A deficiency of larger tankers means Russia has been shipping some of its oil products on river barges.

Data from LSEG shows that Russia shipped out more than 700,000 tonnes from Novorossiysk in the Black Sea on these shorter vessels last year.

Sources told Reuters that many tanker owners have been staying away from the company. Due to European sanctions and price cap measures.

The shadow fleet of tankers has been carrying much of this oil. However, ship availability is still an issue for exporters.
Barges have capitalized on shorter routes, as in the Black Sea.

Turkey was the main importer of barrels from Novorossiysk. Bulgaria also took the fuel; it has a deal to buy oil from Russia until the end of 2024.

Some barges also took fuel oil and diesel from Novorossiysk. For ship-to-ship transfers onto Panamax and Aframax-sized tankers near the Russian port of Kavkaz and Romania’s Constanta, according to LSEG data.

Not All Vessels Flying the Russian Flag

The data shows that most of these small vessels are registered in Russia. Some fly the flags of Panama and Liberia.

The barges use inland waterways during the river navigation season, allowing some exports from the Baltic Sea.

Shipbroker BRS has said the reshuffling of Russian oil flows amid the introduction of the European Union embargo and G7 price cap in early 2023 favoured the build-up of a shadow fleet. It consists primarily of older tankers, with aframaxes favored the most.

But now, the geopolitical disruption in the Middle East is expected to favour the latest ships in terms of demand and asset prices.