• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 18 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 5 days America should go after China but it should be done in a wise way.
  • 12 days Does Toyota Know Something That We Don’t?
  • 20 hours World could get rid of Putin and Russia but nobody is bold enough
  • 18 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days Even Shell Agrees with Climate Change!
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Singapore Detains Record Number Of Oil Tankers As Shadow Fleet Expands

  • This year, Singapore has detained a record number of oil and chemical tankers for failing to pass inspection.
  • Russia is increasingly using old tankers to ship its crude and oil products without Western insurance.
  • There is a growing “shadow fleet” of oil tankers being used to ship Russian, Venezuelan, and Iranian oil.

Singapore, a major hub for oil transportation and storage, has detained this year a record-high number of oil and chemicals tankers that have failed to pass inspection—more than the number of detained tankers in the whole decade to 2019.

As old tankers are increasingly used by Russia to ship its crude oil and products without Western insurance, the crackdown on vessels without all safety features in place has intensified in Asia in recent months. Asia is now the top destination for Russian crude oil after the EU embargo and the G7 price cap on Russia’s oil sold to third countries.

So, year to date, Singapore has held as many as 33 vessels that have failed safety checks and inspections, Bloomberg reported on Wednesday, citing data from regional port control organization Tokyo MOU. That’s more than all tankers detained by Singapore in the decade to 2019. In April 2023 alone, Singapore held 9 vessels, the highest number since at least 2010, according to the data.

For the whole of 2022, Singapore detained 28 tankers, and most of the detentions took place in the second half of the year, per Tokyo MOU’s data cited by Bloomberg. 

The “dark fleet,” or “shadow fleet” of oil tankers expanded significantly in the second half of last year after the EU and the G7 said they would ban imports of Russian crude oil and slap a price cap of $60 per barrel if the cargoes with Russia’s crude wanted to use Western liability insurance and financing.

As the number of old oil tankers shipping Russian oil has soared, Chinese authorities in the Shandong province have reportedly increased the safety checks on old vessels arriving at the major oil import port of Qingdao, holding ships more than 20 years old at the port for weeks.

Last year, an unusually large number of tankers changed ownership in what analysts and shipping industry officials believe was a push from Russia to continue shipping large volumes of its crude and entities willing to profit from the Russian oil trade in a sanctions regime. The ‘dark’ or ‘shadow’ fleet of oil tankers is growing to now include tankers not only shipping sanctioned Iranian and Venezuelan oil but also increasingly larger volumes of Russian oil and products.  

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on May 31 2023 said:
    Yet Singapore is one of the four biggest countries in the world supplying petroleum products particularly diesel to the EU and the United States refined from increasing volumes of purchased Russian crude. The other three countries are China, India and Turkey.

    Moreover, Russian diesel is already reaching the EU via Saudi Arabia and Turkey with Saudi Arabia buying 3.7 million barrels of Russian diesel in May.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News