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Sanctions Tankers and Gas Political Risk and Trade

VLCC sanctions upside has begun but is ‘just in the early innings’

  • China shifting more crude sourcing from teapot refineries to state-owned refineries, which are more likely to use non-sanctioned tankers for transport
  • Chinese refining margins have significantly improved vs 4Q24, supporting VLCC demand 
  • DHT estimates 22% of VLCCs are in sanctioned trades, with only 10% of fleet actually sanctioned to date

  • Analysis

If the Trump administration wants to sanction more VLCCs, there are plenty of targets to choose from. According to DHT, 105 VLCCs are operating in sanctioned trades, but have yet to be designated. Sanctions are already having a positive effect on demand for mainstream tankers, but the real upside is still to come

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    This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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