Frontline has warned that VLCCs carrying sanctioned Iranian and Venezuelan crude are distorting the legitimate tanker market and hitting demand for ships.

The Oslo-listed tanker owner said in its second-quarter results statement that a ship over 20 years of age will struggle to find work with regular charterers.

But many of these older ships are working outside the regulatory framework set by the International Maritime Organization, often operating without insurance and disobeying the common safety regulations the rest of the industry embraces, Frontline added.