Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "shipowners"


25 mentions found


New York CNN —The massive cargo ship crash that destroyed the Baltimore’s Francis Scott Key Bridge on Tuesday will probably cost various shipping companies and insurers billions of dollars in damages. “Maritime law is steeped in antiquity. Maritime law is rooted in the need to settle disputes and enforce rules between different peoples, even before there was the concept of countries with definitive laws. That rule, known as general average, is still a guiding principle of maritime law. “it’s just a fundamental part of the way that the shipping business works,” said Martin Davies, director of the Maritime Law Center at Tulane University.
Persons: Francis Scott Key, ” Sean Pribyl, “ It’s, , Rhodes, Rhodians, Pribyl, “ it’s, Martin Davies, ” Davies, Dali, “ don’t, Davies, Chugging, Organizations: New, New York CNN, Holland, CNN, American Bar, Titanic, Star Line, White Star, Maritime Law Center, Tulane University, Grace Ocean, , Repair Company, Flint & Co, Supreme Locations: New York, Brooklyn, Baltimore, American, Great Britain, Southampton, Singapore, . Flint
Maxar Technologies Visual Investigations The $2.8 Billion Hole in U.S. Sanctions on Iran A Times investigation reveals how lax government oversight allowed shadowy oil tankers, covered by American insurance, to fund Iran’s regime. The American Club is one of only 12 major insurers of its kind, and the only one based in the United States. By then, the tankers had transported at least $2.8 billion in crude oil, based on the lowest reported prices of Iranian oil in 2023. The Treasury office has publicly enforced sanctions on the American Club only once in the past 20 years. Ultimately, the office said the American Club did “not appear to have been willful or reckless” and the case was settled.
Persons: Biden, , penna gabrielle toyomi, penna selene gabrielle, gabrielle, selene, lisa marianne selene, Samir Madani, Maggie Hassan, Daniel Tadros, , Mr, Tadros, Shipowners, ” Mr, Madani of TankerTrackers.com, David Tannenbaum Organizations: Maxar, Maxar Technologies, Sanctions, U.S, White, New York Times, Times, Treasury Department, American Club, Treasury, cathay kirin, Copernicus, Planet Labs, Star, American, The Times, Revolutionary Guards Corps, Anadolu Agency, Getty, Club’s, Hamas, Bloomberg, United Against Nuclear, Nuclear, Glory, United, National Iranian Tanker, Labs, Copernicus Sentinel, Club, International Maritime Organization, AIS, Spire Locations: Gulf of Oman, American, U.S, Iran, New York, New Hampshire, United States, Hong Kong, Kharg, Kpler, China, Israel, Yemen, United Against Nuclear Iran, Nuclear Iran, United Arab Emirates, Asaluyeh, Dubai, of Oman, Persian, Oman, Cuba, Sudan, MarineTraffic, SynMax, TankerTrackers.com
Trafigura assesses Red Sea risks after tanker attacked by Houthis
  + stars: | 2024-01-28 | by ( ) www.cnbc.com   time to read: +3 min
Commodities trader Trafigura said on Saturday it was assessing the security risks of further Red Sea voyages after firefighters put out a blaze on a tanker attacked by Yemen's Houthi group a day earlier. The Houthi attacks have primarily targeted container vessels moving through the Red Sea. A notable exception is QatarEnergy, the world's second largest exporter of liquefied natural gas, which earlier this month stopped sending tankers via the Red Sea, citing security concerns. The Marshall Islands-flagged Marlin Luanda issued a distress call on Friday and reported damage, U.S. Central Command said in a post on X, formerly Twitter. About eight hours after the Marlin Luanda incident, the U.S. military destroyed a Houthi anti-ship missile that was aimed into the Red Sea and ready to launch, Central Command said.
Persons: Trafigura, Yemen's, Trafigura's, Marlin, Carney, Ras Issa Organizations: Djibouti . Commodities, U.S . Navy, Marshall, U.S . Central Command, Indian Navy, British, Houthi, U.S, Central Command, Britain, U.S . Fifth Fleet, British Defence Ministry Locations: Djibouti, U.S, Trafigura, Aden, Gulf, Africa, Gaza, Visakhapatnam, Yemen, United States, Ras, Yemen's
How Houthi Attacks Have Upended Global ShippingShipping routes before attacks After attacks EUROPE ASIA Suez Canal Red Sea Gulf of Aden Malacca Strait AFRICA Area of Houthi attacks Continued traffic South Atlantic Ocean Indian Ocean Ships diverted after attacks Cape of Good Hope Shipping routes before attacks After attacks EUROPE ASIA Suez Canal Gulf of Aden Red Sea AFRICA Area of Houthi attacks Continued traffic South Atlantic Ocean Indian Ocean Ships diverted after attacks Cape of Good Hope Shipping routes before attacks After attacks EUROPE Suez Canal Gulf of Aden Red Sea AFRICA Area of Houthi attacks Continued traffic Ships diverted after attacks Cape of Good Hope Note: To show the changing paths of ships that regularly traverse the Red Sea, 3,461 cargo vessels recorded at entrances to the Red Sea in the last three months are shown. Those detours, and the Houthi attacks, have persisted despite airstrikes by the United States and its allies against the Houthis. Houthi attack involving commercial vessels Other Houthi attacks in the Red Sea Three commercial vessels were struck in one day on Dec. 3. Nov. 15, 2023 Dec. 1 Dec. 15 Jan. 1, 2024 Jan. 15 Houthi attack involving commercial vessels Other Houthi attacks in the Red Sea Nov. 15, 2023 Armed Houthi fighters boarded a commerical vessel. The Houthi attacks have delayed China’s annual surge in exports before its factories are idled next month for the Lunar New Year.
Persons: Cape, Jan, JPMorgan Chase, Port Said Organizations: Global Shipping Shipping, Atlantic, Ships, Good Hope Shipping, Shipping, United States Central Command Shipping, Ikea, East, JPMorgan, Maersk, U.S . Energy Information Administration, Rotterdam EUROPE Venice, Good Hope, EUROPE Venice, International Monetary, Trade, Galaxy Leader, U.S . Navy, America Locations: ASIA Suez, Aden Malacca Strait AFRICA, ASIA Suez Canal Gulf, Aden Red, Suez Canal Gulf, Suez, Africa, Yemen, Israel, Gaza, United States, U.S, Asia, Europe, China, Northern Europe, East Coast, Maersk Hong Kong, The Singapore, Singapore, Slovenia, Port Said, Egypt, Port, Russia, Ukraine, India, Rotterdam EUROPE, Rotterdam EUROPE Venice Barcelona, Istanbul ASIA SYRIA LEBANON IRAN ISRAEL IRAQ Strait, Hormuz GAZA Suez, Kuwait, Red, Mumbai Malacca, YEMEN AFRICA, Aden, Good, Good Hope EUROPE ASIA SYRIA LEBANON ISRAEL IRAN IRAQ GAZA Suez, Strait, Hormuz Red, YEMEN, EUROPE, EUROPE Venice Tokyo Barcelona, Istanbul Shanghai ASIA SYRIA LEBANON IRAN ISRAEL IRAQ GAZA, Hormuz Hong, Suez Canal Kuwait, AFRICA Red, Mumbai Bangkok YEMEN Malaca, Istanbul Shanghai SYRIA LEBANON IRAN ISRAEL IRAQ ASIA GAZA, Suez Canal AFRICA Kuwait City Red, Red Sea, Beijing
Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, meet on Sunday in Vienna. Robust global oil prices this year and Moscow's growing use of a shadow tanker fleet have meant that much Russian oil has traded mostly above the Western oil cap price. Moscow-based independent oil analyst Alexei Kokin said the oil prices declined from "very comfortable" levels to "just comfortable" levels. Russia has budgeted the price of Urals, its flagship oil grade, at 4,788 roubles ($53.36) per barrel this year. However, the share of energy sales in the federal budget proceeds - which used to exceed 50% of total budget revenue - has drastically declined.
Persons: Alexander Manzyuk, Vladimir Putin, Alexei Kokin, Ronald Smith, Vladimir Soldatkin, Guy Faulconbridge, Jason Neely Organizations: REUTERS, Energy, OPEC, Organization of, Petroleum, BCS, Investments, Brent, Thomson Locations: Republic of Tatarstan, Russia, MOSCOW, Vienna, OPEC, U.S, China, Saudi Arabia, United States, Moscow
MOSCOW, Nov 17 (Reuters) - Russia's Urals oil prices on Friday fell below the Western price cap level of $60 per barrel amid a rise in freight rates fuelled by fresh U.S. sanctions on shipowners and weaker global oil prices, two traders said and Reuters calculations showed. Russia's main export grade had been trading above $60 since mid-July amid output cuts by OPEC+ producers including Saudi Arabia and Russia. On Friday freight rates for Urals oil shipments from Russia's Baltic ports of Primorsk and Ust-Luga to India rose to $9.2-9.5 million per tanker per voyage from $8 million last week. Urals oil prices on a delivered ex-ship basis in Indian ports were stable at a discount of around $5 per barrel to dated Brent, traders said. High transportations costs weighed on FOB prices for Russian Urals oil, traders said, adding that amid weakness in Brent the grade's price was below $60 as of Friday.
Persons: Brent, Jason Neely Organizations: U.S . Treasury Department, United, Thomson Locations: MOSCOW, U.S, United Arab Emirates, Australia, Ukraine, Saudi Arabia, Russia, Primorsk, Ust, Luga, India, Brent
"Management of all the Sovcomflot ships was transferred to Sun Ship Management in March/April 2022 when their offices in Europe were closed. 30 ship owners targeted in new Treasury probeThis is just one example of the murkiness within the Russian oil trade. There are grey areas in the U.S. government's Russian oil guidelines, though the efforts can ultimately lead maritime investigators to the truth. In the U.S. Treasury's "Preliminary Guidance on Implementation of a Maritime Services Policy and Related Price Exception for Seaborne Russian Oil," ship owners are under a Tier 2 category. This document could provide a "safe harbor" for ship owners who are relying on that customer's "attestation" to comply with sanctions.
Persons: Wally Adeyemo, Matthew Wright, Wright, it's, hasn't, They're, shipowners, Andy Lipow, Lipow, Brent Organizations: Windward, U.S . Department, Foreign Assets Control, Treasury, Shipping, Coalition, Ukraine, United, Kazan Shipping Incorporated's, Progress Shipping Company, CNBC, Sovcomflot, Management, Sun Ship Management, Maritime Services, Ship, Lipow Oil Associates, U.S . Treasury, European Union, AIS Locations: Morocco, Price, United Arab Emirates, Kazan, Kazan Shipping Incorporated's Kazan, UAE, Europe, U.S, Asia, Ukraine, Hong Kong, China, India
The other tier comprises mainstream vessels that use Western services for legal oil shipments, including from Russia under the terms of the price cap. In the short term, available ghost vessels could be in particular demand, making chartering them more expensive. Even so, some analysts say removing the price cap could be the way to really punish Russia. But he said that was very unlikely because the price cap at least allows Russian oil to flow, thereby moderating international prices. "The Biden administration is already reeling from higher oil prices compounded by the unrest in Gaza, potentially spreading to a wider Middle Eastern conflict.
Persons: Alexandre Meneghini, Ioannis Papadimitriou, Mike Salthouse, FGE, Vortexa’s Papadimitriou, Richard Bronze, Adi Imsirovic, Biden, Natalie Grover, Robert Harvey, Julia Payne, Andrea Shalal, Barbara Lewis Organizations: REUTERS, Reuters, Maersk, EU, White House, United Arab, Shell, BP, Exxon Mobil, Exxon, U.S, . Treasury, Treasury, Novy Port, Surrey Clean Energy, Thomson Locations: Liberia, Russia, Matanzas, Matanzas , Cuba, Ukraine, United States, Euronav, Turkey, United Arab Emirates, U.S, India, Novy, Gaza, London, Brussels, Washington
Many oil majors have avoided contracting tankers that have carried Russian crude because of the risk of sanctions and self-imposed restrictions. Under the price cap, western companies can ship and provide insurance for Russian oil and products provided they are sold at less than $60 per barrel. "Dead freight is one of the issues when working with Russian oil as not all companies agree to use ships involved in Urals deliveries," the trader said. Orlen said it was not involved in any Russian oil shipping and it screened all vessels it uses to ensure no Russian sanctions are violated. Russian oil has been mostly shipped to Asia following the EU embargo.
Persons: Orlen, Russia's Zarubezhneft, Sidi Kerir, Nissos Delos, Marek Strzelecki, Maha El, Barbara Lewis Organizations: MOSCOW, Group, European Union, Botafogo, TMS, Kyklades, Saudi Aramco, Reuters, Thomson Locations: Asia, Lithuania, Poland, Russian, Russia, Ukraine, Moscow, ASIA, Poland's Gdansk, Lithuania's, Russian Baltic, Baltic, Primorsk, Mundra, West India, Saudi, Sidi, Gdansk, Waikiki, Bonita, Nissos, Calida, Butinge, Russia's, Ust, India, Warsaw, Maha, Maha El Dahan, Dubai
The Y Combinator-backed Seabound believes its on board carbon-capture tech can play a key role. Fredriksson is the cofounder and CEO of Seabound, a climate-tech startup that aims to lower the greenhouse-gas emissions produced by the shipping industry. Seabound, backed by the famed accelerator Y Combinator, has built a carbon-capture machine that can be retrofitted onto ships. Having tested it on land, Seabound is now using a commercial container ship as its lab in a pilot project with the London-based shipping company Lomar Shipping. Fredriksson added that Seabound's reaction was exothermic, meaning it needed an injection of heat to get started but then was self-sustaining.
Persons: Seabound, Alisha Fredriksson didn't, Fredriksson, It's, Stephen Turnock, Ed Phillips, Alisha Fredriksson, Wen, Turnock, Alisha Fredriksson Decarbonization, we're, We're, Capital's Phillips, Leapfrogging Organizations: Shipping, Maritime Organization, Service, University College London, University Maritime Advisory Services, Southampton University, International Maritime, Planet Capital, Lomar Shipping, Ships Locations: Wall, Silicon, London, Yalova, Turkey
MOSCOW, Aug 15 (Reuters) - Russia on Tuesday released video footage showing an armed naval inspection unit boarding a cargo ship in the southwestern Black Sea on Sunday and questioning the captain about why the ship had not stopped when demanded to by a Russian warship. "Stop machine, stop machine," one of the armed Russians says as crew members put their hands on their heads and kneel before the Russian weapons. I am Russian naval officer - please don't shoot my group on video." The Russian officer then questions the captain through a crew translator about why the ship did not stop when asked to. "Thank you, you good day sir," the Russian officer says as he leaves.
Persons: Guy Faulconbridge, Robert Birsel Organizations: Reuters, Thomson Locations: MOSCOW, Russia, Black, Russian, Palau, Turkey, Ukraine, Izmail
CNN —A Russian warship fired warning shots and boarded a cargo ship it claims was headed to Ukraine in the Black Sea on Sunday, according to Russia’s Defense Ministry. Russia said the warship fired warning shots when the captain of the Palau-flagged dry cargo ship failed to respond to a request to stop for an inspection. “The Russian warship opened warning fire from automatic small arms fire to forcefully stop the vessel,” the statement said. Marine traffic websites currently shows the cargo vessel’s destination as the Romanian port of Sulina which is close to Izmail. “Following radio conversations, the ship stopped its course and the boarding team landed on the bulk cargo ship,” the statement said.
Persons: , Vasily Bykov, Dmytro Pletenchuk, ” Pletenchuk Organizations: CNN, Russia’s Defense Ministry, UN, Ukrainian Navy, , Ukrainian Armed Forces Locations: Russian, Ukraine, Russia, Turkish, Palau, Izmail, Romanian, Sulina, Kyiv, Ukrainian
Russia in July halted participation in the Black Sea grain deal that allowed Ukraine to export agricultural produce via the Black Sea and Moscow cautioned that it deemed all ships heading to Ukrainian waters to be potentially carrying weapons. "To forcibly stop the vessel, warning fire was opened from automatic weapons," the Russian defence ministry said. BLACK SEA AT WAR? Since Russia left the Black Sea grain deal, both Moscow and Kyiv have issued warnings and carried out attacks that have sent jitters through global commodity, oil and shipping markets. Ukraine also attacked a Russian oil tanker and a warship at its Novorossiysk naval base, next door to a major grain and oil port.
Persons: Vasily Bykov, Okan, Guy Faulconbridge, Nick Macfie Organizations: UN, Russian, Reuters, Thomson Locations: Russia, MOSCOW, Russian, Black, Ukraine, Moscow, Palau, Izmail, Bulgaria, Sulina, Turkey, Kyiv, Novorossiysk
A massive cargo ship burning off the coast of the Netherlands is igniting concerns over fire risks from electric vehicles. The Dutch Coast Guard said on its blog that 23 crew members were evacuated, but one person died. But the intensity of the fire seems to have diminished compared with yesterday," the Dutch Coast Guard said, per an AFP translation. Just 25 or less than 1% of the 2,857 vehicles on board the Fremantle Highway were electric vehicles. The Dutch Coast Guard did not immediately respond to a request for comment from Insider.
Persons: Shoei Kisen Kaisha, Nathan Habers, Bentleys — Organizations: Morning, Fremantle, Dutch Coast Guard, Reuters, Maritime, Allianz Global Corporate, Specialty Locations: Netherlands, EVs, Panama, Germany, Singapore
That risk has been put under the spotlight by the burning car carrier drifting off the Dutch coast. While all logistics companies deal with the risk of EV lithium-ion batteries burning with twice the energy of a normal fire, the maritime industry hasn't kept up with the developing technology and how it creates greater risk, maritime officials and insurers said. There were 209 ship fires reported during 2022, the highest number in a decade and 17% more than in 2021, according to a report from insurer Allianz Global Corporate & Specialty (AGCS) (ALVG.DE). The European Maritime Safety Agency said in a March report the main cargo types identified as responsible for "a large share of cargo fire accidents included ... lithium-ion batteries." Firemen typically put out EV battery fires on roadsides by clearing the area around the burning vehicle and flooding the underside with water, something difficult to do on a RoRo, Dillon said.
Persons: hasn't, EVs, Shoei, Nathan Habers, Douglas Dillon, John Frazee, Marsh, Dillon, Frazee, KVNR's Habers, Joe Biden's, Lisa Baertlein, Anthony Deutsch, Victoria Waldersee, Ben Klayman, Diane Craft Organizations: Allianz, ANGELES, Dutch coastguard, RTL, Allianz Global Corporate, Specialty, Maritime Safety Agency, Royal Association of Netherlands, Tri, Maritime Safety Association, Auto, Firemen, EV, International Maritime Organization, Reuters, Thomson Locations: AMSTERDAM, Dutch, EVs, Delaware, Pennsylvania, New Jersey, China, Europe, Los Angeles, Amsterdam, Berlin
Monday’s attack, which was carried out by drone, threw those options into doubt. An executive whose ocean transportation company operates a ship waiting to load grain at Reni said he was waiting to hear whether Monday’s attack would affect insurance premiums, which were already high. Given Russia’s withdrawal from the deal that guaranteed safe passage for commercial vessels through the Black Sea, insurance premiums are likely to be prohibitively expensive for shipowners, analysts said. But some shipowners may decide to travel to Ukrainian ports even with the elevated risk, if they receive assurances from the Turkish and Ukrainian governments, said Yoruk Isik, an analyst with the consultancy Bosphorus Observer, in Istanbul. In recent days, Russia has launched a series of aerial assaults on Odesa, a Black Sea port in Ukraine.
Persons: Reni, Yoruk Isik, Isik Organizations: Turkish, Bosphorus Observer Locations: Ukrainian, Istanbul, Russia, Ukraine
LONDON, July 17 (Reuters) - Insurers are reviewing whether to freeze cover for any ships willing to sail to Ukraine after Russia said on Monday it will suspend participation in a UN-backed deal that allows the export of grain through a Black Sea safe corridor, sources said. "Due to the collapse of the Black Sea corridor deal, most shipowners will now refrain from calling Ukrainian ports," Christian Vinther Christensen, chief operating officer with Danish shipping group NORDEN told Reuters. The (key) question is whether Russia mines the area which would effectively cease any form of cover being offered," one insurance industry source said. The Lloyd's of London insurance market has already placed the Black Sea region on its high-risk list. Additional war risk insurance premiums, which are charged when entering the Black Sea area, need to be renewed every seven days.
Persons: Christian Vinther Christensen, Neil Roberts, shipowners, Jonathan Saul, Sharon Singleton Organizations: NORDEN, Reuters, . Insurance, Lloyd's Market Association, Thomson Locations: Ukraine, Russia, UN, Turkey, London, Lloyd's
Shipping tax could yield $100 bln climate windfall
  + stars: | 2023-06-12 | by ( Hugo Dixon | ) www.reuters.com   time to read: +7 min
TINOS, June 12 (Reuters Breakingviews) - The shipping industry emits 2.9% of the world's greenhouse gases. Reuters Graphics Reuters GraphicsPOLLUTER PAYSThe shipping industry uses fossil fuels to power its boats. That said, industry leaders such as container giant Maersk (MAERSKb.CO) are moving into green shipping. This potentially large sum is attracting the attention of people outside the shipping industry, especially those focused on climate change. If a country refused to apply an agreed tax, the international shipping industry would effectively be unable to operate from its ports.
Persons: TINOS, Emmanuel Macron’s, Tristan Smith, Marshall, UCL’s Smith, Al Qaeda, Peter Thal Larsen, Thomas Shum Organizations: Reuters, International Maritime Organisation, United Nations, European Union, EU, Reuters Graphics Reuters, University College London, Shipping, Climate Fund, World Bank, International Chamber of Shipping, Marshall, Al, Trade Center, Thomson Locations: Paris, Danish, Marshall
I spent much of yesterday parsing through pages of data on where Russian oil is heading and how much buyers are paying for barrels. Today we're unpacking two less obvious observations about Russian oil. That said, researchers pointed out that most of the Western companies still facilitating Russian oil shipments don't actually abide by the $60-a-barrel price cap that the EU and G-7 imposed. Ships carrying Russian oil, according to Argus, indeed make a premium for doing what they do, but that premium has shrunk over the last month. In effect, the "sanctions premium" isn't what it was a month ago.
To curb Moscow's oil revenues following the Ukraine war, the Group of Seven Nations, the European Union and Australia imposed price caps on Russian crude and oil products from December and February, respectively. Lars Lange, secretary general of the International Union of Marine Insurance said: "We are definitely not able to assess the oil prices of shipments." "I get an attestation, which is a compliance with the price cap, but I know actually that something different is happening in the background...and this is something where no law can prepare you for these particular cases." HEIGHTENED SAFETY RISKSIn addition to risks of violating sanctions, the growing "shadow or dark fleet" - tankers purchased by states to deliver Russian oil - has increased safety risks for the shipping sector, the executives said. "I don't have a solution regarding the shadow fleet.
Tankers carrying Russian oil command a "sanctions premium," but those margins have narrowed, Argus data shows. "Rates are likely to remain under pressure throughout April and into May as chartering is muted and looming OPEC+ cuts keep nibbling at shipowners' confidence." Argus data shared with Insider showed that the sanctions premium for Russian-origin cargoes from the Black Sea to the west coast of India narrowed by 50¢ per barrel month-on-month. Still, he added that the premium could hold for some time longer even in a weakening market, as sanctioned cargoes remain a valuable business. Tracking data from Kpler showed earlier this month that total Russian oil exports have now surpassed pre-war levels.
UNITED NATIONS, April 21 (Reuters) - A deal allowing the safe Black Sea export of Ukraine grain could start winding down next week after Russia said it will not approve any new vessels unless their operators guarantee the transits will be done by May 18 - "the expected date of ... The letter was sent to the United Nations by Russia's JCC officials on Wednesday. The United Nations declined to comment on the Russian letter. Russian Foreign Minister Sergei Lavrov is due to meet with U.N. Secretary-General Antonio Guterres in New York on Monday and will discuss the future of the Ukraine grain export deal. To help persuade Russia to allow Ukraine to resume Black Sea grain exports, a separate three-year pact was also struck in July in which the U.N. agreed to help Russia export food and fertilizer.
Under the pact to create a safe shipping channel, Ukraine has been able to export some 27.7 million tonnes of agricultural products, including 13.9 million tonnes of corn and 7.5 million tonnes of wheat. The leading destinations have been China (6.3 million tonnes), Spain (4.8 million) and Turkey (3 million). Ukraine's grain exports are forecast to fall in the 2023/24 season after the war has meant farmers planted less corn and wheat. The International Grains Council has forecast that Ukraine's corn crop will fall to 21 million tonnes, down from the prior season's 27 million, with exports expected to drop to 15 million tonnes from 20.5 million. CAN UKRAINE EXPORT MORE GRAIN THROUGH LAND ROUTES?
Iran's "ghost" armada that carry Russian oil is growing as Western sanctions on Moscow crude intensify. Meanwhile, the volume of Russian crude shipped on the "ghost" ships surged to more than 9 million barrels in January from less than 3 million barrels in November, according to the FT report. Asia has become a key buyer of Russian oil since the country invaded Ukraine last year, buying the commodity at steep discounts. The measure aims to limit Moscow's ability to fund its war against Ukraine, while still keeping Russian oil flowing through global markets to prevent a shortage. Per the FT, Russia has been luring shipowners and operators with premium rates which is at least 50% above normal market rates.
Western tankers ramp up Russian oil shipments under price cap
  + stars: | 2023-02-01 | by ( ) www.reuters.com   time to read: +4 min
The Group of Seven nations (G7), Australia and the 27 European Union countries placed a price limit on Russian crude oil of $60 per barrel on Dec. 5. The cap allows non-EU countries to import seaborne Russian crude oil, but prohibits Western shipping and insurance companies from handling cargoes of the crude unless it is sold at or below that price. Russia has said it will not accept an oil price cap. GREEK RELIEFGreek-owned ships run by Greek management firms handled at least 21 voyages of Russian crude in January to a range of destinations. NGM said its tanker, the Ace, had discharged crude oil in Bulgaria.
Total: 25