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Home / South China Morning Post / A dozen oil tankers have been idling off China’s coast for more than a month, holding the fate of global freight rates in their hands

A dozen oil tankers have been idling off China’s coast for more than a month, holding the fate of global freight rates in their hands

Summary:
[unable to retrieve full-text content]The fate of at least 15 oil tankers idling off the coast of China holds the key to determining the path of global freight rates.The vessels are owned by a unit of Chinese shipping giant Cosco that was sanctioned by the US in late September for carrying Iranian oil. They’ve been floating off the coast for over a month, ship-tracking data show, in limbo as owners, charterers and potential customers await clarity over the sanctions.For as long as they’re stuck there, effectively removed from the…

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[unable to retrieve full-text content]
The fate of at least 15 oil tankers idling off the coast of China holds the key to determining the path of global freight rates.The vessels are owned by a unit of Chinese shipping giant Cosco that was sanctioned by the US in late September for carrying Iranian oil. They’ve been floating off the coast for over a month, ship-tracking data show, in limbo as owners, charterers and potential customers await clarity over the sanctions.For as long as they’re stuck there, effectively removed from the…

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