The second-hand tanker market could be re-ignited to build the Russian ‘shadow fleet’ if oil prices remain above the level of the G7 price cap, according to shipbroker Gibson.
The price of Urals went above $60 a barrel in July encouraging mainstream owners to move out of price-capped Russian trading because of concerns of breaching Western sanctions.
The shipbroker said that between 15% and 35% of tankers trading solely with Russia since the start of the G7 oil price caps are owned by Western companies.
