The U.S. Treasury said on Thursday it is imposing sanctions on individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China.

President Donald Trump’s recent decision to reinstate a goal from his first presidency to bring Iran’s oil exports to zero has had little impact on crude prices so far.

Chief executive Herbjorn Hansson said in a letter to shareholders: “A major project for 2025 is to renew and grow our fleet. We plan to buy two or three ships and to sell two or three.” The first step ...