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Sanctions Cut Russia's Sovcomflot 2024 Transportation Volumes
Russia's leading tanker group Sovcomflot's saw transportation volumes drop around 16% to 63 million metric tons last year compared to 2023, Russian news agency Interfax reported on Friday, citing the group's CEO Igor Tonkovidov as saying.The United States and the European Union imposed sanctions on state-controlled Sovcomflot and its fleet in 2024 in an effort to reduce Russia's revenue from oil sales that it can use to finance its war in Ukraine.
New Patterns in Illicit Activity Emerged in 2024
A report from Windward indicates that new methods of illicit activity, including underwater infrastructure damage and the emergence of new convenience flags, complicated the global trading landscape in the last quarter of 2024.The Q4/2024 Windward Trade Patterns & Risk Insights Report suggests there is a behavioral pattern related to the suggested sabotage of undersea critical infrastructure cables in the Baltic region…
First Russian Ice-Class LNG Carrier Hits Water
The first Russian-built ice-class liquefied natural gas (LNG) carrier has entered sea trials, LSEG data showed on Friday, as part of Russia's efforts to raise global LNG market share despite U.S. sanctions.The tanker, named Alexey Kosygin after a Soviet statesman, was built at the Zvezda shipyard and is due to join the fleet of vessels for Russia's new Arctic LNG 2 plant, which has been delayed because of the U.S. sanctions over the conflict in Ukraine.The U.S.
UK Hits at Russia's 'Shadow Fleet' with Fresh Vessel Sanctions
Britain has slapped sanctions on 10 further ships in Russia's so-called "shadow fleet" of vessels which it says use illicit practices to avoid Western restrictions on Russian oil.Russia rejects Western pressure to limit its oil exports, and in the past year there has been a growth in the number of tankers transporting cargoes that are not regulated or insured by conventional Western providers."Today’s sanctions further undermine Russia’s ability to trade in oil via its shadow fleet," British for
Azerbaijan-managed Vessel Is First to Head to China Via Northern Sea Route
An oil tanker managed by an Azerbaijan-based firm is travelling the Northern Sea Route to China for the first time, taking a route so far dominated by vessels managed by Russian shipping giant Sovcomflot, according to LSEG data and two traders.The vessel Prisma is managed by a private company Vista Vvave Shipmanagement based in Azerbaijan, one of the traders said, citing the vessel's documents.Moscow wants to increase traffic via the Northern Sea Route (NSR)…
Russia Opens 2024 Arctic Route for Shipping Urals Crude to Asia
Russian shipping company Sovcomflot has started this year's transportation of Urals crude oil to Asia via the Northern Sea Route, according to market sources and LSEG data on Tuesday, as melting ice opens the Arctic route for transit shipments.Russia wants alternative routes to Asia from its western ports as Western sanctions have made it increasingly difficult for its fleet to operate in waters close to European Union countries.But the Northern Sea Route (NSR)…
Abandoned Tanker Lavant Has Likely Sunk off Yemen
An abandoned tanker that was drifting off Yemen's coast in June has disappeared and is believed to have sunk, three navy and security sources said, the latest vessel lost in the strategically important Red Sea.The area, on the main shipping route from Europe to Asia, is considered high risk as Yemen's Iran-aligned Houthi militants have launched more than 70 attacks on merchant vessels since October…
New Fuel Restrictions for Ships in Arctic Fall Short, Green Groups Say
Ships sailing through Arctic waters will no longer be able to use or carry heavy bunker fuel oil under a United Nations shipping agency regulation which took effect on Monday.Yet environmental groups say the ban does not go far enough in geographic scope or addressing dirty black carbon emissions from ships, which can darken white ice and speed up the melting wrought by climate change. The ban, adopted in 2021 by the UN's International Maritime Organization (IMO)…
Sovcomflot Says Its Ship Rescued Crew from Tanker Off Yemen
A ship operated by Russian shipping group Sovcomflot rescued the crew of a tanker taking in water off Yemen's coast this week, the state-owned company, which is under Western sanctions, said on Wednesday.Sovcomflot tanker NS Africa was sailing southeast of the port of Nishtun in southern Yemen on June 23 when it responded to a distress call by the Lavant tanker whose crew had abandoned ship and were in a life raft in the open sea."At 1410 local time, the crew of the tanker NS Africa ...
Sanctions Damaging Safety at Sea, Sovcomflot Says
Sanctions on shipping companies are undermining safety at sea and pose dangers for trade as ship standards are impacted, the chief executive of sanctioned Russian shipping group Sovcomflot said.The European Union imposed sanctions on Russia's state-owned and top tanker company Sovcomflot (SCF) and its CEO Igor Tonkovidov, according to the measures published in the EU's Official Journal on Monday.Earlier this year, the U.S.
Russia Boosts Oil Revenues as Shipping and Trading Network Grows
Russian oil exporters are charging more for their oil in major market India than at any time since the war in Ukraine started as a growing number of shippers and intermediaries take part in the trade, weakening the impact of Western sanctions on Moscow.The exporters have had to offer deep discounts to encourage shipping companies and traders to move their crude and brave the risk of sanctions since Russia's full-scale invasion of Ukraine in February 2022.Among the restrictions…
EU Proposes to Sanction Shipping Giant Sovcomflot
The European Union is proposing to sanction Russia's oil-shipping giant Sovcomflot in a move to limit the Kremlin's ability to finance its war against Ukraine, Bloomberg News reported on Tuesday, citing a document seen by it.The move would follow similar punitive measure imposed on the leading Russian tanker group early in 2024 by the U.S., with Washington pushing to tighten the screws on Moscow for…
Sanctioned Russian Tanker Transfers Urals Crude Oil to Another Ship off Malaysia
Oil tanker SCF Primorye, owned by Russian state shipping company Sovcomflot and sanctioned by the United States, transferred 1 million barrels of Urals crude onto another vessel off Malaysia last week, data from analytics firm Kpler showed.The oil cargo transfer was made on June 3 to tanker Ocean Hermana, the data showed.Ocean Hermana remains floating off Malaysia although Kpler expects the ship to eventually discharge its cargo in China.Sovcomflot and Ocean Hermana's ship manager India-based Sy
Sovcomflot Says Revenues Took a Hit from Western Sanctions
Russia's leading tanker group Sovcomflot said western sanctions and changing market conditions may cut its revenues this year, a rare admission from a major Russian business of the damage western restrictions against Moscow are having.The U.S. imposed sanctions on Sovcomflot, which was previously one of the world's leading tanker operators, in February, in an attempt to reduce Russia's revenues from…
Russia Steps in After India Drops Safety Cover for Sanctioned Vessels
India's ship certification agency has withdrawn safety cover issued to Russian oil tankers that have been placed under U.S. sanctions, according to its website, with the vessels instead turning to a domestic provider.Major insurers and ship engine makers have already withdrawn cover for Russia's tanker fleet, which Moscow is relying on to maintain the country's oil trade after Washington and its allies…
US Sanctions Impacting Sovcomflot's Ability to Trade, CEO of Russian Tanker Group Says
U.S. sanctions are limiting tanker activity for Russia's top shipping group, Sovcomflot, the company's head said on Tuesday, as Washington tightens the screws on Moscow.The U.S. imposed sanctions on Sovcomflot on Feb. 23 as Washington seeks to reduce Russia's revenues from oil sales that it can use to support its military actions in Ukraine.Sanctions have impacted the company's operations, "limiting our geography and commercial prospects"…
Asia Crude Imports Surge as China, India Snap Up Russian Oil
Asia's imports of crude oil are expected to rise to the highest in 10 months as heavyweights China and India lifted arrivals from Russia, but impending maintenance schedules and rising prices mean such levels may not be sustained.The world's top importing region is forecast to see arrivals of 27.48 million barrels per day (bpd) in March, up from 26.70 million bpd in February and January's 27.18 million bpd…
Reliance Refusing Sovcomflot Oil Shipments
India's Reliance Industries, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by shipping company Sovcomflot (SCF) after recent U.S. sanctions, according to two sources familiar with the matter.The development adds to oil export problems for Russia as its oil firms may face difficulties finding ships to sell surplus oil after recent Ukrainian drone attacks on the state's refineries.
Second Russian Tanker, Hit by Sanctions, Docks in China
Russian tanker Krymsk, hit by sanctions, docked on Wednesday at the Chinese port of Dongying in eastern Shandong province, home of independent refiners, to discharge 700,000 barrels of Russian Sokol crude, LSEG and Kpler shipping data showed.This is the second Russian oil tanker, hit by sanctions, to dock at Chinese ports this month. Last week, tanker Liteyny Prospect discharged its 700,000-barrel…
Tanker Liteyny Prospect, Hit by Sanctions, Docks in China to Offload Russian Oil
The Russian tanker Liteyny Prospect, hit by sanctions, has docked at the Chinese port of Huanghua to discharge its 700,000-barrel Russian Sokol crude cargo, two sources familiar with the matter said, clearing part of a backlog of cargoes disrupted by sanctions on Moscow's oil trade.The tanker is one of six ships carrying Sokol crude, which India has not been able to import due to payment issues. The six ships had been sailing to China but five of them are floating at sea early this week…
