In addition to a series of under-the-radar ship-to-ship (STS) transfers, an explosion last week involving a VLGC and a succession of ship sales to unknown Chinese owners have opened a window into a specialist trade in Iranian crude and gas.
The niche business is not necessarily illegal, but its participants do not like publicity.
China's Kunlun Shipping, widely reported to have links to China National Petroleum Corp, the parent of listed oil major PetroChina, looms large in this trade.
