Oil tankers redirected to sanctioned Russian Pacific port
www.pravda.com.ua
Wed, 22 Jan 2025 13:42:05 +0200
Tankers that once transported oil from Russias western ports are now being redirected to the eastern part of the country to support the key oil supply route to China, which has been impacted by extensive US sanctions.
Source Bloomberg Details Reportedly, the shift is partly driven by financial factors.
Freight rates for transporting oil from Russias Kozmino port to China have more than tripled since the US imposed sanctions on tankers using this route. The majority of vessels typically used for this trade are Aframax tankers, which can carry around 750,000 barrels.
At least two tankers, owned by companies registered in Hong Kong, have started operating on this route, according to ship tracking data compiled by Bloomberg.
It is unclear whether the owners of these companies are Russian.
Background Last week, Russias maritime oil exports saw their biggest drop since November, following wideranging sanctions on the countrys oil trade imposed by outgoing US President Joe Biden.
This marked the first signs that these measures are beginning to alter oil flow patterns.
The US Department of the Treasurys Office of Foreign Assets Control OFAC imposed sanctions on Russias two largest oil companies, Gazprom Neft and Surgutneftegas, as well as on the ship insurance providers Ingosstrakh and AlfaStrakhovanie.
Support UP or become our patron
Latest news
more news