New Delhi, Aug. 8 -- A US-sanctioned oil tanker, previously known as Jasmine and now renamed Contract II, has been sold for demolition in India under unusual financial terms, reflecting growing pressure on the aging dark fleet as global sanctions tighten.

The vessel, nearly 30 years old and sanctioned in 2019 for its role in the Iranian oil trade, was beached in late June at Alang in Gujarat - one of the world's largest ship-breaking hubs.

The sale contract, viewed by Bloomberg, reveals extended payment terms of 180 days, far exceeding the typical few days or weeks in the industry.

The buyer, Shantamani Enterprise LLP, is allowed to make partial payments over six months without interest. Experts say such terms suggest the seller, Thous...