Russia is actively building up a “shadow” fleet of write-offs to circumvent sanctions

Russia is actively building up a decommissioned “shadow” fleet to circumvent sanctions; insurers avoid former clients in moscow. As a result, the risk of accidents on outdated “shadow” vessels is increasing.

Yes, there were at least two incidents last week. A 20-year-old Aframax loaded with Rosneft, which was drifting off the coast of Spain, was in urgent need of repair. Also, the 21-year-old VLCC Young Young ran aground in the Singapore Strait. Shortly before that, the ship was blacklisted by the US Treasury Department’s Office of Foreign Assets Control, due to the illegal transportation of Iranian oil. This was reported by tanker brokers Poten & Partners, writes Splash 24/7.

Sales of obsolete tankers increased significantly this year. At least 60 VLCCs, 42 Suezmaxes and 93 Aframaxes with an average age of 15 years have changed hands. The main reasons are the upcoming EU embargo on russian raw oil imports and the G7 oil price cap.

Currently, the “shadow” tanker fleet consists of more than 300 vessels. Rates for Venezuelan and Iranian oil can be two to three times the market rate for legal flights, brokers say.

“Due to the fact that russia uses more ships of the “shadow” fleet, the average age of its export tankers is increasing sharply, and this leads to an increase in accidents at sea,” says Poten & Partners.

Tags: Russia