COSCO and Avin International refused to transport russian oil

International tanker carriers are increasingly refusing to carry russian oil after the introduction of a “price ceiling” of $60 per barrel and a ban on insurance services.

China’s COSCO Shipping, the largest shipping operator in China and the world, with a fleet of more than 1,400 ships, has refused to transport oil from Russia, Bloomberg reports with reference to ship brokers.

Since December 5, the company has stopped transporting oil from the Far Eastern port of Kozmino, from where the ESPO grade went on a short route to India and China.

Greek Avin International, whose fleet includes 35 tankers with a total capacity of 2.5 million tons, also announced a “boycott” of russian oil.

Both carriers are reluctant to carry russian Far Eastern ESPO oil, which is trading above the “price ceiling”: it costs just over $60 a barrel, unlike the main export brand Urals, whose price has already fallen below the $50 mark.

As a result, oil companies lost at least five tankers used to transport ESPO, sources told Bloomberg. According to them, small private ship owners continue to transport russian oil at prices higher than the “ceiling”. But even for them, the window of opportunity is narrowing.