Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
The fleet of Russian and Russia-friendly tankers sail longer distances, increasing the share of European-owned vessels according to a Bloomberg analyst.
- Before the EU crude import ban and the G7/EU price cap were introduced, almost half of Russia’s crude exports from its western ports were carried on ships owned by European firms.
- That share collapsed to about 25% in the first month after the sanctions came into effect and was filled with Russia’s own vessels and ships from the shadow fleet.
- But in January most of those Russia-friendly vessels were still engaged on their first post-sanctions voyages. With insufficient tankers available to maintain the flow, the share of the trade carried on European ships rebounded to more than one-third.
- Most of the Russian-owned and shadow-fleet tankers are now on their way back after discharging their cargoes in India, so it’s likely that their share of the Russian trade will rebound again in February, but after that the reliance on European vessels could climb again.
- The trade-weighted average journey of a barrel of Russian crude exported from the terminals in the Baltic rose from less than 3,000 miles in January 2022 to more than 9,000 miles a year later.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok