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Big Take Asia
The Shadowy Fleet of Tankers Moving Iranian Oil to China
Nov 19, 2024
Serene Cheong, Bloomberg's oil trading expert in Asia, shares her insights on the clandestine trade of Iranian oil. She reveals how billions of dollars’ worth of sanctioned oil continues to flow to China through a network of covert tanker operations, despite official import freezes. The conversation uncovers the shadowy tactics of 'dark fleet' vessels evading detection and the economic impact exceeding $20 billion. Additionally, Cheong discusses the geopolitical tensions this trade creates, particularly concerning U.S. sanctions and alliances in Southeast Asia.
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Quick takeaways
- The clandestine shipping operations, particularly off the coast of Malaysia, reveal a systematic method for Iran to bypass U.S. sanctions by routing oil to China through a network of dark fleet tankers.
- The environmental risks posed by these aging tankers conducting illicit oil transfers highlight the potential for catastrophic accidents in busy maritime regions, complicating geopolitical tensions related to sanctions enforcement.
Deep dives
Observations of Oil Transfer
A team observed a significant oil transfer occurring in the South China Sea involving two vessels, the Win-Win and the Titan. The Titan, notorious for transporting Iranian oil, was spotted conducting a ship-to-ship transfer while connected to the Win-Win. This operation highlights a covert method through which Iran circumvents U.S. sanctions, allowing it to sell its oil to countries like China despite restrictions. The sheer number of tankers and the scale of the operations suggest this is a routine activity, indicating a thriving underground network of oil transportation.
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Discover
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