venezuela has begun to actively hurt demand for compliant crude tankers.  It also said that US sanctions against Iranian and Venezuelan oil exports had brought about a parallel oil market, where sanctioned crude oil is actively traded.  The vessels involved sail outside of the regulatory framework set by IMO, often operating without insurance and disobeying the common safety regulations the rest of the industry embraces.

https://www.hellenicshippingnews.com/frontline-demand-for-freight-in-the-compliant-tanker-market-hurt-by-scale-of-parallel-oil-market-where-sanctioned-crude-oil-is-actively-traded/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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