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Second Russian Tanker, Hit by Sanctions, Docks in China
Russian tanker Krymsk, hit by sanctions, docked on Wednesday at the Chinese port of Dongying in eastern Shandong province, home of independent refiners, to discharge 700,000 barrels of Russian Sokol crude, LSEG and Kpler shipping data showed.This is the second Russian oil tanker, hit by sanctions, to dock at Chinese ports this month. Last week, tanker Liteyny Prospect discharged its 700,000-barrel…
Tanker Liteyny Prospect, Hit by Sanctions, Docks in China to Offload Russian Oil
The Russian tanker Liteyny Prospect, hit by sanctions, has docked at the Chinese port of Huanghua to discharge its 700,000-barrel Russian Sokol crude cargo, two sources familiar with the matter said, clearing part of a backlog of cargoes disrupted by sanctions on Moscow's oil trade.The tanker is one of six ships carrying Sokol crude, which India has not been able to import due to payment issues. The six ships had been sailing to China but five of them are floating at sea early this week…
Russia Oil Fleet Shifts Away from Liberia, Marshall Island Flags Amid US Sanctions Crackdown
Dozens of oil tankers used by Russia have stopped sailing under the Liberian and Marshall Islands flags in recent weeks after the United States ramped up sanctions enforcement on ships linked to those registries, according to shipping data and interviews with industry and government officials.The shift reflects the close relationship between the U.S. and the flag administration companies of Liberia and the Marshall Islands…
US Imposes Sanctions on Russia's Leading Tanker Group Sovcomflot
The U.S. Treasury said on Fridayit has imposed sanctions on Russia's leading tanker group Sovcomflot FLOT.MM, as Washington seeks to reduce Russia's revenues from oil sales that it can use to support its invasion of Ukraine.The Treasury Department's Office of Foreign Asset Control also designated 14 crude oil tankers vessels as property in which Sovcomflot has an interest. It issued a general license allowing the offloading of crude oil…
Another Ship Hit in the Red Sea
Disruptions to Red Sea shipping caused by Houthi attacks will push up prices of consumer goods, an executive from port and freight operator DP World said on Tuesday as a missile struck another vessel in the region.The Iran-allied Houthi militia has threatened to expand its attacks to include U.S. ships in response to American and British strikes on its sites in Yemen.Attacks by the Houthis on ships…
Sovcomflot Considering Alternative Shipping Routes in Case of Red Sea Escalation
Russia's leading tanker group Sovcomflot is considering alternative shipping routes in case of further escalation of the crisis in the Red Sea, the TASS news agency reported on Tuesday.The United States and Britain launched a series of strikes on Yemen last week aimed at the Iran-backed Houthi militia, whose attacks on international shipping have disrupted one of the world's most important trade routes since December.According to British maritime security firm Ambrey…
Lack of Arctic Tankers Puts Russia's LNG Development Dreams on Ice
Russia is hoping its shipments of liquefied natural gas (LNG) will offset a sharp fall in pipeline gas exports to Europe, but a shortage of gas tankers and sanctions hold back its plans, analysts and industry sources said.Russia wants to boost its share of the LNG market to 20% by 2030 from 8% now, but a force majeure declaration by top producer Novatek over LNG supplies from its future Arctic LNG…
Russia's Sovcomflot Transfers Ships to New Management Firm to Boost Trade
Russia's leading tanker group Sovcomflot has transferred dozens of ships into a new Dubai based management company aiming to boost trade through this entity amid…
Oil Shipping and Refining Firms Benefit from Western Sanctions on Russia
Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.None of the firms is breaching sanctions…
Rosneft Moves Into Tanker Chartering as EU Ban Looms
Russia's biggest oil exporter Rosneft has expanded its tanker chartering business to ease oil shipments for buyers amid looming Western sanctions on insurance of Russian oil shipments, three sources familiar with the matter said.Previously, state-controlled Rosneft, which produces more than 40% of Russian oil, would sell its oil at the port of loading, meaning the buyer would have to find tankers and handle freight and insurance costs for the voyage.But with new…
Exxon's Russian Oil Output Collapsed after Rejecting Local Tanker Insurance
Oil output at the giant Exxon-led Sakhalin-1 Russian Pacific project collapsed following the U.S. major's refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. Western insurers withdrew cover from tankers operated by state-run Sovcomflot, Russia's biggest shipping group, which was sanctioned following Moscow's invasion of Ukraine. "Exxon has refused to take Sovcomflot's tankers," one industry source said.
Shrugging off Russia Maritime Business Loss, Cyprus Targets Asia Shipping
Cyprus has already overcome the loss of Russian maritime trade due to European sanctions and the Mediterranean shipping hub is chasing business expansion in Japan and elsewhere in Asia as it looks to grow its flag, a senior government official said.Cyprus, together with Greece and Malta, which have the largest shipping fleets in the 27 member EU and host large ship-management centers, have been the…
Russian Fuel Oil Cargo Arrives in Cuba as the Island Ramps Up Imports
A tanker carrying Russian fuel oil arrived in Cuba on Thursday, bringing supplies for the Caribbean nation's sputtering power plants and giving Russia an outlet…
Russian Oil Tankers Get India Safety Cover Via Dubai Company
India is providing safety certification for dozens of ships managed by a subsidiary of top Russian shipping group Sovcomflot, official data showed, enabling oil…
Sovcomflot Fleet Fully Covered by Russian Insurers, CEO Says
Russia's state-run Sovcomflot has insured all its cargo ships with Russian insurers and the cover meets international rules, the chief executive said, after Western insurers withdrew cover.Western insurers halted insurance cover for Russia's biggest shipping group when Sovcomflot was hit by sanctions after Moscow sent troops across the border into Ukraine.Sources told Reuters this month that state-controlled Russian National Reinsurance Company had become the main reinsurer of Russian ships…
Abu Dhabi's Al Seer Marine Buys LPG Tanker Duo for $67M to Meet Growing Demand
Abu Dhabi's Al Seer Marine, a subsidiary of International Holding Company (IHC), has said it has acquired two vessels, valued at a combined AED 246 million ($66,97 million), to meet the "rapidly growing demand for transportation of liquified petroleum gas (LPG)."Al Seer Marine has purchased LPG tankers, MT Alcor and MT Alkaid, each with a capacity of 20,700 cubic meters. The vessels are expected to provide an internal rate of return (IRR) of 25%, Al Seer Marine said.
Russia's Sovcomflot Plans to Sell Part of Its Fleet as It Grapples with Sanctions
Russia's leading shipping company Sovcomflot plans to sell part of its fleet on Friday, as it grapples with Western sanctions and seeks to repay outstanding loans.Sovcomflot has faced growing challenges in concluding charters as ports, end purchasers, marine insurers, and other freight companies pull back from Russian business amid sanctions imposed in response to Moscow's invasion of Ukraine. Lloyds List shipping newspaper reported…
Sanctions Tighten Screws on Russia's Sovcomflot as Ship Insurers Cut Cover
Western ship insurers are terminating cover for Russia's leading shipping company Sovcomflot as multiple sanctions start to bite, companies involved say, adding to the growing challenges for the state-owned company and Moscow's efforts to export oil and gas.Russia's maritime sector is seeing the wind down of multiple services, including ship certification by leading foreign providers - vital for accessing…
India's ONGC Struggling to Move Russian Oil
India's Oil and Natural Gas Corp (ONGC) is struggling to find a vessel to ship 700,000 barrels of crude from Russia's Far East, in a growing sign that complex trades involving one of Moscow's biggest partners are being interrupted by Western sanctions, sources say.Several Indian companies including ONGC have stakes in Russian oil and gas assets, and India has been buying more Russian crude since Moscow invaded Ukraine…
Bunker Suppliers Stop Serving Russian Vessels in the Med
Marine fuel sellers have stopped serving vessels flying the Russian flag at major European hubs including Spain and Malta in another blow to Moscow's exports, five industry sources with knowledge of the matter told Reuters.Losing access to refueling points in the Mediterranean Sea poses major logistical problems for Russian oil tankers going from Baltic ports to Asia and also creates safety concerns over potentially being stuck at sea with flammable cargoes…
