Bloomberg: New tankers from Greece join Russia's shadow fleet for the first time

For the first time, new Greek tankers were used to transport Russian oil under sanctions, although older vessels are usually used for this purpose. Some ship owners were prompted to do so by rising freight rates and a shortage of ships. About writes Bloomberg.

At the end of 2025, freight prices skyrocketed. This happened after the United States and the European Union blacklisted hundreds of vessels involved in the Russian oil trade. As a result, supply in the market decreased, and some shipowners refused to participate due to the threat of sanctions and fears for their reputation.

At the same time, profits from the transportation of Russian raw materials "proved too attractive for at least two Greek companies."

The transportation of Russian oil is not prohibited per se. But only if the cost of the cargo does not exceed the price ceiling set by the G7 countries. Otherwise, this deprives such trade of the support of Western companies, including insurance companies.

The fear of violating this restriction often deterred legal operators, and the niche was filled by the "shadow fleet".

Due to the fall in prices, Russian oil is now sold with a significant margin to the sanctions ceiling. This gave Greek ship owners less fear of violating the restrictions. Capital Ship Management and Dynacom Tankers Management joined the transportation. They used their three newest ships, the agency reports.

Recently, the Argeus I tanker, owned by Capital Ship Management, arrived in the Indian city of Paradip with more than 700,000 barrels of Russia's flagship Urals crude oil. The Rodos vessel delivered the cargo to China, and the Samothraki tanker to the Indian port of Vadinar. Both vessels are controlled by Dynacom, which previously transported Russian oil on older vessels.

According to Argus Media, at the end of 2025, the average rate for the transportation of Urals crude oil from the port of Primorsk to the west coast of India exceeded $60 per ton. This is the highest level in two years. Last year, it was about $25.

"The use of new tankers is risky. Insurance companies may avoid these vessels for fear of sanctions. However, shipowners are used to calculated risks," Bloomberg summarizes.

• Since the beginning of January 2026, at least 15 "shadow" tankers changed their flags to Russian ones.
• on January 13, it became known that drones hit three tankers of Greek companiesthat were going for oil near Novorossiysk.
• on January 15, Navy spokesman Dmytro Pletenchuk said that Russia is trying to hide the movement of vessels of its "shadow fleet" using GPS spoofing technology, which distorts GPS signal data.
• on January 22, it became known that the price of Russian Urals oil for delivery to China fell to an unprecedented low.