Last week, the G7 countries discussed ways to maintain global oil supplies while limiting Russia’s revenues.
Propose price cap on oil sales and banning oil tanker insurance or providing oil transport services received a lot of consensus.
However, a final decision has not been made.
A handful of ships ready to carry Russian oil are making big profits as other shipowners shun the oil.
According to shipping brokers, ship owners can earn about $1.6 million carrying Russian ESPO oil on a small tanker from the Russian port of Kozmino to China.
That’s three times higher than before the conflict in Ukraine, according to the media in mainland china. This lucrative business is becoming a competitive place for shipowners from China, Turkey and Greece.
In addition to Russian shipping company Sovcomflot, Cosco Shipping Holdings (China) is one of the most active ESPO oil carriers, according to data from Bloomberg and shipping brokers.