Lure of Big Profits Draws Veteran Ships to Russian Oil Trade
- At least four older tankers recently start on Kozmino route
- Older Aframax asset values increase by about 60% this year
An oil tanker at a fuel storage facility at the Big Port of Saint-Petersburg in Saint Petersburg, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
The fallout from Russia’s invasion of Ukraine is still making waves in the shipping market, with more older tankers being deployed on the lucrative route hauling the nation’s oil from the Far East to China and India.
At least four tankers 15 years or older have joined the pool of vessels delivering Russian oil from Kozmino since May, according to shipbrokers who asked not to be identified. The port usually handles about 30 cargoes of ESPO crude a month using Aframax vessels, which carry about 700,000 barrels.