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...The vessels, which are North Korean-flagged and classified as oil products tankers, all visited the same berth operated by a Russian oil company at Vostochny Port, where they appeared to load....
...The rest, approximately 10.9mn barrels (about 1.5mn tonnes), arrived by sea, and 9.8mn barrels of it, almost 90 per cent, originated in Russia, the Kpler shipping data showed....
...“To put this into perspective, out of almost 14,000 live tankers, the majority of these companies — 1,361 — own fewer than 10 live tankers; only 20 companies, including Gatik, own 50 or more.”...
...The hijacking of UK-flagged product tanker Stena Impero in the Strait of Hormuz came in direct response to the seizure two weeks earlier of Iranian-owned Grace 1 by UK marines in Gibraltar....
...Having racked up considerable tax income on the profits stemming from the frozen assets, Belgium also announced it would launch a €1.7bn fund using those proceeds to help finance the war in Ukraine....
...It was up 1.8 per cent by Wednesday afternoon....
...Five more top stories 1....
...But a structural squeeze on tanker rates should persist beyond the current economic downturn....
...The latest Houthi attack in the Gulf of Aden has pushed up fuel tanker rates and diesel prices, with further rises expected....
...Low-income countries, often dependent on food imports, would see a decline in gross domestic product of 1.2 per cent, but overall global GDP would fall just 0.3 per cent....
...and have a capacity of 1,419 tonnes each....
...Markets were already jittery after Iran yesterday seized an oil tanker off the coast of Oman, just south of the Strait of Hormuz on the other side of the Arabian peninsula, the world’s most important oil...
...Between 2010 and 2020, a drought caused water to be diverted to copper production, leaving many communities depending on supply by emergency tankers....
...The United Nations’ FAO food price index fell 26 per cent between March 2022 and June but rose 1.3 per cent in July, as vegetable oil prices jumped 12.1 per cent....
...It also cut growth forecasts for next year, downgrading to 1.3 per cent for the EU and 1.2 per cent for the eurozone....
...Asking trade partners to invoice them in yuan is just one way Moscow is evading sanctions, alongside tactics such as importing products through middleman countries or exporting its oil on tankers that sail...
...The bloc has sanctioned 1,473 Russian individuals and 207 entities and frozen €21.5bn of Russian assets....
...Before the pandemic, gross domestic product growth of 1 per cent a year implied about half a per cent growth in oil demand, Morse said....
...American authorities ordered a tanker of Iranian crude oil to redirect towards the US, in a move officials believe was the trigger for Iran’s decision to capture a US-bound tanker on Thursday....
...Any move by the EU to block imports of refined products made from Russian crude will irritate India — and the US, if it drives up energy prices....
...“For each $1 per barrel increase in the price, the country could receive $2.7bn in additional export earnings,” the study added....
...The Baltic Clean Tanker index, which measures the price of transporting refined products, has jumped 68 per cent since the February ban came into force....
...Our expectation is that tanker rates will come off once sanctions are in place and, hopefully, fall again with the end of the war. They should not crash, however, because of lags in tanker building....
...Compare that to $1.10 at the pump in the US or just under £2 in the UK. Iran keeps its prices low through heavy government subsidies....
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