Greek Shipping Firms Decline Russian Crude

Three prominent Greek shipping companies – Minerva Marine, Thenamaris, and TMS Tankers – have recently ceased transporting Russian oil to evade potential U.S. sanctions. Traders reported that all three firms rejected requests for vessel services for loading Russian crude in November and beyond, as stated by traders who had previously collaborated with them.

As per the publication, these three Greek companies had been engaged in shipping Russian oil for decades, persisting even as many other Western counterparts abandoned these routes due to escalating sanction risks and the imposition of a price cap.

Collectively, these Greek companies oversee a fleet of over 100 oil tankers, capable of handling nearly the entirety of oil exports from Russia's European ports – Primorsk, Ust-Luga, and Novorossiisk – amounting to approximately 10 million tonnes per month or 2.4 million barrels per day. Additionally, they manage a fleet of smaller tankers dedicated to fuel transport.

Traders and shipping companies indicate that Russia has now turned to Sovcomflot, its national shipping company, and several lesser-known shipping firms registered in locations such as the UAE, India, Hong Kong, Seychelles, Ghana, and others. These vessels bear flags from various states, ranging from Liberia to the Cook Islands.

In October, Washington imposed sanctions on tanker owners in Turkey and the UAE who transported Russian oil at prices surpassing the $60 per barrel cap set by the G7. Last week, the United States expanded these sanctions to include three additional ships.

Although the G7 countries established a price cap on Russian oil in late 2022, this restriction was not enforced until later. Western companies are permitted to offer transportation and insurance services for Russian oil, provided it is sold at a price not exceeding $60 per barrel.