Cosco Shipping Energy Transportation (CSET) booked a provision of CNY 10m ($1.41m) for charter compensations related to US sanctions on one of its main subsidiaries amid otherwise strong performance for 2019.
In its annual report, the tanker arm of state conglomerate China Cosco Shipping revealed its clients may have faced losses as they needed to find replacement tonnage.
Cosco Shipping Tanker (Dalian) was on Washington’s sanctions list between 25 September and 31 January for allegedly transporting Iranian oil.
