Some of the world's biggest oil traders are asking Washington to allow sanctioned tankers to resume operations as a global shortage of ships drives up unprecedentedly high oil transport costs.
Trafigura, Vitol, Mercuria and Abu Dhabi National Oil Company. are in talks with US authorities to obtain licenses to purchase or lease blacklisted tankers, Bloomberg reported on Friday, citing sources familiar with the discussions.
About 50 vessels that are currently under American sanctions are participating in the negotiations. Representatives of the Ministry of Finance examine each case individually, although final decisions have not yet been made. The proposal comes after months of shipping disruptions caused by the war with Iran, which has forced tankers to travel longer routes, increased insurance costs and led to inefficient transit ship delays near the Strait of Hormuz.
The cost of renting a supertanker to transport cargo from the Gulf of Mexico to China reached almost 80 million dollars in October, about ten times the average rate before the start of the conflict.