Three major Greek shipping firms – Minerva Marine, Thenamaris and TMS Tankers – have stopped transporting Russian oil in recent weeks in order to avoid U.S. sanctions.
It is noted that the development is a blow to Russia as it narrows the number of shipping firms that are ready to transport Russian oil to consumers in Asia, Turkey, the Middle East, Africa and South America – although traders said Moscow still had enough shipping firms for now.
All three companies were active shippers of Russian oil and fuels up until September-October, when they started scaling down their involvement.
According to traders, all three companies turned down requests for vessels for Russian crude loading in November and later, said the traders, who previously collaborated with the three firms.
According to the publication, the three Greek firms had been shipping Russian oil for decades and continued to do so when most other Western companies quit running the routes to avoid rising sanction risks and the imposition of the price cap.
The three Greek companies operate more than 100 oil tankers capable of handling almost all the oil exports from Russia’s European ports of Primorsk, Ust-Luga and Novorossiisk of roughly 10 million tonnes a month or 2.4 million barrels per day.
It is noted that they also operate a fleet of smaller tankers that transport fuel.
According to traders and shipping companies, Russia is now relying on its shipping company Sovcomflot and a many little-known shipping firms registered in the UAE, India, Hong Kong, Seychelles, Ghana and other locations.
The vessels carry flags of different states from Liberia to the Cook Islands.
In October, Washington imposed sanctions on tanker owners in Turkey and the UAE that transported Russian oil at a price higher than a $60 per barrel price cap set by the G7. Last week, the United States imposed sanctions on three more ships.
The G7 countries set a price cap on Russian oil in late 2022 but did not apply this restriction before. Western firms are allowed to provide transportation and insurance services for Russian oil if it is sold at a price not exceeding $60 per barrel.
Source: Hellenic Shipping News
