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Russian Crude Shipments on Old Vessels Increases Ahead of Sanctions

OIL

The use of old tankers to transport Russian crude cargoes is increasing as the sanctions on seaborne crude exports approaches.

  • Shipments on old tankers since June have more than doubled, compared to the same period in 2021, with 17 cargoes of Russian crude departing ports on tankers that are at least 20 years old according to Vortexa data. Vessels over 20 years old would normally be considered at the end of operational life.
  • Sanctions on Russian seaborne crude from Dec 5 could limit shipping availability with vessel and insurance harder to obtain. The older vessels could be used to help export Russian crude to the available buyers.
  • Under G7 plans from Dec 5, transactions involving banks, insurance and shipowners from the EU will be banned unless involving cargoes purchased below a yet to be decided price cap.
Energy BulletsCommodities
Energy BulletsCommodities

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