Crude: China Buys Old Tankers That Can Carry Banned Russian Oil

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Old crude tankers are worth a pretty penny. Instead of being sold for scrap, very large crude carriers (VLCC) are deployed in the sanctioned oil trade for countries like Venezuela and Iran — and probably for Russia soon. Ship brokers SSY in London noted an increase in demand for older vessels in recent months, largely from Chinese companies. Prices for 15-year old vessels have increased sharply since the start of the Russian invasion of Ukraine on Feb. 25. They now fetch over $40 million, which is 20% above the price a year earlier and the highest price in a decade.

Oil Tankers, Crude Oil, Oil Products, Sanctions, Oil Trade
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