By Jonathan Saul
LONDON/MOSCOW, Oct 4 (Reuters) – Russian tanker group Sovcomflot has transferred dozens of ships to a brand new Dubai-based administration firm, aiming to spice up commerce by the entity amid rising strain from monetary constraints, in accordance with knowledge from the maritime sector and sources from the delivery sector. .
State-owned Sovcomflot (SCF) is topic to sanctions and different restrictions from the UK and the European Union, whereas Washington has restricted its monetary actions.
Sovcomflot – whose fleet consists of about 80 ships, together with crude oil, oil merchandise and liquefied pure gasoline tankers – has confronted these capital constraints over the previous yr.
The nation has additionally needed to transfer its abroad operations from Cyprus to Dubai.
Since July, 45 tankers have been transferred to Dubai-based oil tankers SCF MGMT FZCO, in accordance with knowledge from public maritime info database Equasis.
Some ships maintained separate administration companies with Solar Ship Administration, Equasis knowledge confirmed.
Solar Ship Administration was individually designated by the European Union and Nice Britain earlier this yr.
Britain stated in Might that Solar Ship Administration was an entity linked to Sovcomflot and “supported Russia to bypass or undermine the impression of Western sanctions.”
The tanker fleet operated by SCF has not referred to as at EU or UK ports since early spring 2022 and all ties with prospects in these jurisdictions have been terminated at the moment, SCF stated in an announcement to Reuters.
The extra restrictions imposed on Solar Ship Administration as one in all SCF’s subsidiaries in February 2023 “didn’t add a lot,” the report stated in its first affirmation to Reuters that Solar Ship Administration was a part of the group.
“SUN Ship Administration (D) Ltd, established in 2012, continues to handle a lot of SCF vessels and stays a key member of the group,” the SCF assertion stated.
SCF didn’t remark straight on the brand new entity Oil Tankers SCF MGMT FZCO.
“At present, as a part of inner reorganization efforts, the corporate allocates its fleet to completely different technical supervision groups relying on commerce geography, buyer portfolio, age of vessels and uncooked supplies transported,” Sovcomflot stated.
“That is per SCF’s historic strategy, the place completely different technical managers labored beneath respective acknowledged manufacturers.”
SCF stated every of them contributed to the “security and high quality of the fleet’s efficiency”.
A dealer concerned in Russian oil stated: “The switch might assist alleviate issues with acquiring companies at worldwide ports, bunkering and different monetary operations for the brand new entity, though it’s unlikely to be a long-term resolution.”
Russia is more and more turning to unregulated tankers operated by newly created corporations prepared to step in to supply transportation, though Moscow additionally continues to make use of SCF’s tanker fleet.
“SCF nonetheless goals to be a serious worldwide delivery participant on the planet the place it isn’t sanctioned,” stated one other supply concerned in Russian oil gross sales.
Commerce and delivery sources stated the brand new administration firm in Dubai was a part of efforts to separate SCF and different entities topic to sanctions-related designations.
“Russian tankers are unable to acquire spare engine elements as a result of Western engine producers have withdrawn and they’re dealing with extra such issues,” stated a Western delivery trade supply.
Finland’s Wartsila, a number one producer of marine engines, was among the many corporations that stopped doing enterprise with Russia final yr. (Reporting by Jonathan Saul and Reuters reporters. Modifying by Jane Merriman)
