Russian crude oil exports on tankers related to G7 countries fell to 906,000 barrels per day in October, accounting for 24.2 percent of total exports. This is the lowest share in the past seven months and represents a significant decrease compared to September, when exports were 1.2 million barrels per day.
Decline in Greek Tanker Exports
Greek-operated tankers, which hold the largest maritime fleet in G7/EU, reduced their exports to 8.3 million barrels in October from 17.3 million barrels in September. This decline marks the lowest level since December 2024. Greek operators are showing less interest in working in the Black Sea due to high shipping rates in other markets.
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High Shipping Rates and War Risks
Shipping rates for tankers reached their highest levels in key markets in October. The average daily revenue for transporting Russian crude oil from the Baltic Sea to the western shores of India fell to $46,257.92, which is lower than the global average of $23,225.69 in September. This decline is directly related to the high war risks in the region and the need for larger tankers to transport oil from the eastern shores of the Strait of Hormuz.
According to published information, only one Greek-operated tanker loaded Russian crude oil in the Black Sea last month, a significant decrease compared to 11 tankers in other regions. The International Maritime Organization has reported that over 100 ships in the Black Sea and the Sea of Azov have been damaged this year due to the Russia-Ukraine war.
On November 6, Platts estimated the additional war risk costs for exporting crude oil from the Black Sea at $5 per barrel, the highest level since this assessment began in October 2022. These conditions have prompted Greek operators to move towards markets with stronger revenues.
On the other hand, the non-G7 fleet, primarily composed of shadow tankers, managed to load 2.8 million barrels per day of Russian crude oil in October, down from 2.9 million barrels in September. Hong Kong-operated tankers loaded 27.7 million barrels last month.
U.S. Energy Secretary Chris Wright has announced that the country plans to allow legitimate businesses to purchase sanctioned tankers for non-sanctioned trades, which could help reduce shipping costs in key markets. So far, 42 tankers from potential illegal trades in Russia, Venezuela, and Iran have been transferred to key markets.
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