Three crude tankers have started shipping Iranian oil that has been stranded in Chinese storage for six years.
Market sources revealed to oil analytics firm Kpler that two VLCCs and an Aframax loaded the crude at Dalian Changxing Oil Terminal.
The 319,200-dwt Madestar (built 2005), carrying 2 million barrels, was reportedly sold to undisclosed interests in December, according to Equasis data. Meanwhile, the 103,600-dwt Aframax CH Billion (built 2004) loaded 700,000 barrels and remained anchored near Dalian as of Tuesday, with its destination listed as “for order.” This vessel is controlled by Young Folks International Shipping of Hong Kong, though they could not be reached for comment.
Another VLCC, the 318,700-dwt Star Forest (built 2003), also loaded barrels, with AIS data showing both VLCCs heading southwest off China, destinations also marked as “for order.” The Star Forest is operated by Lucky Ocean Shipping of China, which was unavailable for comment.
Kpler reported that the sale of 25 million barrels of Iranian oil, valued at $2 billion, aims to generate cash flow to cover high storage fees at the Dalian terminal, allegedly in use since 2018. Iran reportedly owes $450 million to Chinese storage facilities, with other estimates reaching $1 billion.
The WSJ noted that Iran began shipping the oil two weeks ago with Chinese approval. The crude was originally imported by China before 2019 under temporary waivers granted during the Trump administration, but the oil remained stranded after the waivers were revoked. The WSJ added that any Chinese buyer must first move the oil out of China’s waters before re-importing it with altered documentation to conceal its origin.
Source: Swifteradio.com
