Iran International:

The cost of shipping oil from the Middle East to China surged by over a third in the wake of new US sanctions targeting 183 tankers carrying Russian and Iranian oil on Friday, according to a Reuters report.

Freight rates for very large crude carrier (VLCC) tankers capable of carrying 2 million barrels of oil on the route hit $37,800, marking a 39% rise compared to last Friday.

The increase reflects a determination by China, the world's top oil importer, to avoid sanctioned tankers and buy up oil from Arab exporters unburdened by sanctions.

The US Treasury Department on Jan. 10 sanctioned 183 tankers transporting Russian oil to China and India.

At least eight were also involved in carrying sanctioned Iranian oil.

Last year, the US sanctioned 139 tankers carrying Iranian oil and more than 100 tankers were also blacklisted in the previous years. However, nearly 500 tankers in total are involved in smuggling Iranian oil, according to advocacy group United Against Nuclear Iran.

Around half of the "dark fleet" carrying Iranian oil has been added to the US blacklist in recent months, senior analyst at commodity intelligence firm Kpler Homayoun Falakshahi told Iran International, presenting Iran with logistical challenges in transporting oil to its top customer by far, China.

Go to link