Size Matters In The Dark Fleet

…The US-based organisation ’United Against Nuclear Iran’, which follows the Iranian oil trades closely, estimates the dark fleet had grown from 70 vessels in November 2020 to 257 just two years later. Reputable shipowners do not want to get involved in these trades, which limits the supply of vessels available to those trading in sanctioned oil and products. This shortage in vessel supply has also made moving sanctioned barrels extremely lucrative. While this market is by nature very secretive, estimates from knowledgeable observers suggest that shipping rates for Venezuelan or Iranian barrels can be two or three times the market rate for legitimate voyages.