Big Take
The Shadowy Fleet of Tankers Moving Iranian Oil to China
Nov 19, 2024
Serene Cheong, Bloomberg's team leader for oil trading in Asia, dives into the shadowy world of Iranian oil shipments to China. She reveals how billions of dollars in sanctioned oil evade detection despite official records. Cheong highlights the secretive operations of tankers like Titan and Win-Win, which execute ship-to-ship transfers. The discussion also explores the geopolitical implications, environmental risks, and the thriving underground market, estimating over $20 billion in illicit trade for the coming year.
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Quick takeaways
- A clandestine network of tankers is illegally transferring millions of barrels of sanctioned Iranian oil to China, evading detection.
- The shadowy oil trade poses environmental risks in the South China Sea, raising concerns about oil spills and maritime accidents.
Deep dives
The Unfolding of a Shadowy Oil Trade
A vast network of 'dark fleet' tankers is covertly transferring millions of barrels of Iranian oil to China, circumventing U.S. sanctions. These tankers, often aged and uninsured, operate under flags of convenience, turning off their location transponders to become nearly invisible. The South China Sea has become a hotspot for these operations, where ship-to-ship transfers of oil can occur without detection. Recent discoveries by maritime observers revealed significant oil transactions between specific tankers, particularly the Titan and Win-Win, indicating a robust supply chain moving sanctioned oil to eager markets.
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