The cost of Rosneft sea transportation has increased against the background of EU sanctions
3.12.2022 - 15:55
Tanker owners are trying to charge more for risk amid the introduction of EU sanctions on December 5. Due to this, the freight rates for vessels carrying Rosneft have increased.
The average freight rate for a ship to supply russian oil from the Baltic Sea to India may increase from $9-11.5 million to $15 million ($20 per barrel-$145 per ton), Bloomberg reported with reference to ship brokers.
The rise in prices reflects the problems faced by russian oil carriers. For example, some of the largest owners of tankers in Greece will stop transporting raw materials from russia.
“A smaller number of available vessels and the need to reorient russian oil away from traditional buyers in Europe to new ones in Asia and the Middle East are also contributing to higher prices,” writes Bloomberg.
The agency notes that expensive transportation reduces the value of russian Urals oil at the port of shipment.
As a reminder, the EU oil embargo on sea transportation of oil from russia will come into effect on December 5. The European Union and the G7 countries will prohibit banks, insurers and ports from financing the purchase and sale of russian oil, insuring cargo on ships or unloading them if the price of oil on board the tanker exceeds the established limit.
