A significant portion of older crude tankers carry high sanctions risk, Frontline's Lars Barstad told a panel at Marine Money Week.

When asked what the role for older tonnage was in the market, the interim chief executive of the John Fredriksen-backed tanker owner said the ships were being used in trades sanctioned by the US.

He said standard know-your-customer vetting processes shows 25% of tankers 15 years and older are "high risk" for sanctions for involvement in carrying Venezuelan or Iranian crude.