Company and Market Update — 20 August 2023
From our company archive. Market commentary reflects its original publication date.
This article describes how formally “Unknown” companies use a “dark fleet” of old and obscure ships to export Russian crude oil to Asia, despite the G7 price cap and sanctions. The ships use various methods to hide their identity, location and origin of the oil, such as switching off transponders, transferring oil in international waters, changing flags and ownership. The article claims that the dark fleet accounts for 12% of the world shipping market and exploits regulatory gaps. It also mentions how the value of old tankers increased as Russia prepared for sanctions and how some of the ships are unsafe.
#crude #oiltrading #drakensbergenergy #russia #oilmarkets #darkfleet #shipping #gasoil