Dozens of Oil Tankers Halt Operations Following New US Sanctions

At least 65 oil tankers have dropped anchor at various global locations, including off the coasts of China and Russia, following the latest round of US sanctions imposed on January 10.

Impact on Tankers

According to ship tracking data from MarineTraffic and LSEG, the affected vessels include:

• 5 tankers stationary off Chinese ports.
• 7 tankers anchored near Singapore.
• Others halted near Russia in the Baltic Sea and the Far East.

An additional 25 oil tankers remain stationary around other key locations, such as Iranian ports and areas close to the Suez Canal.

Sanctions Target Russian Oil Revenues

The US Treasury’s latest sanctions target Russian oil producers Gazprom Neft and Surgutneftegaz, along with 183 vessels that transported Russian oil. These measures aim to cut off revenues that fund Moscow’s war efforts in Ukraine.

China’s Shandong Port Group has already restricted tankers under US sanctions from docking, adding to the logistical strains.

Global Shipping Industry Disruption

Analysts estimate that about 10% of the global oil tanker fleet is now affected by US sanctions.

• “The sanctions should support the tanker market by reducing vessel availability, but stronger impacts will emerge when other exporters compensate for the lost Russian volumes,” said Jefferies analyst Omar Nokta.
• Average daily earnings for supertankers increased by 10% on Monday to approximately $26,000, driven by tightened supply.

Trade analytics platform Kpler noted that demand for non-sanctioned tankers will rise as exporters like India and China seek alternative sources outside Russia.