2 weeks ago
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Greek shipowners are returning to Russia’s Urals lipid marketplace arsenic the terms slides beneath the Western terms headdress of $60 per barrel, allowing them to supply transport and security services while complying with sanctions, three trading sources person said.
The terms headdress introduced by the Group of Seven countries does not let Western companies to supply security and transport services for Russian lipid sold supra $60 per tube astatine the larboard of loading.
Most Western shipowners person refrained from working with Russian lipid since December '22 arsenic comparatively precocious lipid prices kept Urals adjacent to, oregon above, the terms cap. Tankers managed by companies from countries that didn’t articulation the terms headdress argumentation person been main shippers of Russian lipid since then.
In April, a fig of Greek shipowners, including Minerva Marine, Dynacom and TMS Tankers, provided vessels for Russian lipid shipments, according to three sources successful shipping and trading. These companies were not contiguous successful the Russian lipid marketplace past year, the sources said.
The three shippers didn’t reply to Reuters’ requests for comment.
The autumn successful world lipid prices this spring owed to planetary trade tensions has pushed Urals prices well beneath $60 per tube connected a free-on-board ground astatine Russian ports, allowing Western shipowners to instrumentality to working with Russian crude.
According to Reuters calculations, Urals shipments from Baltic ports and Novorossiisk connected a FOB ground were valued slightly supra $50 per tube arsenic of April 24.
According to LSEG information and sources successful shipping and trading, 15 of 25 tankers loaded with Urals lipid from the ports of Primorsk, Ust-Luga and Novorossiisk successful April are managed by Greek shippers. [Reuters]
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