Tanker rates soar following sanctions against Cosco company

Freight rates for the VLCC tanker vessels have climbed to USD 65,000 per day following the news of US sanctions imposed on Dalian Tankers, a subsidiary of China's Cosco. It could take some time for clarity to emerge, says Euronav.

Photo: Barry Huang/Reuters/Ritzau Scanpix

The US' sanctions against Dalian Tankers, a subsidiary of Cosco Shipping Energy Transportation (CSET), have not only made the company's stock plunge, they have now also made the freight rates for the largest tanker ships, VLCCs, soar to more than USD 60,000 per day, the highest level in five years.

It is not least the overall uncertainty that hits an already somewhat unstable tanker market that plays a part in creating concerns, say observers including Bimco Chief Analyst Peter Sand.

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