Tankers Seized By US Carried 20 Million Barrels Of Iranian Crude To China

Nine tankers seized by the US since it began taking direct action against the so-called shadow fleet that transport illicit oil around the world have delivered more than 20 million barrels of Iranian crude to China since 2013, according to the WSJ. The figures form part of a new report that provides an insight into the level of support China has given Iran by buying its sanctioned oil.

Between 2013 and 2025, these nine vessels delivered 20.3 million barrels of Iranian crude to Chinese ports, the report said, citing data from Kpler. The vessels also carried 37.9 million barrels of Venezuelan crude and 11.1 million barrels of Russian crude to Chinese ports.

U.S. forces taking control of an oil tanker in the Indian Ocean

Altogether, that crude is worth at least $4 billion, according to the report, which is set to be released soon by Republicans on the House Select Committee on China, and seen by The Wall Street Journal.

To be sure, the amount from the seized vessels represents just a small fraction of the oil China has imported from Iran, a process which has accelerated since the Iran was started, lifting Iran's output to the highest in years.

Still, it underscores how China has been a major user of the shadow fleet, bankrolling Iran, as well as Venezuela and Russia. In 2025, China received a third of the crude oil carried by shadow and sanctioned tankers and 10% of heavy refined products such as fuel oil and crude residuals, the report said, citing Kpler data.

Shadow fleet vessels carrying sanctioned cargo have also used China’s BeiDou satellite navigation in an effort to operate outside Western oversight, the report said. BeiDou is Beijing’s answer to the U.S. Global Positioning System, or GPS, and offers positioning, navigation and timing data globally. China’s Foreign Ministry didn’t respond to a request for comment.

Tyler Durden Wed, 04/01/2026 - 17:00
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Tankers Seized By US Carried 20 Million Barrels Of Iranian Crude To China

US Firm Takes Control Of One Of The "World's Largest" Cobalt Producers

An American company has secured control of one of the largest cobalt producers outside Chinese ownership, delivering a strategic boost to U.S. efforts to compete with Beijing over critical minerals, according to the Wall Street Journal.

The buyer, Virtus Minerals, completed its acquisition of Congo-based Chemaf for $30 million, along with a pledge to invest roughly $720 million. The deal caps a years-long push, spanning both the Biden and Trump administrations, to ensure U.S. access to cobalt resources in the Democratic Republic of Congo.

Chemaf’s mines can supply about 5% of global cobalt output—a key material used in fighter jets, smartphones, and electric vehicle batteries. Virtus says future production will be directed toward American and allied buyers.

Despite its value, Chemaf proved difficult to sell. U.S. companies were wary of its heavy debt—around $1 billion—along with reputational concerns and the challenges of operating in Congo, including weak infrastructure, corruption risks, and labor issues.

The company has a controversial history. Its Mutoshi mine has faced repeated problems with unsafe working conditions and incursions by informal miners. In earlier years, child labor and bribery allegations also surfaced. Although some reforms were attempted, informal and hazardous mining has since returned.

WSJ writes that Virtus itself is a small, eight-person firm founded in 2022 by Phil Braun, a former Green Beret, and Andrew Powch, a Naval Academy and Harvard Business School graduate. Backed by U.S. government support, the company positions the deal as part of a broader national security effort to rebuild supply chains.

Financing for the acquisition includes $200 million from Virtus and its operating partner, India’s Lloyds Metals and Energy, along with $475 million from Orion Resource Partners and additional funding. The firm has also reached an agreement with Trafigura, Chemaf’s largest creditor.

Chemaf was put up for sale after cobalt prices fell sharply in 2023. Significant additional investment—estimated at up to $300 million—is still required to upgrade facilities and increase production capacity.

The deal faced competition from China. In 2024, Chemaf had agreed to sell to Norin Mining, a subsidiary of a Chinese state-owned defense company, for $920 million. That agreement collapsed after failing to gain approval from Congolese authorities, opening the door for Virtus.

The acquisition highlights the broader geopolitical contest over Congo’s vast mineral wealth. The country produces nearly three-quarters of the world’s cobalt, and Chinese firms have already invested heavily in its mining sector.

Still, questions remain about whether Virtus can successfully operate the assets. The company has a previous investment in Congo that remains stalled due to a legal dispute, and its partner’s experience is largely outside cobalt. Even so, Lloyds expects to begin work soon and complete upgrades within about a year.

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US Firm Takes Control Of One Of The "World's Largest" Cobalt Producers