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Tankers in Opaque Markets Reach Record High in Q1

OIL

Tankers operating in the opaque markets of Iran, Russia, and Venezuela reached a record high in Q1 2023, supported by Russian trade and tankers newly entered the Iranian trade according to Vortexa.

  • In March, 125 tankers switched from Iran & Venezuela to Russian trade and carried a record high 1.1mbpd of Russian crude. Tankers in the opaque fleet average 20 years old.
  • Tankers which have exited the Russian crude and clean petroleum product trades have mostly moved to intra-regional trade routes globally.
  • Greek operators dominate Russian crude trade from the Baltics and Black Sea, whereas Russian & Chinese operators dominate Russia Far East.

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