Surging sales of oil-class tankers could be a positive factor to drive Russia’s eastbound crude flows: 42 second-hand tankers were sold during May-August, up from 12 in the same period last year, with about $1 billion spent, roughly five times the amount invested a year earlier.
The buyers are a mix of Chinese, Turkish and UAE firms
seeking to secure enough transportation capacity ahead of a shipping bottleneck this winter.
In this situation, Russia has a good chance of expanding its shipments via the Northern Sea Route. This can play into the hands of those who decide to go against the flow and refuse to join the price cap mechanism.