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The rise in the cost of shipping oil is a direct consequence of the stringent sanctions imposed on the United States of America. This unexpected increase in premiums for supertanker freight charges can be attributed to the decision by the United States to tighten sanctions against Russia’s oil industry. The severity of these sanctions was increased, leading to a rush among businesspeople to charter vessels to transport commodities from other countries to China and India.
China and India are actively seeking alternative sources of petroleum supply to navigate around the newly imposed sanctions on Russian producers and ships by the United States. These sanctions are specifically aimed at curbing the importation of petroleum from Russia in compliance with the stipulated constraints. These measures have been put in place in response to Russia’s involvement in the crisis in Ukraine. The sanctions are designed to reduce the income of Russia, the second-largest global oil exporter, in light of the crisis in Ukraine, which Russia is perceived to have instigated.
Over the past few years, a significant number of vessels have been targeted due to their involvement in a shadow fleet that seeks to bypass restrictions imposed by Western nations. These tankers have been deployed to deliver oil to India and China in order to access low-cost Russian supply that has been banned in Europe following Moscow’s invasion of Ukraine. The decision to transport oil from Russia to India and China using these tankers was made to capitalize on the available Russian supply amid the geopolitical circumstances. Additionally, there have been claims that some of these vessels have transported oil from Iran, a country subject to sanctions imposed by the United States.
Approximately 669 shadow fleet tankers are currently engaged in shipping oil from Russia, Venezuela, and Iran. The recent sanctions imposed by the United States have targeted around 35% of these tankers. These tankers are not limited to the aforementioned countries and are involved in transporting oil from various other nations as well. Lloyd’s List Intelligence conducted an investigation to gather and verify this disputed information.
The rates for Very Large Crude Carriers (VLCCs) increased after Unipec, the trading arm of Sinopec, engaged multiple supertankers to transport oil. Unipec purchased sweet crude cargoes from Europe and Africa, including oil from Norway, Senegal, Ghana, and Angola. These purchases contributed to gains in the stock market, with the S&P 500 rebounding from a two-month low. High interest rates on U.S. Treasury notes and altered investor expectations regarding the Federal Reserve’s interest rate policies influenced these gains.
To meet their obligations, traders need to explore alternative crude sources. Anoop Singh, the global head of shipping research at Oil Brokerage, identified this as the primary reason for the increase in freight costs. Premiums for Dubai, Oman, and Murban crude hit their highest levels in over a year, exceeding $4 per barrel for Dubai. Tanker bookings indicated Unipec’s plans to transport oil from the Middle East using eight tankers since Friday, with expectations of similar ventures in the future.
