The commercial map in the tanker market has changed completely, after the war in Ukraine, with ships traveling longer distances, contributing to the rise of freight rates.
The European Union has curbed imports of Russian oil, increasing shipments from the US, Africa and the Arabian Gulf, while Russia’s exports remain resilient, finding their way to India, China, and other nations.
According to data that VesselsValue shared with “Naftemporiki”, India is the leading importer of oil from Russia, in the eight months of 2023, replacing China.
Specifically, in the period January – August 2023, India imported 48.8 million metric tons of Russian oil, against 20.34 million metric tons in the same period of 2022, that is, an increase of 28.46 million metric tons recorded on an annual basis. Accordingly, Chinese imports rose to 37.12 million metric tons this year from 29.81 million metric tons last year (up 7.3 million metric tons).