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Oil Shipping and Refining Firms Benefit from Western Sanctions on Russia
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Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.None of the firms is breaching sanctions…
Rosneft Moves Into Tanker Chartering as EU Ban Looms
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Russia's biggest oil exporter Rosneft has expanded its tanker chartering business to ease oil shipments for buyers amid looming Western sanctions on insurance of Russian oil shipments, three sources familiar with the matter said.Previously, state-controlled Rosneft, which produces more than 40% of Russian oil, would sell its oil at the port of loading, meaning the buyer would have to find tankers and handle freight and insurance costs for the voyage.But with new…
Exxon's Russian Oil Output Collapsed after Rejecting Local Tanker Insurance
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Oil output at the giant Exxon-led Sakhalin-1 Russian Pacific project collapsed following the U.S. major's refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. Western insurers withdrew cover from tankers operated by state-run Sovcomflot, Russia's biggest shipping group, which was sanctioned following Moscow's invasion of Ukraine. "Exxon has refused to take Sovcomflot's tankers," one industry source said.
Shrugging off Russia Maritime Business Loss, Cyprus Targets Asia Shipping
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Cyprus has already overcome the loss of Russian maritime trade due to European sanctions and the Mediterranean shipping hub is chasing business expansion in Japan and elsewhere in Asia as it looks to grow its flag, a senior government official said.Cyprus, together with Greece and Malta, which have the largest shipping fleets in the 27 member EU and host large ship-management centers, have been the…
Russian Fuel Oil Cargo Arrives in Cuba as the Island Ramps Up Imports
A tanker carrying Russian fuel oil arrived in Cuba on Thursday, bringing supplies for the Caribbean nation's sputtering power plants and giving Russia an outlet…
Russian Oil Tankers Get India Safety Cover Via Dubai Company
India is providing safety certification for dozens of ships managed by a subsidiary of top Russian shipping group Sovcomflot, official data showed, enabling oil…
Sovcomflot Fleet Fully Covered by Russian Insurers, CEO Says
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Russia's state-run Sovcomflot has insured all its cargo ships with Russian insurers and the cover meets international rules, the chief executive said, after Western insurers withdrew cover.Western insurers halted insurance cover for Russia's biggest shipping group when Sovcomflot was hit by sanctions after Moscow sent troops across the border into Ukraine.Sources told Reuters this month that state-controlled Russian National Reinsurance Company had become the main reinsurer of Russian ships…
Abu Dhabi's Al Seer Marine Buys LPG Tanker Duo for $67M to Meet Growing Demand
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Abu Dhabi's Al Seer Marine, a subsidiary of International Holding Company (IHC), has said it has acquired two vessels, valued at a combined AED 246 million ($66,97 million), to meet the "rapidly growing demand for transportation of liquified petroleum gas (LPG)."Al Seer Marine has purchased LPG tankers, MT Alcor and MT Alkaid, each with a capacity of 20,700 cubic meters. The vessels are expected to provide an internal rate of return (IRR) of 25%, Al Seer Marine said.
Russia's Sovcomflot Plans to Sell Part of Its Fleet as It Grapples with Sanctions
![For illustration only - Credit: Sovcomflot](https://images.marinelink.com/images/maritime/w200h200c/for-illustration-only-credit-sovcomflot-131893.jpg)
Russia's leading shipping company Sovcomflot plans to sell part of its fleet on Friday, as it grapples with Western sanctions and seeks to repay outstanding loans.Sovcomflot has faced growing challenges in concluding charters as ports, end purchasers, marine insurers, and other freight companies pull back from Russian business amid sanctions imposed in response to Moscow's invasion of Ukraine. Lloyds List shipping newspaper reported…
Sanctions Tighten Screws on Russia's Sovcomflot as Ship Insurers Cut Cover
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Western ship insurers are terminating cover for Russia's leading shipping company Sovcomflot as multiple sanctions start to bite, companies involved say, adding to the growing challenges for the state-owned company and Moscow's efforts to export oil and gas.Russia's maritime sector is seeing the wind down of multiple services, including ship certification by leading foreign providers - vital for accessing…
India's ONGC Struggling to Move Russian Oil
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India's Oil and Natural Gas Corp (ONGC) is struggling to find a vessel to ship 700,000 barrels of crude from Russia's Far East, in a growing sign that complex trades involving one of Moscow's biggest partners are being interrupted by Western sanctions, sources say.Several Indian companies including ONGC have stakes in Russian oil and gas assets, and India has been buying more Russian crude since Moscow invaded Ukraine…
Bunker Suppliers Stop Serving Russian Vessels in the Med
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Marine fuel sellers have stopped serving vessels flying the Russian flag at major European hubs including Spain and Malta in another blow to Moscow's exports, five industry sources with knowledge of the matter told Reuters.Losing access to refueling points in the Mediterranean Sea poses major logistical problems for Russian oil tankers going from Baltic ports to Asia and also creates safety concerns over potentially being stuck at sea with flammable cargoes…
UK Tightens Sanctions Targeting Russian Oligarchs' Yachts
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Britain put in place new legal powers on Wednesday to prohibit maintenance on aircraft and ships belonging to specific sanctioned Russian oligarchs or their businesses.The government is acting in concert with Western allies to try to cripple the Russian economy as punishment for Moscow's invasion of Ukraine. It has targeted Russia's access to the international financial system, industries like shipping and defense…
Ship Engine Makers Cut Ties with Russia
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Finland's Wärtsilä, a leading ship engine maker, has suspended business with Russia including equipment training while German counterpart MAN Energy Solutions is reviewing contracts, adding further trade pressure on Moscow.Russia's maritime sector is already grappling with the winding down of other services including ship certification by leading foreign providers - vital for accessing ports and securing…
Russia's Top Shipping Firm Sovcomflot In Choppy Waters
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Russia's top shipping company Sovcomflot (SCF), already struggling to find berths to discharge cargoes, is facing fresh pressure after the UK on Thursday joined countries that have slapped sanctions on it, with implications for insurance and certification.With a modern fleet of ships, state-run SCF is a key transporter of Russian oil and liquefied natural gas but also carried cargoes previously from other countries such as the United States.Since Moscow's invasion of Ukraine on Feb.
UK Sanctions Gazprombank, Alfa Bank and Sovcomflot
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Britain froze the assets of Russia's Gazprombank and Alfa Bank, and the state-run shipping firm Sovcomflot FLOT.MM, in its latest round of sanctions announced on Thursday.They were among 59 individuals and entities added to the sanctions list which has been used to target Moscow since Russia invaded Ukraine.Gazprombank is one of main channels for payments for Russian oil and gas.Alfa-Bank is one of Russia's top private lenders…
Greenpeace Protests Against Ships Carrying Russian Fossil Fuels
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Greenpeace activists have taken to the sea to protest against tankers carrying Russian fossil fuels to Europe.Traveling in rigid hull inflatable boats (RHIB), kayaks and as swimmers, protesters from Denmark, Sweden, Norway, Finland, Netherlands and Germany on Sunday went in front of supertankers Waikiki and SFC Baltica in the Baltic Sea, displaying banners with “Oil Fuels War” as Greenpeace calls on…
Maritime AI Firm Launches Russia Sanctions Compliance Tool
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A predictive intelligence company applying AI global maritime trade has launched a solution to minimize risk exposure in maritime trade as it relates to ongoing sanctions against Russia.In response to the recent Russian invasion into Ukraine, heavy economic sanctions were imposed days prior to the invasion and have since escalated rapidly. Amongst the most prominent organizations affected are Sverbank and VTB…
Russia Dropped from Ship Certification Body as Sanctions Bite
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The world's top association of ship certifiers has withdrawn membership from the Russia Maritime Register of Shipping (RS) due to the impact of sanctions on Moscow after its invasion of Ukraine, in another blow to the country's vital shipping sector.Classification societies provide services such as checking that ships are seaworthy, and this certification cover is essential for securing insurance and entry into ports.In recent days…
U.S.-bound Tanker Loaded with Russian Cargo Docks Off Gibraltar Awaiting Instructions
Marshall Islands-flagged tanker Elli which made a Russian port call and is bound for the United States has anchored off Gibraltar awaiting further instructions from its charterer…