Oil Traders Want U.S. to Release Sanctioned Tankers as Freight Costs Soar

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Some of the world's biggest oil traders are asking Washington for permission to put sanctioned tankers back to work, as a global vessel shortage pushes oil transportation costs to extraordinary levels

Oil Traders Want U.S. to Release Sanctioned Tankers as Freight Costs Soar

Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector. Her…

Some of the world's biggest oil traders are asking Washington for permission to put sanctioned tankers back to work, as a global vessel shortage pushes oil transportation costs to extraordinary levels.

Trafigura, Vitol, Mercuria and Abu Dhabi National Oil Co. are negotiating with U.S. officials for licenses to purchase or lease blacklisted oil tankers, Bloomberg reported Friday, citing people familiar with the discussions.

The talks involve approximately 50 vessels currently under U.S. sanctions. Treasury officials are considering approvals on a case-by-case basis, although no decisions have been finalized.

The proposal comes after months of shipping disruptions stemming from the Iran war, which has forced tankers onto longer routes, increased insurance costs, and tied up vessels in inefficient transfers around the Strait of Hormuz.

The cost of chartering a supertanker from the U.S. Gulf Coast to China reached nearly $80 million in October, roughly ten times the average rate before the conflict.

Valero estimated last month that shipping U.S. crude to Asia had reached $30 to $35 per barrel, compared with approximately $5 a year earlier.

Those costs have consequences. Asian orders for U.S. crude for November delivery fell roughly 50% in October, potentially pushing shipments to their lowest level in seven years.

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