Trump administration chases substandard flags in bid to thwart Iran’s shadow fleet

The latest American sanctions aimed at Iran’s oil industry make specific warnings to shipping about the use of substandard shipping. The Department of the Treasury’s Office of Foreign Assets Control (OFAC) yesterday designated a China-based independent teapot refinery, Shandong Shengxing Chemical, for its role in purchasing more than $1bn worth of Iranian crude oil, as …