Russian Roulette

Sep 13th 2024:Will Western owners re-enter the Russian oil trades? The Russian oil trade after the attack on Ukraine and its impact on the tanker market is difficult to analyze because there are so many moving parts (some of which are hidden as well …). On the one hand, there are major disruptions in trade flows, which have been, in general, positive for the freight market. On the other hand, we have seen significant changes in the fleet that is servicing the Russian trade. The rapid growth of the so-called “dark fleet”, comprised of tankers that are able to side-step certain Western sanctions, has negated some of the positive dynamics for the tanker market. Because of the way some of the sanctions are structured, the level of oil prices is having an outsized impact on the Russian oil trade. Oil prices have declined significantly since the summer and if these price levels are maintained (or go even lower), there could be implications for the tanker market. Please fill below form to continue read.