U.S considers easing sanctions on shadow fleet vessels to curb freight rates – media

The U.S administration is contemplating easing sanctions on "shadow fleet" vessels that previously transported oil from Russia, Iran, and Venezuela, with the aim of alleviating record-high global freight rates, according to Reuters. These measures would permit the transportation of legal oil, defined as crude or petroleum products not subject to U.S restrictions, and would require companies to apply to the U.S Department of the Treasury.

U.S Energy Secretary Chris Wright hinted at these discussions during a speech at the World Petroleum Congress in Riyadh. The U.S Department of Energy emphasized that these measures would not aid Russia in transporting its oil or petroleum products, and the White House's motivation to expedite Russian diesel fuel to global markets may put additional pressure on authorities to approve the use of these vessels.

While analysts at Energy Aspects believe the impact on freight rates will be minimal, they note that easing sanctions could enhance oil movement in the Middle East, particularly around the Strait of Hormuz. Maritime industry sources indicate that ship insurers will continue to adhere to EU and UK regulations.

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