KSE Institute counts 196 loaded shadow fleet tankers leaving Russia in December

Some 196 loaded shadow fleet tankers left Russian ports in December 2023, 73% of them more than 15 years old, according to the KSE Institute's Russian Oil Tracker published on 2 February. Most sailed under the flags of Panama, Liberia and Gabon, and five new UAE-based shipping companies carrying crude without insurance cover have appeared since November, the institute says. Only 25% of crude and 62% of oil products were shipped with P&I Club cover, falling to 6% at Pacific ports. Russia's oil export revenues fell by $1.4bn to $14.4bn in December despite a 6% rise in seaborne volumes. KSE urges tighter price cap enforcement and use of coastal choke points against the shadow fleet.

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