Amidst a record surge in freight costs in late 2025 – early 2026, Greek shipowners began using brand new vessels to transport Russian oil. This has become a rare phenomenon, as this market is usually served by a "shadow fleet" of old tankers nearing the end of their operational life. However, extremely high profits have forced leading companies Dynacom Tankers Management Ltd. and Capital Ship Management Corp. to risk their reputation and involve three vessels less than a year old in the trade. This is reported by Bloomberg, writes UNN.
Details
The sharp rise in freight rates was provoked by tough actions by the US and the European Union, which blacklisted hundreds of tankers associated with Russian trade. This created a significant shortage of available vessels.
According to Argus Media data, the cost of transporting Urals oil from Baltic ports to India has risen to over $60 per ton – the highest figure in the last two years. For comparison, at the beginning of 2025, this price was around $25.
Risks and legal "loopholes"
Transporting Russian oil is not entirely illegal if its price does not exceed the G7-imposed "price cap." Currently, sanctions have led to a drop in prices for Russian raw materials, creating a kind of buffer against violating restrictions and giving European companies confidence to operate. At the same time, analysts at Vortexa emphasize that the risks remain high.
Despite this, the shortage of tankers (of which about 53 units remain in the legal segment) continues to push prices up. The situation is further complicated by drone attacks in the Black Sea, where several Greek vessels heading to Russian terminals were damaged in January 2026.
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