First, a small armada of oil tankers emerged to help Russia beat sanctions. Now hundreds of fuel vessels are taking steps to hide where they’re going from prying eyes.
A record 311 mid-range ships were recently seen sailing without cargo or destination, according to Kpler data compiled by Bloomberg, compared to an average of 14 such ships at any given time prior to this year. Meanwhile just 33 empty vessels are signaling Russia, the lowest level on record and down from 103 at the beginning of the year.
This shift is a sign that vessels may be forming a “dark fleet” to haul Russian fuel under the radar after the European Union banned it less than two weeks ago. More than 400,000 barrels a day of diesel used to flow from Russia to Europe, and traders and shippers are expected to find workarounds to sanctions to keep a large portion of it flowing to the global market.
The jump in aimless empty vessels could also reflect shipowners trying to anticipate the region of highest demand in the reshuffling of Russian product.
The cost to use fuel tankers has skyrocketed since the EU ban, as ships enter the dark fleet and become unavailable — and uninsured by European maritime service providers — for regular trade routes, such as moving gasoline from Europe to New York.
The United Nations’ International Maritime Organization (IMO) has concluded its latest round of talks ahead this summer’s critical Marine Environment Protection Committee meeting (MEPC 80) which will decide the shipping...
In a major victory for thousands of seafarers who regularly traverse UK waters, the UK government has passed the Seafarers’ Wages Act, significantly enhancing pay protections and working conditions for...
A new ITF report reveals the importance of robust national maritime policies in mitigating supply chain disruptions and promoting environmental responsibility. As the world emerges from the COVID-19 pandemic, the...
March 24, 2023
Total Views: 424
Sign Up Now for gCaptain Daily
Just enter your email and get hot news every morning
SIGN UP
Get the latest gCaptain articles and breaking news
Sign up for gCaptain Daily
Get the latest gCaptain articles and breaking news
We use cookies on our website to give you the most relevant experience. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
{"Tags":["russia sanctions","russia shadow fleet","tankers"],"Categories":["Shipping"],"Excerpt":"By\u00a0Chunzi Xu and Prejula Prem (Bloomberg) — First, a small armada of oil tankers emerged to help Russia beat sanctions. Now hundreds of fuel vessels are taking steps to hide..."}