IMG.gif
Markets

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

Copyright © 2022 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
tankers/ss1283928628-tanker-oil.jpg

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.

Topics:
Oil Tankers, Crude Oil, Oil Products, Sanctions, Oil Trade
Wanda Ad #2 (article footer)
#
Supply is on the edge of running short for products and even crude, keeping prices strong, despite sentiment shifting bearish on the economic outlook.
Mon, Sep 19, 2022
Oil prices snapped a four-week losing streak just as markets head into what promises to be a tumultuous fourth quarter.
Fri, Sep 30, 2022
Traders increasingly believe Russia will fail to keep all its oil flowing once EU import bans take effect in coming months.
Thu, Sep 29, 2022