Delisted Sanctioned Tankers Shift to Persian Gulf Crude Exports as Freight Rates Surge

Two very large crude carriers previously used to ship Venezuelan crude are now exporting oil from the Persian Gulf, with two more en route to the Gulf of Oman after departing South America, Bloomberg reported. The vessels were removed from sanction lists or licensed for certain financial transactions. The shift follows plans announced earlier this month by the U.S. administration to move tankers from the so-called dark fleet into legitimate trade. Energy Secretary Chris Wright said the ships "will not carry sanctioned oil anymore," estimating the global dark fleet at 1,600 vessels and that legitimizing some could add dozens to hundreds of tankers to the unsanctioned fleet. Sky-high freight rates drove the move, with demand from the Persian Gulf surging and ship-to-ship transfers now routine. Risk tied to traversing the Strait of Hormuz has also lifted rates, with some routes fetching $40 million in freight costs alone.