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Wednesday, August 10, 2022

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RIYADH: The Chief executives of three global oil shippers have warned about the increase in sanctioned Iranian and Venezuelan oil shipments, according to the Financial Times.

Belgium’s transport company Euronav, Bermuda’s DHT holdings, and Frontline Despite said that 70 supertankers — out of a total of 850 vessels — are managing the trade of an estimated 400 million barrels annually. 

This represents a surge of around 20 to 25 vessels compared to 2019.

This undermines the business of these tanker companies which, when combined, account for 11 percent of the global fleet. 

“This is a problem that has been growing and growing gradually to the point where it’s gapingly apparent that we have a challenge here,” the Financial Times reported, citing Lars Barstad, chief executive of Frontline.

Buyers of Iranian and Venezuelan oil will only opt for alternative supply sources if sanctions are properly enforced, the Financial Times reported, citing the three firms.

Together, the three tanker companies have pressed the UN shipping regulator, also known as the International Maritime Organization, to take strict measures with countries receiving the sanctioned oil.

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