Washington’s latest restrictions are reportedly disrupting global oil shipments
The latest US sanctions targeting Russian oil shipments will impact 10% of the global oil tanker fleet, leaving dozens of vessels unable to enter major ports worldwide, according to ship tracking data reviewed by Reuters on Monday.
The measures, announced by Washington on January 10, are aimed at curbing Moscow’s revenue amid the Ukraine conflict.
At least 65 tankers are unable to dock, and have dropped anchor near the coasts of China, Russia, and other key shipping locations, the news agency reported, without specifying how many of the vessels have a current link to Russia.
Five of the ships are stationed off Chinese ports, seven near Singapore, and others around Russia’s Baltic Sea coast and the Far East. Additional vessels remain stationary near Iranian ports and the Suez Canal, compounding global disruptions.
The US Treasury’s sanctions package targeted Russian oil producers Gazprom Neft and Surgutneftegaz, as well as 183 vessels previously involved in shipping Russian crude. The restrictions, alongside earlier measures, have tightened vessel availability and impacted oil trade flows.
Some ports have reportedly begun enforcing stricter rules, banning tankers under US sanctions from docking, further straining vessel operations.
The reduction in available vessels has driven up average daily earnings for supertankers, which surged by more than 10% on Monday to $26,000, according to market data.
Industry experts suggest the impact could extend beyond shipping. “The effect of these sanctions should be supportive to the tanker market as vessel supply in the broader fleet shrinks, but the real potential strength would come once other exporters make up for the lost volumes,” said Omar Nokta, an analyst at Jefferies, in a note on Monday.
Meanwhile, greater demand for non-sanctioned tankers has already begun reshaping trade flows. “Increased demand for exports to India and China from outside Russia will increase non-sanctioned tanker demand,” trade analytics platform Kpler stated.
Oil prices eased slightly on Tuesday but remained near four-month highs, as the impact of tougher US sanctions on Russian oil remained the market’s main focus.
Brent futures slipped 65 cents to $80 a barrel, while US West Texas Intermediate (WTI) crude fell 80 cents to $78 a barrel.
