Occidental Petroleum has chartered the Very Large Crude Carrier Maran Andromeda to carry oil to South Korea for a record-setting price of $13.25 million, Reuters sources said on Monday. The crude oil is set to leave the United States on November 20. Freight rates to Asia have climbed to new heights after the United States sanctioned several Chinese tanker owners for “knowingly engaging in a significant transaction for the transport of oil from Iran, including knowledge of sanctionable conduct, contrary to US sanctions.” The sanctions extended to two units of Cosco, which owns 7.5 percent of the global supertanker fleet. Now, US shippers—and elsewhere around the globe—are scrambling to find unsanctioned carriers for its crude oil, raising the price for chartering VLCCs. Last week, the cost of shipping from Middle East to north Asia rose 19% the day after the sanctions were imposed. Other routes such as the Middle […]