Tankers are being dismantled due to sanctions: freight has risen in price by 39%

US sanctions against more than 150 tankers carrying Russian oil have led to a jump in freight costs. Asian companies charter vessels for alternative deliveries. At the same time, part of the "clean" fleet may go into the shadow.

Since January 10, when the United States imposed unprecedented sanctions on the Russian oil industry and more than 150 tankers fell under new restrictions, the freight of oil delivery vessels has jumped in all directions.

For example, on the Middle East — China (TD3C) route, prices increased by 39% to $ 37.8 thousand per day. The ship broker told Reuters about this.

At the same time, the ICE exchange indicates that delivery from the USA to The UK has grown to $ 31 thousand.

One of the reasons is that refineries in India and China are looking for alternative supplies, since due to sanctions against Gazprom Neft and Surgutneftegaz, Russian oil supplies may decrease by 10-15%, and both countries account for about 90% of all exports of raw materials from Russia. Also, 35% of the fleet that delivered oil to India and China was sanctioned.

Rates jumped after the Chinese Unipec chartered several supertankers, writes Reuters.

"Unipec also purchased several batches of low—sulfur oil from Europe and Africa last week, including 2 million barrels of Norwegian Johan Sverdrup, 1 million barrels of Senegalese Sangomar oil, Ghana Ten Blend, Angolan Djeno and others," the agency writes with reference to traders.

"They should look for alternative types of oil. This is the main factor for the rally (freight rates)," said Anup Singh, head of shipping research at Oil Brokerage.

Reuters cited data from S&P Global Commodity Insights that the rates of Aframax—class tankers for delivery from the Far Eastern Kozmino to Northern China more than doubled to $ 3.5 million per voyage, as shipowners requested huge surcharges due to limited tonnage.

Analysts told the agency that the availability of tankers could be further reduced as traders look for additional vessels to transport Russian and Iranian oil.

"We expect that new vessels will be brought to the shadow fleet in the coming months, which will lead to a reduction in supply on the unauthorized freight market," Kpler said.

Experts noted to EADaily that the sanctions are aimed not at stopping the supply of Russian oil, but at increasing costs and reducing Russia's revenues. Which, in turn, ricochets to the countries of the West themselves.

After the introduction of sanctions, the cost of the Brent reference grade rose to $ 81. At the same time, the continuation of the rise in freight prices may add another $ 1 per barrel to the costs.