The United States has warned shipping companies other than Cosco could fall victim of sanctions if they are found to be moving goods such as Iranian oil.

Speaking in London yesterday, David Peyman, deputy assistant secretary of state for counter threat finance and sanctions, said the decision this September to slap a Dalian tanker unit of mighty Cosco “set a good precedent for others in the sector to learn the lessons from a designation like Cosco – that no company is too big to be sanctioned, no company is in a jurisdiction that is safe from sanctions and what they could be doing to protect themselves”.

Peyman said discussions with Cosco were ongoing, but he gave no timeline of lifting the sanctions any time soon.

Another Chinese tanker outfit, Kunlun, was also hit with sanctions by Washington at the end of September, sparking a tremendous, rapid rise in tanker rates last month.