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)

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