Off the Greek coast much of the ship-to-ship transport of exported Russian oil

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Arrivals of Russian oil off the Greek coast reached record levels in April as sanctions against Moscow led traders to new methods of exporting Russian oil via ship-to-ship (STS) shipments, according to Refinitiv. Eikon and with sources cited by Reuters.

Trading in Russian crude and petroleum products remains legal for the time being, as the European Union has not yet internalized the embargo, but banking and other financial sanctions against Russia following its invasion of Ukraine on 24 February have made it difficult to carry out the embargo. transactions.

In April, shipments of Russian oil to Greece reached close to 900,000 tons, twice as much as in March, according to Refinitiv.

Most of them started from Russian ports to the wider area of ​​the port of Kalamata, according to the data.

The Greek Ministry of Environment and Energy declined to comment on the matter, citing an issue involving the activities of private companies.

Traders note that fuel oil – one of the derivatives of crude refining – is stored and mixed offshore in storage tankers and then loaded from ship to ship for re-export.

Although it is not uncommon for fuel oil to be shipped off the Greek coast for export to other destinations, the level of such activity has risen disproportionately to normal levels for April, an energy industry source said.

The “Evridiki” tanker, capable of carrying 130,000 tons of cargo, loaded Russian fuel oil in mid-April off Kalamata, two shipping sources told Reuters. The tanker then headed to the United Arab Emirates, to Fjairah’s oil hub, Refinitiv figures show.

Russia has boosted exports to the destination, with arrivals expected to jump to about 2.5 million barrels, according to oil data company Vortexa.

Another tanker, the “Okeanos”, with the same cargo capacity, loaded fuel oil via the STS method off Kalamata in early May and is now heading to India.

The “Kriti King”, which loaded 130,000 tons of fuel oil off Kalamata in early May, is headed to China, according to Refinitiv.

Shipping sources told Reuters that Russian oil sellers were continuing their STS activities both in Rotterdam and near Spanish Ceuta in North Africa, as protests by activists derailed such activities in Denmark.

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Source: Capital

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