The analysis team at Vortexa have written a report The fleet operating in opaque markets: one year since the EU import ban.
The report focuses on the tankers operating in Iranian, Venezuelan and Russian trade (since the respective EU import bans on crude and product), detailing changes in behavioural trends of these tankers and the profile of these tankers and their operators.
Key report takeaways:
• The opaque markets’ crude exports reached a 4-year high in May, accounting for a growing share of global crude exports
• Tankers involved in opaque market trade passes 1600, with Russian involvement accounting for 75% of the opaque fleet
• US sanctions lifted on Venezuela could bring employment for up to 20 Aframax tankers per month if Chinese buyers steer clear
• Russian crude STS activity declines to 12-month low, but ice-class utilisation suggests Urals STS operations may resurge in Q1 2024
• European operators reduce Russian Urals trading after prices surpassed stipulated cap levels, while Russia & low-tax sovereign operators share rises
• Tankers in the opaque fleet average 16 years old and the most common flags are Liberia, Panama and Marshall Islands