COSCO transfers CLNG stake to bypass US sanctions
Chinese shipping firm COSCO Dalian has transferred a 50pc stake in China LNG Shipping (CLNG) to its parent company, in a move that exempts 12 LNG carriers from US sanctions.
COSCO Dalian, which has been under US Treasury Department sanctions since last month, transferred its 50pc stake in CLNG to its parent company COSCO Shipping Energy Transportation, the parent firm said.
The transfer means that the 12 LNG vessels owned by CLNG will no longer be under sanctions. The US Treasury last month imposed sanctions on COSCO Dalian and any subsidiaries in which the firm held a stake of at least 50pc. The firm held 50pc equity in CLNG, with the rest held by other COSCO entities which are not under sanctions.
The exemption of these vessels from US sanctions may ease demand for spot charters in the LNG freight market. Spot charter rates in the Asia-Pacific basin rose earlier this month, possibly also reflecting the additional demand for spot charters as firms sought replacement vessels for some of CLNG's 12 LNG carriers.
Six of these are Arc7 ice-class vessels, under a joint venture with Bermuda-based Teekay Partners, and are provided to the Novatek-operated 16.5mn t/yr Yamal LNG project. Novatek reported on 22 October that this venture — named TC LNG Shipping — was no longer considered a blocked person by the US Treasury, likely as a result of this equity transfer.
The remaining six, conventional LNG carriers owned by CLNG operate in the Pacific basin, transporting LNG to Chinese import terminals.
source: Argus Media
Top News
Six last month
MinRes halts Bald Hill mine amid lithium price rout
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Swapping aluminum for copper will maintain China’s resources, group says
Gold loses some luster after Trump’s decisive win
Hedge funds slash bullish wagers on gold over Trump election win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Families gather at South African mine shaft where hundreds are feared stuck underground
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
