Oil shipping rates from US to Asia hit 3-year high.

Freight rates for US crude tankers bound for Asia were bid up to a more than three-year peak this week as US sanctions on a Chinese transport giant cut vessel availability, traders and shipbrokers said.

The United States last week imposed sanctions on two units of China's COSCO for alleged involvement in ferrying crude out of Iran. That action prompted U.S. Gulf Coast exporters to hold back chartering COSCO-linked vessels, traders and shipbrokers said. One of the units - COSCO Shipping Tanker (Dalian) - owns and manages at least 36 tankers for crude and refined products, including 18 very large crude carriers (VLCCs), according to shipping...