Vintage ships moving sanctioned oil cargoes could head to be broken up as the Biden administration in the US looks at sanctions relief for both Iran and Venezuela.
At present tanker brokers Gibson suspect up to 10% and 6% of the VLCC and suezmax fleets respectively are involved in such activity (see chart below). The actual number is likely to be higher with some vessels recently sold yet to sail from the delivery location, whilst other vessels are yet to perform illicit activity, but look likely to do so…
