Russian oil export freight costs rising as sanctions bite, sources say

23 Oct 2024 CW Team

Freight rates for tankers exporting oil from Russian ports to Asia have risen this month ahead of winter and are set to climb further after recent Western sanctions hitting more tankers involved in the trade, according to industry data and sources. Russian oil is mostly sold to Asian buyers on a delivered basis, where the price includes transport costs, meaning higher freight rates would weigh on Moscow's revenue from energy sales. Freight rates from the Baltic ports of Primorsk or Ust-Luga to ports in western India have risen and may reach up to $5.5 million this month, compared with $4.3 million in the summer, industry sources told Reuters. In early 2024, however, the cost of a one-way voyage from Russia's Baltic ports to India was $7.7 million. Freight rates for tankers carrying ESPO Blend crude from the Far Eastern port of Kozmino have risen to $1.5 million this month from $1.35 million in September, according to Simpson Spence Young data carried by LSEG. Two traders said that in some cases freight costs exceed $1.5 million from Kozmino to Chinese ports. Freight rates for oil typically increase before winter, but recent Western sanctions against ships carrying Russian oil are adding to transport costs, they added. Last week, Britain imposed new sanctions on 18 Russian oil tankers and four gas tankers. The vessels will not be able to call at UK ports or use maritime services provided by British companies. This brings the total number of Russian oil tankers targeted by UK restrictions to 43. The United States also imposed sanctions on eight tankers involved in transporting Russian oil and oil products, and several shipping companies last week. Traders said the sanctions narrowed the choice of charterers and created an additional reason for ship owners to raise rates for transporting Russian oil. (Reporting by Reuters Editing by Mark Potter)

Infrastructure Transport

13 Oct 2025

Tata, Airbus to Build India’s First Private Helicopter Line

In a landmark development for India’s aerospace sector, Tata Advanced Systems Limited (TASL) and Airbus will establish the country’s first private-sector helicopter assembly line in Vemagal, Karnataka. The facility will manufacture the Airbus H125 and H125M, marking a significant milestone in India’s push for self-reliance in aviation and defence manufacturing. The new Final Assembly Line (FAL) will produce the H125, the world’s best-selling single-engine helicopter, known for its versatility and performance in extreme environments. The first ‘Made in India’ H125 is expected to ro..

NeGD to Support Bharat Taxi in Building Cooperative Ride Platform

In a significant move for India’s digital and mobility transformation, the National e-Governance Division (NeGD) of the Digital India Corporation, under the Ministry of Electronics and Information Technology (MeitY), has entered into an advisory partnership with Sahakar Taxi Cooperative Limited, the company behind Bharat Taxi — a first-of-its-kind, cooperative-led national ride-hailing platform. A Memorandum of Understanding (MoU) has been signed between NeGD and Sahakar Taxi to provide strategic advisory and technical support covering key areas such as platform integration, cybersecurity..

MeitY Hosts Pre-Summit for India–AI Impact Summit 2026

The Ministry of Electronics and Information Technology (MeitY), Government of India, hosted a series of Pre-Summit events for the upcoming India–AI Impact Summit 2026 at the India Mobile Congress (IMC) 2025 in New Delhi. These sessions mark a key milestone ahead of the main summit, scheduled for 19–20 February 2026 at Bharat Mandapam, New Delhi. Delivering the inaugural address, S. Krishnan, Secretary, MeitY, highlighted India’s innovative and frugal approach to AI development. “We have adopted innovative means by learning from others’ experiences to build projects and products that..