More than a quarter of Aframax-class tankers, owned by Russia’s Sovcomflot and operating off the coasts of Europe and North America, have been at sea for more than a week after unloading.

According to Bloomberg, at least nine Aframax ships of Sovcomflot, 83% of which are owned by the Russian government, are idle in the region.

Sovcomflot’s problems may become even more obvious – four more tankers are currently idle for less than a week after unloading in European ports.

The agency notes that Sovcomflot’s fleet is not subject to sanctions that would prevent it from engaging in commercial activities, but a number of countries, including Britain and Canada, do not allow Russian ships to moor after Russia’s invasion of Ukraine. Oil companies have also become wary of buying Russian oil after the United States and Britain announced they would give it up.

Aframax tankers can serve most of the world’s oil ports and are commonly used to transport oil over short and medium distances, as well as to supply petroleum products. Medium-sized vessels are widely used in the Mediterranean, North, Black and Baltic Seas.

After unloading, ships were usually sent to pick up the next cargo and can usually stand idle for a day or two waiting for orders.

At the same time, according to Clarksons Research Services Ltd., a division of the world’s largest shipping broker, the entire tank fleet of Sovcomflot has about 110 tankers. These are both small vessels carrying oil products and giant tankers that can transport more than 2 million barrels of oil.

According to Clarksons, the company has 52 Aframax, making it the largest owner of such vessels in the world. About a third of these ships operate in the Pacific, where they do not experience the same difficulties as ships in European waters. About half of those Pacific ships are used as shuttle tankers for oil projects off Sakhalin Island, and they have a steady stream of cargo, mostly to China.Source:  

(C)BLOOMBERG 2022