The fat of at least 15 oil tankers idling off the coast of China holds the key to determining the path of global freight rates. Photo: Handout
A dozen oil tankers have been idling off China’s coast for more than a month, holding the fate of global freight rates in their hands
- At least 15 oil tankers have been sitting idle off the eastern coast of China, some for more than a month
- They are owned by a unit of China’s shipping giant Cosco, under sanction by the US in late September for carrying Iranian oil
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Cosco Shipping
The fat of at least 15 oil tankers idling off the coast of China holds the key to determining the path of global freight rates. Photo: Handout