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Washington issues two-month sanctions waiver over Cosco’s tanker unit

The US Treasury Department yesterday issued a nearly two-month waiver for companies to wind down transactions with Cosco Shipping Tanker (Dalian), a company it sanctioned last month for allegedly transporting Iranian oil.

The waiver, which lasts through to December 20, allows “maintenance or wind down of transactions” including offloading non-Iranian crude oil involving the Cosco affiliate.

The Treasury Department said the waiver applies to Cosco Shipping Tanker (Dalian) or any entity owned 50% or more by the company.

The decision to slap Cosco – and another Chinese outfit called Kunlun – with sanctions helped spark a dramatic freight rate spike for tankers earlier this month.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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