Russia’s main tanker group Sovcomflot has transferred dozens of ships into a brand new Dubai based mostly administration firm aiming to spice up commerce by means of this entity amid rising stress from monetary restrictions, in keeping with maritime business knowledge and transport business sources.
State-owned Sovcomflot (SCF) is topic to sanctions and different restrictions by the UK and the European Union, whereas Washington has restricted its monetary actions.
Sovcomflot – whose fleet within the area of 80 vessels together with crude, oil merchandise and liquefied pure gasoline tankers – has needed to take care of these capital restrictions over the previous yr.
It has additionally needed to rebase its abroad operations from Cyprus to Dubai.
Since July, 45 tankers have transferred to Dubai-based Oil Tankers SCF MGMT FZCO, in keeping with knowledge on the Equasis public database of maritime info.
A number of the vessels retained separate administration companies with Solar Ship Administration, the Equasis knowledge confirmed.
Solar Ship Administration was individually designated by the European Union and the UK earlier this yr.
Britain mentioned in Could that Solar Ship Administration was an entity linked to Sovcomflot and “supporting Russia to bypass or undermine the results of Western sanctions”.
The SCF-operated tanker fleet has not known as at EU or UK ports because the early spring of 2022 and all ties with purchasers in these jurisdictions had been terminated at the moment, SCF mentioned in an announcement to Reuters.
The extra restrictions imposed on Solar Ship Administration as one in all SCF’s subsidiaries in February 2023 “didn’t add a lot”, it mentioned, within the first affirmation to Reuters that Solar Ship Administration was a part of the group.
“Established again in 2012, SUN Ship Administration (D) Ltd continues to handle numerous SCF vessels and stays an vital member of the group,” SCF’s assertion mentioned.
SCF didn’t immediately touch upon the brand new entity Oil Tankers SCF MGMT FZCO.
“For the time being as a part of inside reorganization efforts, the corporate is allocating its fleet to completely different technical supervision groups relying on the buying and selling geography, purchasers portfolio, vessels’ age and commodities transported,” Sovcomflot mentioned.
“This corresponds to SCF’s historic mode of operations with a number of technical managers working below respective acknowledged manufacturers.”
SCF mentioned every of them contributed to the “security and high quality of fleet’s efficiency”.
A dealer concerned in Russian oil mentioned: “The switch might assist to ease points with getting companies in worldwide ports, bunkering and different monetary operations for the brand new entity, although it’s unlikely to be a long-term resolution.”
Russia is more and more turning to unregulated tankers operated by newly established firms aiming to step in to supply transport, though Moscow nonetheless makes use of SCF’s tanker fleet as nicely.
“SCF nonetheless goals to be a big worldwide transport participant on the earth the place it’s not sanctioned,” one other supply concerned in Russian oil gross sales mentioned.
Commerce and transport sources mentioned the brand new administration firm in Dubai was a part of efforts to separate SCF and different entities that had been topic to sanctions-related designations.
“Russian tankers are unable to get spare engine components because the Western engine makers have pulled out and so they face extra difficulties like this,” one Western transport business supply mentioned.
Finland’s Wartsila, a number one ship engine maker, was amongst firms that suspended enterprise with Russia final yr.
(Reuters – Reporting by Jonathan Saul and Reuters reporters. Modifying by Jane Merriman)
