Russia Shifts to Hong Kong Tankers as Greek Operators Exit Black Sea
Russia depended on vessels from outside the G7 and its partners to move seaborne crude to overseas purchasers during August, with operators based in Hong Kong taking on a significantly bigger role, data showed. The change occurred as Greek tanker companies kept away from the Black Sea while maritime strikes intensified.
According to S&P Global Commodities at Sea and Maritime Intelligence Risk Suite data, ships flagged, owned and run by firms headquartered outside G7 nations and their allies, and lacking insurance from Western protection and indemnity clubs, carried 70.7% of Russia‘s crude exports of 3.8 million barrels per day last month.
Hong Kong tanker operators accounted for 32 million barrels lifted in August, surpassing rivals in Mainland China and every other nation. That monthly total was far above the 18 million barrels seen in July and represented the highest reading since at least November 2022, the month before the G7 price cap began.
Greek Withdrawal
The greater involvement of operators based in the Chinese special administrative region came as Ukraine stepped up drone attacks in recent months on vessels it considered involved in Russian Black Sea trades. Several ships tied to Greek interests were damaged near Novorossiysk, among them Kyklades Maritime’s Suezmax Nissos Sifnos and Dynacom’s Marathi, which were struck while at or near the Caspian Pipeline Consortium terminal, which primarily exports Kazakh crude.
CAS and MIRS data showed that shipments by tanker operators in Greece, the EU’s largest shipowning country, dropped to a five-month low of 13.6 million barrels last month from 26.4 million barrels in August. Their Black Sea liftings declined to 3 million barrels from 11.6 million barrels.
Price Cap Impact
The pullback overlapped with a rebound in Russian crude prices, which reduced opportunities for compliant trade. Platts assessments showed the monthly average price for Urals, Russia‘s flagship crude grade, climbed to $64.242 per barrel in August from $52.927 per barrel in July. It then jumped to $86.05 per barrel on September 9.
Under the G7 price cap regime, which has become fragmented since US President Donald Trump returned to the White House in 2025, the US would permit tanker operators to ship Russian crude when the price is below $60 per barrel, while Japan set its threshold at $47.6 per barrel, and the EU, UK, and Canada at $47.6 per barrel, according to Platts.
Original Article: Russia Shifts to Hong Kong Tankers as Greek Operators Exit Black Sea — Indexbox