SHIPOWNERS risking censure by moving Russian oil are reaping big profits on at least one route as others shun the trade, reports Bloomberg.
Owners can earn US$1.6 million hauling Russian ESPO oil from the eastern port of Kozmino to China, said shipbrokers - triple the amount prior to the invasion of Ukraine.
The lucrative trade has become a regular fixture for vessel owners from China, Turkey and Greece, brokers said.
Russia's invasion of Ukraine has led to fewer shipowners handling the OPEC+ producer's crude oil on concerns about reputational damage or running afoul of financial sanctions.
Almost all recent exports of ESPO have been transported to, or are bound for Chinese ports, with the occasional shipment going to India.
China's Cosco is among the most active in the trade alongside Russia's Sovcomflot. Active Shipping & Management, BEKS Ship Management & Trading and Dynacom Tankers Management from Turkey are still hauling the grade, along with Greek companies Avin International and Estoril Navigation.
The Group of Seven (G7) nations last week discussed different ways to maintain global oil supplies while limiting Moscow's revenue. A proposal, which included price caps and restrictions surrounding access to insurance cover and shipping services, was floated although no decisions have been finalised.
SeaNews Turkey
Owners can earn US$1.6 million hauling Russian ESPO oil from the eastern port of Kozmino to China, said shipbrokers - triple the amount prior to the invasion of Ukraine.
The lucrative trade has become a regular fixture for vessel owners from China, Turkey and Greece, brokers said.
Russia's invasion of Ukraine has led to fewer shipowners handling the OPEC+ producer's crude oil on concerns about reputational damage or running afoul of financial sanctions.
Almost all recent exports of ESPO have been transported to, or are bound for Chinese ports, with the occasional shipment going to India.
China's Cosco is among the most active in the trade alongside Russia's Sovcomflot. Active Shipping & Management, BEKS Ship Management & Trading and Dynacom Tankers Management from Turkey are still hauling the grade, along with Greek companies Avin International and Estoril Navigation.
The Group of Seven (G7) nations last week discussed different ways to maintain global oil supplies while limiting Moscow's revenue. A proposal, which included price caps and restrictions surrounding access to insurance cover and shipping services, was floated although no decisions have been finalised.
SeaNews Turkey
