Seoul revives long-haul crude freight subsidy

AI Summary

South Korea announced it will revive subsidies to support long-haul crude oil freight from non-Middle Eastern sources. This move aims to strengthen tanker demand and maintain diversified crude import routes achieved since the Iran conflict began, according to the Ministry of Trade, Industry and Energy.

South Korea is reviving subsidies for long-haul crude imports from outside the Middle East, a move that could provide another boost to tanker tonne-mile demand as Seoul seeks to lock in the diversification achieved since the Iran war began. The Ministry of Trade, Industry and Energy said it will expand support for the freight differential …