Russia’s rusty oil tanker fleet sets sail with newer ships
Shortly after President Vladimir Putin’s invasion of Ukraine early last year, hundreds of aging tankers were snapped up by a cohort of faceless traders, intermediaries and investors to keep Russian oil flowing. By some estimates, the purchases, which added to vessels that were already transporting crude for Venezuela and Iran, created a more than 900-strong dark fleet. Now, the average age of the ships being purchased is declining, according to data from VesselsValue Ltd., a researcher of shipping deals.
Two industry executives said that clampdowns in Asia were likely catalysts for the shift, following a spate of detentions in recent months over safety issues. China, one of the top consumers of Russian and Iranian oil, recently ramped up checks on older tankers at the key port of Qingdao, forcing some to wait more than a month to unload their cargo. Anxiety over aging ships was heightened when a 26-year old vessel exploded off Malaysia in May.
Singapore has also detained tankers for failing safety inspections at a record clip in recent months. Newer vessels, provided they are well maintained, should help to allay fears by some importers over their seaworthiness, though the fleet remains awash with vintage ships. “Safety concerns surrounding older vessels is one of the reasons that buyers are opting for newer vessels,” said Rebecca Galanopoulos Jones, a senior analyst at VesselsValue.
The average age of tankers being sold to undisclosed buyers — one defining characteristic of a ship being part of the dark fleet — fell to 15 years this month, according to VesselsValue. As recently as October, it was 19 years.Demolition delay The specifics of dark fleet tankers vary. Often, though, they are older vessels without
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