Freight rates for Russian oil shipments from Baltic ports to India are declining after hitting record highs, driven by increased offers from Western shipowners. With Urals crude prices dropping below the $60 price cap, shipping costs have fallen to an average of $7 million per shipment, fostering trade opportunities between Russia and India.
Germany recently seized a dilapidated tanker suspected to be part of Russia’s clandestine fleet evading oil sanctions. The Panama-flagged vessel, Eventin, carrying 100,000 metric tons of oil worth 40 million euros, was intercepted en route from Russia to Egypt. The German finance ministry refrained from detailed comments due to tensions with Russia over Ukraine.
Three oil tankers previously sanctioned by Britain for transporting Russian oil are now flying the Barbados flag. The Barbados Maritime Ship Registry, based in London, oversees their operations, providing diplomatic immunity. Despite concerns about ties to the UK, the switch allows the vessels to comply with international regulations more efficiently. Questions arise over the tankers’ ownership as they continue operations under new flags.
The United Arab Emirates has banned ships flying the Cameroon flag from entering its waters, in an effort to distance itself from vessels transporting sanctioned oil. The ban does not apply to ships rated by a major international classification body. Russia has used Cameroon-flagged tankers to circumvent U.S. sanctions.
