Russia shifts to Hong Kong tankers as Greek operators exit Black Sea
Russia turned to non-G7 tankers for seaborne crude sales to foreign buyers in August, especially those operated by Hong Kong companies, as Greek tanker firms steered clear of the Black Sea amid an escalation in maritime attacks. Tankers flagged, owned and operated by companies not based in G7 countries and their allies, and not insured ...
Russia increased its reliance on non-G7 tankers to export crude in August, particularly those operated by Hong Kong companies, as Greek tanker firms avoided the Black Sea due to rising maritime attacks. Tankers flagged, owned, and operated by non-G7 entities and not insured by Western protection clubs carried 70.7% of Russia’s 3.8 million barrels/day crude exports in August, up from 63.8% in July, according to S&P Global Commodities at Sea and Maritime Intelligence Risk Suite data.
Hong Kong tanker operators led this shift, handling 32 million barrels in August, surpassing Chinese and other operators. Their shipments mainly originated from the Black Sea, with over three-quarters of their loadings coming from there. The move came amid a surge in Ukrainian drone attacks on ships involved in Russian Black Sea trade, damaging vessels linked to Greece near the Caspian Pipeline Consortium terminal.
Greek tanker operators' Black Sea shipments fell to a five-month low of 13.6 million barrels last month, while Hong Kong operators' share of Russian crude exports rose to its highest in five months. The recovery in Russian crude prices, which peaked at $86.05/b in September, fueled the increased reliance on non-G7 tankers despite the G7 price cap regime.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
