⚓ Gosships Intelligence
Gosships Intelligence Is Published At Gosships.com
For Sponsorship And Partnership Inquiries Contact intelligence@gosships.com
|⚓ About Us | 🛢️ Exclusive Report | 📋 SwiftAction Training |
🏅Black Gold Executive (*53 Slots Left)
Vitol, Trafigura, Mercuria and the Abu Dhabi National Oil Company have been talking to US officials about returning sanctioned tankers to legitimate trade, Bloomberg reported on November 6. The discussions span some 50 of about 1,600 vessels under US sanctions, according to Bloomberg, and all four companies declined to comment. The backdrop is the freight bill. Moving US crude to Asia on a VLCC cost close to $40 a barrel at the start of October, Bloomberg and Reuters reported, and a VLCC from the US Gulf to China cost about $80 million, OilPrice and Reuters reported. Rates have since fallen sharply but remain high, Bloomberg and Reuters reported in November. The administration has said it wants to move some sanctioned tonnage into legitimate trade. Energy Secretary Chris Wright said on October 19 that the administration would move some vessels from what he called the “bad-guy fleet” to the “good-guy fleet”. On October 28, Treasury’s Office of Foreign Assets Control published a licensing policy for buyers of blocked vessels. On our reading, major oil traders are now looking to sanctioned tonnage for relief from a freight squeeze, and the open question is whether Treasury lets them. This brief sets out what Bloomberg reported, what Washington has said, the freight bill, what analysts expect and what is still undecided.
📋 In This Issue:
🛢️ The Story:
What Bloomberg reported, what Washington has said, the freight bill, the fleet on the list, what analysts expect and what is still undecided
📊 By The Numbers:
At least four companies in talks, about 50 vessels, 1,568 under US sanctions, nearly $40 a barrel to Asia in October, about $80 million for one VLCC voyage and how far freight has fallen since
🌍 Why It Matters:
What it changes for the tanker owner and broker, the charterer and trader, the compliance officer and the underwriter
👀 What To Watch:
Treasury’s decisions, the vessels named, the European and British response and the freight market
🚨 Gosships Signal:
On our reading, the four companies want tonnage, and Washington holds the key
