Reuters reports that almost a third of the tankers owned by COSCO Shipping Tanker have shut off their AIS systems after the U.S. imposed sanctions on the company for reportedly shipping Iranian crude. In the first week of October, a total of 14 COSCO Dalian ships, including nine VLCCs, have shut off their ship-tracking transponders and have stopped sending location data from their automatic identification system.
A Novatek official reported to Reuters that Novatek, the Russian liquefied natural gas (LNG) producer is looking to tranship its Yamal cargoes in Norway or Russia’s Murmansk, as the company is still unsure of its shipping activities, following the US’s sanctions on the Chinese COSCO tankers.
Freight rates to ship US crude to Asia are still on the rise, with costs to charter a supertanker increasing to a record $12 million on October the 3rd. This development comes as an aftermath of US’s sanction against two units of COSCO, alleging that they were involved in transporting crude out of Iran.
Following OFAC’s decision on issuing sanctions against COSCO companies, many were those affected, as well as the US-listed Teekay Group that has been qualified as a ‘blocked person’.
US’s Department of Treasury Office of Foreign Assets Control (OFAC) imposed six sanctions on six Chinese companies, amongst them COSCO, for transporting oil from Iran in defiance of sanctions set in place in November 2018. Sanctioned COSCO affects the shipping industry and those oil companies and traders who have entered agreements.
The ship Tian Xi of China’s COSCO Shipping Specialized Carriers Co., Ltd. has arrived at Qingdao Port after completing a voyage through the Arctic shipping route. Returning from Finland’s Helsinki, Tian Xi vessel has transported approximately 30,000 tons of high-quality paper pulp back to China.
The US Coast Guard Marine Safety Center issued the 21st USCG Ballast Water Management System Type Approval Certificate to COSCO Shipbuilding Industry Co., Ltd. and its subsidiary, COSCO (Weihai) Shipbuilding Marine Technology Co., Ltd.
Reuters reports that Piraeus Port Authority boost its investment plans to lure more businesses. The majority of the port is owned by China’s COSCO shipping, who hopes to make Piraeus port into its gateway to Europe.
Unaffected from the ongoing trade war between China and the US, COSCO Shipping Ports published its first six months of this year results, highlighting an overall throughput increase of 5.4% year-on-year.
Cosco informed that its container ship CSCL Jupiter collided with another ship at Campem TCTT, in Vietnam, on 22 of August. Cosco’s container ship sustained damages, but no injuries, nor environmental pollution was reported. The ship is now expected to delay around one week because of temporary repairs.
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