Russia-linked Oil, Fuel Cargoes Rush to US Before Ban Starts
At least 10 vessels carrying Russia-linked cargoes of crude and refined products were approaching the United States on Wednesday, as suppliers rushed to deliver ahead of the U.S. government's deadline to wind down Russian energy purchases, data from traders and Refinitiv Eikon showed.The United States, the world's biggest oil consumer, this month banned imports of Russian energy products due to the invasion of Ukraine, which Moscow calls a "special operation." Washington's ban gives importers until April 22 to discharge cargoes moving under pre-ban contracts.At least one tanker carrying fuel oil heading to the United States has diverted, and at least two others that stopped at Russian terminals are awaiting discharge at U.S. ports, according to Refinitiv data, one since March 7.U.S.
U.S.-bound Tanker Loaded with Russian Cargo Docks Off Gibraltar Awaiting Instructions
Marshall Islands-flagged tanker Elli which made a Russian port call and is bound for the United States has anchored off Gibraltar awaiting further instructions from its charterer, the vessel's manager said.Last Tuesday, U.S. President Joe Biden imposed an immediate ban on Russian oil and other energy imports following Moscow's invasion of Ukraine.Greece-based Halkidon Shipping Corporation, which manages the Elli, said on Friday the vessel "was instructed by her charterers to remain and await orders off Gibraltar, while en-route from Novorossiisk, Russia to the U.S. Gulf Coast"."The vessel is in laden condition," Halkidon said in a statement."Halkidon…
Shipping Industry To Face 'Famine'
The shipping industry faces lean times or worse over the next few years, industry experts said at a round table discussion. "I don't see any fat times ahead. I see lean times and perhaps famine," said Alexandros Kedros, a director of Greek company Halkidon Shipping. "It will not be easy... the ability to create assets (ships) will continue to undermine ability to earn a good return on operating those assets," said Peter Stokes head of research at investment bank Lazard Capital Markets. Stokes said most of the shipping industry was not large enough to attract public financial backing and was unable to make adequate returns on capital in the bulk and container sectors.
