VLCC markets are set to ride out a bearish spring in the coming weeks, with the US’ withdrawal of sanctions waivers on the Iranian oil and shipping sectors set to trigger demand for non-Iranian tonnage, according to market players.
Since China, India, Japan and five other countries were granted six-month waivers last November, they have been receiving nearly all of their Iranian crude supplies via vessels belonging to the state-linked National Iranian Tanker Co (NITC).
