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Tanker rates soar as two-tier market evolves over sanctions exposure fears

In the short term, US sanctions on Cosco created a scramble among charterers to replace vessels, says Poten, while over the longer term, the expanding American sanctions regime against Iran, Syria, Russia, Venezuela, Cuba and North Korea could create a market with ‘safe owners’ and owners that dodge the sanctions

Suezmax rates are averaging the highest in more than four years, while  very large crude carriers are attracting record sums on the US Gulf-Asia route

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