With new entrants keen to get a slice of the Russian business, secondhand oil tanker prices have surged.
, especially for Aframax vessels that can carry up to 600,000 barrels, the standard size used for loading crude at Russia’s Baltic ports.
Up until Monday, there were no Western sanctions on transporting Russian oil to Asian markets, so Fractal and other management companies had not breached any rules. Crude tanker rates have jumped to highs not seen since 2008, aside from a brief period in 2020 when oil firms scrambled for tankers to store fuel as demand crashed due to the pandemic.
Shipbuilding also stalled during the pandemic and deliveries of new oil tankers next year are set to be historically low, according to analysis from shipping brokers.Twelve have loaded oil at Russian ports in the last two months either for the first time, for the first time since the Ukraine war started, or at least for the first time in over a year, the data showed. Two have been calling regularly at Russian ports.
The tanker was called Kronviken before it changed hands. Viken Shipping said it had not sold ships to Russian owners but declined to identify the buyers. Deals shown to be outside the price cap would effectively break sanctions, and other vessels that have at some point been involved in circumventing oil export sanctions on Venezuela and Iran may well play a part in that trade, analysts say.
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