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Beleggen in scheepvaart

Algemene en actuele financiële onderwerpen
nobody
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Re: Beleggen in scheepvaart

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Gouden tijden voor de scheepvaart :up: :up: :up:

Russia’s War Rewires Trade, the Cost of Shipping Oil Surges

(Bloomberg) -- Oil tanker tycoons are enjoying a surge in revenue as the sanctions triggered by Russia’s war are redrawing the global trade in crude. And it’s set to last.

The disruption is fairly simple. Europe, for decades the top buyer of Russian oil, is banning purchases from Moscow next month and has already been cutting back. Those cargoes are instead flowing out to Asia. The result is ships sailing thousands of miles further, driving up a vital aspect of demand.

“I can’t say that I have seen a trade disruption before on the scale we have now,” said Halvor Ellefsen, a supertanker broker at Fearnley Shipbrokers UK Ltd., who’s worked in the industry since the 1980s. “This time, I think it’s a paradigm shift whereas previous geopolitical events have tended to be short lived and back to normal more quickly.”

A key industry gauge, ton miles, which is the volume of cargo transported multiplied by the distance it sails, is expected to increase by 4.3% this year, according to Clarkson Research Services Ltd., a unit of the world’s largest shipbroker. Daily earnings for the industry’s largest supertankers reached $99,628 on Friday, four times the average of the past four years, on the market’s benchmark route.

The freight market will remain strong for 2023 and 2024, mainly due to “structural” changes to trade flows, said Frederik Ness, an analyst at SEB, “The most important driver is that the changes to trade flows are sticky.”

Cargoes that were routinely being transported across the Baltic Sea to reach the North Sea port of Rotterdam are now sailing to India and China, comfortably twice or three times the distance.

“The new trading routes developed from the war have been a tremendous uplift to an industry where capacity gains have been de minimis for most of this year, and will continue to be for the next couple years,” Jon Chappell, senior managing director at Evercore ISI said.

The Great Russian Oil Switch Is Gathering Momentum

Added Pressure

With oil demand expected to increase next year and inventories in developed nations at an 18-year low countries may become more reliant on imports, said Omar Nokta managing director and lead shipping research at Jefferies LLC. That will place further strain on the tanker industry to deliver them.

It’s unlikely that there will be any respite from rising freight costs in the form of more transportation capacity, as the age of the tanker fleet is steadily rising, boosting the pressure to scrap. The average vessel was built 12 years ago, meaning the fleet is the oldest since 2004, according to Clarkson data.

Vessels are normally delivered two years after they’re ordered, and the order book for new ones is close to an all-time low, said Lars Bastian Østereng, a shipping analyst at Arctic Securities ASA. Usually, tankers are recycled after 20-25 years or so, but given its age, the tanker fleet is going to shrink if that happens now, according to Østereng.

Place Bets

Ness estimates VLCC rates will rise to $56,000 a day in 2023 and $60,000 the following year. That’s up from an average of $33,000 over the past decade.

This winter though, Nokta says rates of $100,000 a day are well supported and likely to rise to between $150,000 and $200,000 a day. He, too, is estimating that the market will stay stronger for longer.

Europe’s sanctions come into full force on Dec. 5, after which time the bloc will have to halt seaborne imports almost entirely, causing the chaos in trade routes to deepen.

“The tightness of supply, the run-up to the Dec. 5 deadline, the seasonality -- it’s all pointing in the right direction,” said Brian Gallagher, head of investor relations at Euronav NV, one of the world’s largest owners of crude-oil tankers. “We do genuinely believe that there’s a longevity to it all.”

https://finance.yahoo.com/news/russia-w ... 00442.html
nobody
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Re: Beleggen in scheepvaart

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Diana Shipping Inc. Announces Time Charter Contract For m/v Myrsini

ATHENS, Greece, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Salanc Pte. Ltd., for one of its Kamsarmax dry bulk vessels, the m/v Myrsini.

The gross charter rate is US$15,000 per day, minus a 5% commission paid to third parties, for a period until minimum April 20, 2024 up to maximum June 28, 2024. The charter is expected to commence tomorrow.

The “Myrsini” is a 82,117 dwt Kamsarmax dry bulk vessel built in 2010.

The employment of “Myrsini” is anticipated to generate approximately US$7.62 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 40 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax and 6 Ultramax).

The Company also expects to take delivery of 3 Ultramax dry bulk vessels in the fourth quarter of 2022. As of today, the combined carrying capacity of our fleet, excluding the 3 Ultramax dry bulk vessels not yet delivered, is approximately 4.7 million dwt with a weighted average age of 10.18 years.

A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.

https://finance.yahoo.com/news/diana-sh ... 00388.html
nobody
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Re: Beleggen in scheepvaart

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Navios Maritime Holdings Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2022

Net Income

$39.0 million in Q3 2022

$78.9 million in 9M 2022

Cash from operating activities

$41.3 million cash provided by operating activities in Q3 2022

$127.4 million cash provided by operating activities in 9M 2022

EBITDA, a non-GAAP measure

$149.9 million in Q3 2022

$322.5 million in 9M 2022

Completion of Tender Offer for American Depositary Shares (“ADSs”) in respect of the Company’s Series G and H Preferred Stock

$9.2 million cash consideration paid

604,343, or 26.2%, of outstanding Series G and H ADS tendered

Revenue from Logistics Business

$74.4 million in Q3 2022 vs $63.5 million in Q3 2021

$202.8 million in 9M 2022 vs $174.3 million in 9M 2021

https://finance.yahoo.com/news/navios-m ... 00545.html
nobody
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Re: Beleggen in scheepvaart

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Textainer Group Holdings (NYSE:TGH) Has Affirmed Its Dividend Of $0.25

Textainer Group Holdings Limited's (NYSE:TGH) investors are due to receive a payment of $0.25 per share on 15th of December. This means the annual payment is 3.3% of the current stock price, which is above the average for the industry.

We like to see robust dividend yields, but that doesn't matter if the payment isn't sustainable. Prior to this announcement, Textainer Group Holdings' earnings easily covered the dividend, but free cash flows were negative. With the company not bringing in any cash, paying out to shareholders is bound to become difficult at some point.

The next year is set to see EPS grow by 2.1%. Assuming the dividend continues along recent trends, we think the payout ratio could be 15% by next year, which is in a pretty sustainable range.

The company's dividend history has been marked by instability, with at least one cut in the last 10 years. The dividend has gone from an annual total of $1.48 in 2012 to the most recent total annual payment of $1.00. This works out to be a decline of approximately 3.8% per year over that time. Declining dividends isn't generally what we look for as they can indicate that the company is running into some challenges.

The Dividend Looks Likely To Grow

Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. We are encouraged to see that Textainer Group Holdings has grown earnings per share at 185% per year over the past five years. A low payout ratio gives the company a lot of flexibility, and growing earnings also make it very easy for it to grow the dividend.

In Summary

Overall, we don't think this company makes a great dividend stock, even though the dividend wasn't cut this year. With cash flows lacking, it is difficult to see how the company can sustain a dividend payment. We don't think Textainer Group Holdings is a great stock to add to your portfolio if income is your focus.

https://finance.yahoo.com/news/textaine ... 13019.html
nobody
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Re: Beleggen in scheepvaart

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FRONTLINE LTD. REPORTS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2022

Frontline Ltd. (the “Company” or “Frontline”), today reported unaudited results for the three and nine months ended September 30, 2022:

Highlights

Net income of $154.4 million, or $0.69 per basic and diluted share for the third quarter of 2022.

Adjusted net income of $82.9 million, or $0.37 per basic and diluted share for the third quarter of 2022.

Intention to declare and pay the cash dividend in respect of the third quarter of 2022 only after the contemplated voluntary exchange offer by Frontline for Euronav shares that was initially announced on July 11, 2022 (the “Tender Offer”) has been completed. This dividend is expected to be in the amount of 80% of adjusted net income for the third quarter of 2022.

Reported total operating revenues of $382.2 million for the third quarter of 2022.

Reported spot TCEs for VLCCs, Suezmax tankers and LR2/Aframax tankers in the third quarter of 2022 were $25,000, $41,100 and $40,200 per day, respectively.

For the fourth quarter of 2022, we estimate spot TCE on a load-to-discharge basis of $77,200 contracted for 75% of vessel days for VLCCs, $65,400 contracted for 76% of vessel days for Suezmax tankers and $58,000 contracted for 70% of vessel days for LR2/Aframax tankers. We expect the spot TCEs for the full fourth quarter of 2022 to be lower than the TCEs currently contracted, due to the impact of ballast days at the end of the fourth quarter. The number of ballast days at the end of the third quarter was 332 for VLCCs, 367 for Suezmax tankers and 269 for LR2/Aframax tankers.

Final Combination Agreement signed with Euronav in July 2022.

Entered into two senior secured term loan facilities, one in July and the other in October 2022, for a total amount of up to $287.2 million at attractive terms to refinance two existing term loan facilities maturing in the first quarter of 2023.

Took delivery of the VLCC newbuildings, Front Tana and Front Gaula, from Hyundai Heavy Industries (“HHI”) in August 2022 and October 2022, respectively.

In November 2022, the Company extended its senior unsecured revolving credit facility of up to $275.0 million with an affiliate of Hemen Holding Ltd., the Company’s largest shareholder, by 12 months to May 2024 at an interest rate of 8.50% and otherwise on existing terms.

https://finance.yahoo.com/news/fro-thir ... 00732.html
nobody
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Re: Beleggen in scheepvaart

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Costamare Inc. Announces Formation of New Dry Bulk Operating Platform

MONACO, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Following its strategic decision to enter the dry bulk sector at an opportune time in the cycle, Costamare Inc. (“Costamare” or the “Company”) has proceeded to establish a new dry bulk operating platform with a team of experienced professionals, who will join Costamare in investing in the new venture.

The new venture will charter-in/out dry bulk vessels, enter into contracts of affreightment and utilize hedging solutions, including, forward freight agreements and bunker hedging.

The new venture will have a global footprint through offices in Athens and Monaco and through agencies in Copenhagen, Hamburg and Singapore. Operations are expected to commence in the fourth quarter of 2022. The new venture, to which the Company has committed up to $200MM, is expected to employ minimal, if any, financial leverage.

The new venture is established on the same ethical values and business principles followed by Costamare over the past decades, and such values and principles are also shared by our partners.

Considering the elevated levels of asset values in the containership sector and Costamare’s counter-cyclical investment approach, the Company believes that the new venture provides an attractive risk-reward profile for the deployment of the Company’s capital.

https://finance.yahoo.com/news/costamar ... 00482.html
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Re: Beleggen in scheepvaart

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nobody
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Re: Beleggen in scheepvaart

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Scorpio Tankers (STNG) Upgraded to Strong Buy: What Does It Mean for the Stock?

Most Powerful Force Impacting Stock Prices

The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares.

An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Scorpio Tankers, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate Revisions

Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

Earnings Estimate Revisions for Scorpio Tankers

This shipping company is expected to earn $11.14 per share for the fiscal year ending December 2022, which represents a year-over-year change of 367.2%.

Analysts have been steadily raising their estimates for Scorpio Tankers. Over the past three months, the Zacks Consensus Estimate for the company has increased 32.8%.

Bottom Line

Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time.

Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

https://finance.yahoo.com/news/scorpio- ... 05812.html
nobody
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Re: Beleggen in scheepvaart

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Europese scheepvaart zal voortaan voor haar emissies moeten betalen

In de toekomst zal de Europese Unie ook de scheepvaart in haar systeem voor de handel in emissierechten opnemen. Daarover hebben het Europese Parlement, de Europese Raad en de Europese Commissie een overeenkomst gesloten. Door deze beslissing zal de internationale scheepvaart vanaf januari 2024 aan het Emissions Trading System (ETS) van de Europese Unie zijn onderworpen.

De Europese emissiehandel verplicht vervuilende industrieën te betalen voor elke ton koolstofdioxide die door hun activiteiten wordt uitgestoten. De financiële lasten moeten de sectoren stimuleren naar duurzame oplossingen op zoek te gaan. De scheepvaart was echter een van de sectoren die tot nu toe buiten schot bleef.

Bezorgdheid over concurrentievermogen: Tien jaar geleden werd voor het eerst geopperd om de maritieme sector in de Europese emissiehandel op te nemen. Bezorgdheid over het internationale concurrentievermogen van de Europese scheepvaart vertraagde echter de introductie van concrete maatregelen.

De details:

Door het akkoord zullen ook scheepsexploitanten in de toekomst voor hun emissies van koolstofdioxide een vergoeding moeten betalen. Volgens de Duitse politicus Peter Liese, die namens het Europees Parlement de onderhandelingen met de andere betrokken partijen voerde, zal de beslissing de Europese uitstoot van koolstofdioxide met ongeveer 120 miljoen ton verminderen.

Dat is twee keer meer dan de besparingen die zullen worden gerealiseerd door de introductie van een verkoopverbod op wagens met verbrandingsmotoren.

De maritieme sector is verantwoordelijk voor ongeveer 3 procent van de wereldwijde uitstoot van broeikasgassen. Drie jaar geleden zouden de emissies van de zeevaart een niveau van meer dan 144 miljoen ton koolstofdioxide hebben laten optekenen.

Liese maakte gewag van een historische overeenkomst. Hij beklemtoonde dat de wetgeving niet alleen de uitstoot van koolstofdioxide zal verminderen, maar ook de luchtkwaliteit in kuststeden zal helpen verbeteren.

“De emissiehandel zal scheepvaartmaatschappijen dwingen in duurzame technologieën te investeren”, merkte hij op. “Anders zullen ze met zware financiële uitgaven rekening moeten houden. Er zijn trouwens al duidelijke aanwijzingen dat de scheepvaartmaatschappijen naar duurzame oplossingen op zoek zullen gaan.”

Investeringen in duurzame projecten: De overeenkomst bepaalt dat schepen op routes binnen de Europese Unie 100 procent van hun emissies zullen moeten betalen. Wanneer de trajecten een herkomst of bestemming buiten de Europese Unie hebben, zal 50 procent van de uitstoot moeten worden vergoed.

Over vier jaar zullen ook andere producten, zoals methaan en distikstofoxide, in de Europese emissiehandel worden opgenomen.

Liese merkte op dat 20 miljoen emissiekredieten zullen worden toegewezen aan een innovatiefonds, dat duurzame projecten in de Europese maritieme sector – zoals havens en schepen – zal moeten stimuleren. Ook de bescherming van de mariene fauna en flora zal op dat fonds beroep kunnen doen.

De maatregel geldt enkel voor schepen met een tonnenmaat van meer dan 5.000 brutoton. De Europese Commissie zal echter bijkomende maatregelen voorzien om te vermijden dat er meer schepen met maximaal 4.999 brutoton worden geproduceerd. Ook luxejachten zijn voorlopig vrijgesteld. Gehoopt wordt echter dat die vloot onder een toekomstige wetgeving zal vallen.

Nog werk voor de boeg: Liese betoogde nog wel dat het dossier over de scheepvaart slechts één element vertegenwoordigt van de inspanningen die worden gedaan om de Europese emissiehandel verder te verfijnen. Ook met de Internationale Maritieme Organisatie (IMO) zal nog verder over de uitstoot van de wereldwijde scheepvaart moeten worden gepraat.

https://www.msn.com/nl-be/nieuws/overig ... 57e54950af
nobody
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Re: Beleggen in scheepvaart

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Russia Will Rely on ‘Shadow’ Tanker Fleet to Keep Oil Flowing

Whether the world’s biggest crude exporter succeeds in skirting harsh sanctions starting Monday depends on a non-Western aligned fleet

Shipping companies have snapped up dozens of secondhand oil tankers this year, paying record prices for ice-class ships that can navigate frozen seas around Russia’s Baltic ports in winter.

A driving force behind the purchases, say people familiar with the deals: To get Russian oil to market after the harshest sanctions to date strike Russia’s energy industry next week.

The frenzy in a quiet corner of the shipping market is splitting the tanker industry in two. One part deals with Western oil companies, banks and insurers. The other, known informally in the industry as the “shadow fleet,” doesn’t, allowing it to trade with Iran, Venezuela, and increasingly with Russia, the world’s biggest exporter of crude and refined fuels.

“You’re starting a new kind of shipping market, in parallel to the normal compliant market that most of us are operating within,” said Lars Barstad, chief executive of tanker owner Frontline Ltd. FRO 5.33%

Moscow faces a stifling of its oil exports from Monday when European and U.S. sanctions start to come into effect. Unless Moscow accepts a price cap set by the U.S. and its allies, the sanctions will cut Russian producers off from Western shipping and insurance markets they have long relied on to export oil.

The size and agility of the shadow fleet will help determine whether President Vladimir Putin succeeds in keeping Russia’s oil revenue flowing. Oil remains Russia’s economic lifeblood and key to funding the war in Ukraine now that Moscow has all but cut off natural gas sales to Europe.

It could also have a big impact on whether oil and gas prices soar in the months ahead. If Russian oil sales drop because there aren’t enough tankers in the shadow fleet, crude and gasoline prices could jump globally.

Dmitry Peskov, the Kremlin’s press secretary, said shipping sanctions would hurt both Russia and the countries imposing them. “Shipment of Russian oil will be organized in accordance with the new conditions,” he said. “Destabilization of oil markets is inevitable, but the demand is still large.”

The shadow fleet grew a decade ago to ship Iranian oil after the U.S. tightened sanctions on Tehran in 2012, said John Smith, a partner at Morrison & Foerster LLP and former director of the U.S. Treasury’s Office of Foreign Assets Control. It expanded again after then-President Donald Trump in 2018 hit Iran with sanctions, according to shipbrokers and companies that track vessel movements.

There isn’t a single definition for what makes a ship part of the shadow fleet. Some tankers change flags, turn off transmitters, send out decoy signals, or swap oil at sea, according to a 2020 U.S. Treasury report. Others paint over ship names, falsify documents and mask control over vessels through layers of ownership and management firms, the report says. Some also sail without insurance, according to shipping executives familiar with the practice.

Seventy tankers that once carried Iranian or Venezuelan oil have shipped from Russia since the invasion, said Armen Azizian, crude-oil analyst at ship-tracking firm Vortexa. Stripping out state-owned tankers in those two countries, he said the figure represents more than a fifth of the prewar shadow fleet. Shipbrokers said they expect that proportion to rise over winter.

Shipping executives including Mr. Barstad say they have been inundated with bids for old tankers this year. Often, they say, inquiries come from new shipbrokers inquiring on behalf of low-profile companies in Dubai and China.

Prices for aging vessels normally destined for the scrap heap are vaulting higher. The average price of 15-year-old, large crude carriers has risen 37% to $52 million over the past six months, said Stephen Gordon, head of research at Clarkson PLC, a shipbroker.

Late this summer, a Greek tanker owner sold a 22-year-old ice-class ship for $32 million. Last year, it was valued at $17 million, according to company executives who said they had never seen such a large premium being offered to a ship’s valuation. Another owner who sold an 18-year-old smaller Suezmax to a Dubai entity in September said the ship was now moving Russian oil from Novorossiysk to Turkey and then on to China.

Unlike Iran, whose oil sales are banned worldwide by U.S. sanctions, Russian crude will still be legal to buy and sell once the new restrictions come into effect. But traders will either have to take the risks of moving Russian oil without the safety net of Western insurance or to buy it at or below the price cap. India, China and Turkey have already picked up some of the Russian oil that previously was sold to Europe.

Russian oil became lucrative to trade after the start of the war in Ukraine because it could be bought at a discount to benchmark prices. Once refined, the end product trades at market prices, creating substantial profit margins for those involved.

Among the buyers of tankers include Teodor Shipping LLC and Koban Shipping LLC, according to some of the people familiar with the deals. Both shipping companies registered in Dubai in 2019.

Spokespeople for Teodor and Koban didn’t return requests for comment. A Wall Street Journal reporter visited Koban’s office in Dubai and was asked to leave.

John Hadjipateras, chairman of Stamford, Conn.-based Dorian LPG, which runs 19 ships, said he was approached by Teodor to buy a midsize Aframax crude tanker that Dorian had chartered to a client. Built in 2009, the ship was valued at $27 million last year. Teodor offered $33 million.

Mr. Hadjipateras didn’t sell, saying it wasn’t worth the trouble in case the transaction drew the attention of U.S. authorities who monitor Russian and Iranian oil trading.

Western sanctions target a vulnerability in Russia’s energy industry. The country depends on foreign ships, mostly insured and reinsured in Europe, to transport oil. Those exports are the lifeblood of the Russian economy.

Sanctions hobbled Russia’s state-owned shipping line PAO Sovcomflot last spring when it had to sell about a dozen ships to prevent the ships from being seized by Western lenders, the Journal previously reported, citing people familiar with the matter.

Koban bought five tankers from Sovcomflot earlier this year, the Journal reported. In June, one of those ships, the Cangjie, received Russian distilled fuel from the Vladimir Monomakh, chartered by Rosneft, in a ship-to-ship transfer, according to OPIS, an energy data firm that is part of Dow Jones & Co., publisher of the Journal. The vessels were moored outside the Russian port of Kavkaz.

Anoop Singh, who left as head of tanker research at shipbroker Braemar PLC on Friday, estimates Moscow lacks the boats to move its oil if it is cut off from the mainstream fleet, even assuming all the older tankers sold since the war ship from Russia. Depending on boat speeds and weather in the Baltic Sea, Russia could be left about 1.5 million barrels short a day, according to Mr. Singh, out of its recent exports of 7.8 million barrels a day. A typical large tanker carries 2 million barrels.

Shadow fleet ships may not move oil as efficiently. Older ships sail slowly and local authorities in chokepoints such as the Bosporus and Suez Canal might hold up those lacking insurance, traders said.

https://www.wsj.com/articles/russia-wil ... eid=yhoof2
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