Some Greek Shipping Firms Stopped Transport of Russian Oil

Three Greek shipping firms - Minerva Marine, Thenamaris and TMS Tankers - have stopped transporting Russian oil in recent weeks, after the US stepped up imposing sanctions on shipping firms carrying Russian oil – often above the G7 oil price cap, four traders told Reuters and shipping data showed.

• "Even unfriendly countries note that the so-called price cap has not worked. More than 99% of oil traded well above the $60 per barrel ceiling," Vladimir Furgalsky, a Russian Energy Ministry official, said on Thursday. Russia's Pacific ESPO Blend crude oil grade has also traded above the cap, according to US Treasury data.
• All three firms were active shippers of Russian oil and fuels up until September-October when they started scaling down their involvement, and eventually turned down requests for Russian crude loadings for November and later, according to the traders and data from shipping agents seen by Reuters.
• The three Greek companies operate more than 100 oil tankers capable of handling almost all the oil exports from Russia's western ports of Primorsk, Ust-Luga and Novorossiisk of around 2.4mbpd.
• "The dark fleet might not be enough to transport all of Russian oil," one of the traders added.
• Russia is now relying on its shipping company Sovcomflot and a many little-known shipping firms registered in the UAE, India, Hong Kong, Seychelles, Ghana and other locations, according to traders and shipping data.