Russia’s shadow fleet freight rates fracture on Black Sea premiums
Black Sea tanker economics strengthened sharply in late September and early October as attacks on commercial shipping, disruption to Russian energy flows and tighter scrutiny of Russia-linked tonnage increased the cost and complexity of moving cargoes, while Baltic Aframax spreads fell further into discount territory against global benchmarks even as outright earnings rose. The UK added 12 tankers to its sanctions list on 8 October, after the Joint War Committee added the Black Sea to its Listed Areas on 16 September.
Why it matters: The widening Black Sea premium and Baltic discount show how sanctions and war-risk designations are segmenting Russian seaborne trade rather than removing it from global markets.