At least 65 Russian oil tankers have been forced to anchor and suspend shipments following the imposition of the toughest U.S. sanctions yet on Russia’s oil and gas sector.
The sanctions were announced on January 10, targeting the heart of Russia's energy industry.
Global Disruption in Oil Shipments
According to a Reuters report on January 13, based on data from MarineTraffic and LSEG ship tracking platforms, five tankers were stationary near Chinese ports, while seven anchored off Singapore. Additional vessels were halted near Russia's Baltic Sea ports and the country's Far East coastline.
The disruption caused a surge in shipping costs.
Market estimates revealed that average daily earnings for supertankers jumped by more than 10% on Monday, reaching approximately $26,000 per day.
“Increased demand for exports to India and China from outside Russia will increase non-sanctioned tanker demand,” trade analytics platform Kpler stated.
In related news, the Biden administration’s latest sanctions package, announced on January 10, is described as the most comprehensive to date. It targets Russia’s oil and liquefied natural gas industries, with U.S. officials estimating the sanctions could cost Russia billions of dollars in monthly economic losses.
