Following the sanctions, freight rates have more than tripled.
Tanker ships that previously transported oil from Russia's western ports are now being rerouted to the east of the country to service a key crude route in China.
This was reported by Bloomberg.
According to the publication, this decision was caused by the growth of freight rates after the introduction of US sanctions against Russian ships using the route from Kozmino to China. These rates increased more than threefold.
“Most of the ships are typically used for trading, Aframaxes, which have a capacity of about 750,000 barrels. At least two tankers with Hong Kong-registered owners have begun plying the route, according to ship-tracking data compiled by Bloomberg. It is unclear whether the companies are owned by Russians,” the article says.
At the same time, experts note that Russian suppliers are still favoring Far Eastern routes.
The Biden administration earlier this month imposed aggressive sanctions on the Russian oil industry, hitting insurers, traders, and about 70% of the ships that serviced Kozmino. This could have a major impact on ESPO's crude exports, which amount to 900,000 barrels per day.
The Jinjiang Experience loaded nearly 770,000 barrels of crude at Kozmino on January 18. It is expected to arrive at the port of Tianjin in northern China this week.
The Maini tanker last loaded at Kozmino on January 13, before unloading at the Chinese port of Dongying, located in the country's eastern Shandong province. Aframaxes began transporting Russian oil exclusively from Western ports two years ago, and made its first voyage from Kozmino only at the end of December.
Last week, the tanker Bhilva, which had not previously transported Russian cargo, was heading to Kozmino without cargo. However, in the Indian Ocean, it made a turn and is now heading through the Strait of Malacca.
The Jinjiang Experience vessel belongs to Dayu Energy Holdings Co. and Hong Kong-based Rong Yu Shipping Ltd., while Bhilva is owned by Seychelles-based Tika Shipping Ltd., according to Equasis.
Recall that experts explained how US anti-Russian sanctions affected the oil market.
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