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US lifts sanctions on Cosco Shipping Tanker (Dalian)

THE Trump Administration has lifted sanctions imposed on a tanker unit owned by China's state-run shipping conglomerate Cosco, effectively overturning part of its punishment for transporting Iranian oil

04 February 2020 - 19:00

THE Trump Administration has lifted sanctions imposed on a tanker unit owned by China's state-run shipping conglomerate Cosco, effectively overturning part of its punishment for transporting Iranian oil.

According to the US Treasury Department, it has removed sanctions against Cosco Shipping Tanker (Dalian), while it continues to blacklist Cosco Shipping Tanker (Dalian) Seaman & Ship Management. The move comes after China and US reached a phase one agreement concerning a broader trade pact in January.



The US imposed sanctions on six Chinese companies including subsidiaries of Cosco and Kunlun, as well as oil trader Concord Petroleum, in September. The sanctions caused a stir in the very large crude carrier (VLCC) spot market with a large number of Cosco tankers banned from trading, reported Singapore's Splash 247.



The lifting of sanctions will enable two to three per cent of the global crude tanker fleet to return to global trading.



China is the world's only major importer of Iranian oil. Chinese customs data shows that China imported 14.77 million tonnes of Iranian oil in 2019.


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