Crackdown on sanctioned tankers will lift rates, say analysts

Tougher sanctions enforcement against tankers involved in Russian trades will boost rates for the mainstream fleet, according to analysts. Norwegian investment bank Fearnley Securities highlighted the case of the Young Yong that ran aground on 26 October, a week before it was listed by the US Treasury’s Office of Foreign Assets Control (Ofac) for alleged links to the Iranian regime.  The 306,300-dwt Young Yong (built 2001) was one of 11 ships that Ofac linked to Iran’s Islamic Revolutionary Guard Corps and Hezbollah, which the US regards as terrorist organisations. The Young Yong was carrying Venezuelan crude according to cargo data analyst Vortexa and tanker tracking group United Against Nuclear Iran.