Acquisition spree has driven up prices of older vessels as Moscow prepares for tighter trade restrictions
Mysterious buyers with suspected links to Russia have begun amassing dozens of vessels capable of carrying liquefied natural gas, in moves that suggest Moscow is expanding its “dark fleet” of energy tankers. Shipping industry insiders say a clutch of previously unknown companies, largely registered in the United Arab Emirates, have rapidly acquired LNG vessels over the past year, driving up market prices, especially for the oldest ships.
Russia’s big LNG project, Arctic LNG 2, has also been placed under sanctions by the US, making it increasingly difficult to ship cargoes out of the project. Traders say more opaque fleets could facilitate trading out of projects under sanctions, as well as boosting Russia’s operations in the market.
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