The U.S. Treasury Department has recently announced that it may allow shipping companies to purchase sanctioned oil tankers on a case-by-case basis and return them to the legitimate shipping industry. This action is aimed at reducing the size of the shadow fleet and preventing sanctioned individuals from exploiting these tankers.
Analysis of the situation of sanctioned oil tankers
According to existing reports, the Treasury Department may consider proposals from legitimate shipping players for the purchase and refurbishment of tankers belonging to the shadow fleet. This means that around 50 to 80 sanctioned tankers owned by non-sanctioned companies will be targeted. Among these, 20 to 30 owners are expected to be ready for swift action in this regard.
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Number of sanctioned oil tankers and compliance trends
By the end of September 2026, the total number of sanctioned oil tankers reached 1,225, which have been sanctioned by the United States, the United Kingdom, or the European Union. Of this number, 560 tankers have been specifically sanctioned by the United States. Additionally, the shadow fleet has increasingly entered the compliant market due to rising freight rates.
In 2026, 41 oil tankers from the shadow fleet entered compliant trade by October 20, and 68% of them have remained fully compliant so far. This is while only 17.5% of tankers were compliant in 2025. This change was particularly noted in the third quarter of the year, when the revenues of major tankers significantly increased.
Specifically, the freight rate for VLCC tankers on the route from Saudi Arabia to China averaged around $197 per ton in September, a 77% increase compared to August. This increase in rates is significantly related to rising demand and existing pressures in the global energy market.
With this approach, the Treasury Department seeks to reduce the size of the shadow fleet while also helping to alleviate pressures in the global energy market. These changes could have meaningful impacts on the oil and shipping markets and may reflect a shift in U.S. sanctions policy approaches.
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