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, based on maritime business information 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 cope with these capital restrictions over the previous 12 months.
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, based on information on the Equasis public database of maritime data.
Some of the vessels retained separate administration companies with Sun Ship Management, the Equasis information confirmed.
Sun Ship Management was individually designated by the European Union and the UK earlier this 12 months.
Britain stated in May that Sun Ship Management was an entity related to Sovcomflot and “supporting Russia to circumvent or undermine the effects 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 have been terminated at the moment, SCF stated in a press release to Reuters.
The extra restrictions imposed on Sun Ship Management as one in every of SCF’s subsidiaries in February 2023 “did not add much”, it stated, within the first affirmation to Reuters that Sun Ship Management was a part of the group.
“Established back in 2012, SUN Ship Management (D) Ltd continues to manage a large number of SCF vessels and remains an important member of the group,” SCF’s assertion stated.
SCF didn’t straight touch upon the brand new entity Oil Tankers SCF MGMT FZCO.
“At the moment as part of internal reorganization efforts, the company is allocating its fleet to different technical supervision teams depending on the trading geography, clients portfolio, vessels’ age and commodities transported,” Sovcomflot stated.
“This corresponds to SCF’s historical mode of operations with several technical managers working under respective recognized brands.”
SCF stated every of them contributed to the “safety and quality of fleet’s performance”.
A dealer concerned in Russian oil stated: “The transfer may help to ease issues with getting services in international ports, bunkering and other financial operations for the new entity, though it is unlikely to be a long-term solution.”
Russia is more and more turning to unregulated tankers operated by newly established firms aiming to step in to supply transport, though Moscow nonetheless utilises SCF’s tanker fleet as nicely.
“SCF still aims to be a large international shipping player in the world where it is not sanctioned,” one other supply concerned in Russian oil gross sales stated.
Trade and transport sources stated the brand new administration firm in Dubai was a part of efforts to separate SCF and different entities that had been topic to sanctions-associated designations.
“Russian tankers are unable to get spare engine parts as the Western engine makers have pulled out and they face more difficulties like this,” one Western transport business supply stated.
Finland’s Wartsila, a number one ship engine maker, was amongst firms that suspended enterprise with Russia final 12 months.
(Reporting by Jonathan Saul and Reuters reporters. Editing by Jane Merriman)
