![]() ![]() ![]() Russia has been using this secret shipping operation for the majority of this year.Īccording to a source close to the Russian oil industry, there are likely to have been over 100 extra tankers added to the country’s ‘grey fleet, bought at a huge markup.Ĭommodity data firm Kpler’s lead crude analyst, Viktor Katona, told City A.M. Windward has identified approximately 1,100 dark fleet vessels. This fleet largely operates in a quasi-legal if not slippery manner, transporting oil to eager buyers including China, India and Turkey who have emerged after bans on imports from the US, UK, Canada etc.įinally, the ‘dark fleet’, one that operates without identification systems and engages in other deceptive shipping practices while moving wet cargo, including oil, such as ID and location tampering. The second is a ‘grey fleet’ – this is the entirely new subdivision of shipping created in response to the sanctions.Īccording to Maritime Insights firm Windward AI, this fleet numbers around 900 ships smuggling Russian oil that have been registered to other countries, sometimes changing to others to obfuscate ownership. The first are the cleared vessels which are owned and operated by Russia with the necessary paperwork, correct insurance and operating within the sanctions price cap. The ‘Dark Fleet’Īs the pool of insurers started to shrink, Russia has had to rely on other methods to move its oil, notably what has been widely reported as a ‘dark fleet’ of tankers.Īs ambiguous as this sounds, it helps to understand the three tiers of shipping that Russia uses. It is really quite easy to manufacture an attestation, which is just a piece of paper, and there is no way for shipowners and insurers to properly check if they are true or not – a problem that has allowed oil sold above the price cap to be shipped to its buyer.įurthermore, attestations can be made for the oil being sold under the price cap, with companies then ensuring buyers pay additional sums over the reported crude costs for ‘additional fees’ like insurance and freight costs. Those that continue to provide insurance need to obtain ‘attestations’ from parties further down the contractual chain – the shipping company and oil firm – to state that the oil has been sold below the cap.īut the process of obtaining attestations is somewhat flawed. ![]() Sources: Atlantic Council, Kpler, P&I Clubs, KSE Institute ![]()
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