Russia uses shadow tankers for majority of its 2024 oil exports — Ukrainian intel

Ukraine’s Main Intelligence Directorate reported the information. 

Russia’s total maritime oil exports are estimated at over 80 billion euros. Of that amount, 57 billion euros account for crude oil and 26 billion euros for oil products.

Ukrainian intelligence stated that the War&Sanctions portal has published an updated list of shadow fleet vessels, which now includes 35 new tankers. The portal has also updated information on vessels that, in recent months, have changed their identification data and ownership structure to evade sanctions.

Additionally, it was mentioned that Russia’s shadow fleet consists of 387 tankers transporting oil and oil products with a total deadweight exceeding 57 million metric tons.

“The aggressor state is currently changing its approach regarding its covert fleet — in addition to the UAE, India, Seychelles, and Marshall Islands, it is increasingly registering shadow tanker ownership and management companies in China, particularly Hong Kong, as well as in Russia,” the intelligence noted.

Furthermore, Russia is assigning its vessels to new “flag-of-convenience” countries such as Comoros, Curaçao, Djibouti, Guyana, Gambia, São Tomé and Príncipe, and Tanzania.

The updated list of the shadow fleet also includes vessels linked to operators of Russia’s tanker fleet — companies like Fractal Marine Shipping (UAE), Gatik Ship Management (India), Sun Ship Management (UAE), and Hennesea Holdings Limited (UAE).

According to Ukrainian intelligence, since 2022, these companies have frequently changed ownership, employing a tactic of “ship-juggling.”

“Shadow fleet vessels conceal information about ships and cargo, disable navigation equipment, and pose threats to maritime navigation. High-risk STS (ship-to-ship) transfers — transferring oil between tankers in open sea — are widely used, complicating the tracking of oil origin,” the report states.

The Main Intelligence Directorate notes that over 90% of the shadow tankers listed on the portal lack proper Western insurance, meaning that in the event of an accident or oil spill, affected coastal countries may receive no compensation.

Ukrainian intelligence emphasized that it continues to monitor the activities of the shadow fleet and will keep publishing updates on the War&Sanctions portal.

• It was previously reported that Russia had purchased at least 230 European and American tankers worth $6 billion to use in its shadow fleet for oil transportation.