Indian Vessels Go All In on Russian Oil & New STS Hubs – Weekly Roundup

India is REALLY keeping that Russian crude oil flowing…this edition of the weekly Global Trade Roundup highlights how its per day import rate of Russian crude oil in July 2024 is the highest it’s been since last summer. We also list the Russian and Indian ports that have been most frequented in the past three months. 

The roundup keeps you up to date on emerging commodity ship-to-ship (STS) hubs in the Mediterranean that may have replaced Greece’s exclusive economic zone (EEZ). And don’t forget to check out the assets Windward published this week! 

Russian Oil Trade with India

• Public sources state that Russia remains the top exporter of crude oil to India, with India importing a total of 2.08 million barrels per day of Russian crude oil in July 2024. This is approximately 43% of all of India’s crude imports during July 2024, and the highest rate since June 2023.
• Windward’s Maritime AI™ platform data shows that since February 2024 there has been an increase in the number of port calls conducted in India by crude oil tankers that departed Russian ports. Data shows that there was a 52% increase in port calls between February-July 2024. The month of July marks the highest number of port calls by vessels arriving from Russia to India since May 2023.
• Additionally, data shows that India became the largest importer of Russian crude in July 2024.

_{Port calls by crude oil tankers that departed from Russia to India, China, and Turkey.}

• Based on Windward’s AI-powered insights, it seems that most vessels arrived in India from the ports of Ust Luga and Primorsk during the past three months, passing through the Red Sea and Bab el-Mandeb Strait. The ports of destination (PoDs) in India are Jamnagar-Sikka, Kandla, and Mundra, all located in the Gujarat Region. Data shows that most vessels returned to Primorsk and Ust-Luga, showing that the main Russian oil trade with India goes through the Primorsk/Ust Luga-Kandla /Jamnagar-Primorsk/Ust Luga route.

Shift in Russian Commodity STS Hubs in the Mediterranean and West Africa

• Since the Russia/Ukraine conflict began, the Greek Exclusive Economic Zone (EEZ) became a known hub for Russian oil trade, when most commodity STS meetings were conducted in the Laconian Gulf in Greece. But following increased focus from regulators since the EU’s 11th package, the Greek Navy has conducted several naval drills aimed at deterring these activities off the Greek waters.
• Following these drills, a change in commodity STS hubs for Russian-origin oil trade has been seen, showing emerging commodity STS hubs in the Mediterranean that may have replaced Greece. One of which, as pointed out by public sources, is Malta. Approximately 44% of Russian oil transfers were seen there between May 1-August 1, 2024.
• Windward data shows that between April-August 2024, there was a 766% increase in commodity STS meetings in Malta by high and moderate compliance risk crude oil tankers related to Russia in the Maltese EEZ, showing the month of July 2024 has seen the highest number of commodity STS meetings by these vessels since July 2022.
• While Malta has historically been an oil transshipment hub, when comparing it to Greece, which for the same period of time shows a 53% decrease in commodity STS meetings by Russia-related crude oil tankers, the data may suggest that vessels that previously transferred Russian crude oil in Greece shifted their operation to Malta due to the Greek Navy’s operation.
• Additionally, Windward data shows that two other hubs for Russian oil transfers appear in the West Africa Region, Togo and Ghana. Between April-July 2024, we see a 166% and 100% increase in Russia-related high/moderate compliance risk crude oil tankers in Ghana and Togo, respectively. This shows a possible formation of additional hubs in West Africa.

_{Commodity STS meetings by Russia-related high/moderate compliance risk crude oil tankers in Ghana and Togo’s EEZ.}

• As seen in the past, Russian oil can be sold to other vessels, which in turn can sell off this oil to third-party vessels. This is a sanctions loophole/breach that can impact third-party vessels that could be affected by these operations.

Published Assets

Windward’s unique Maritime AI™ insights can change how you see the maritime map: 

• Global Trade Report on Singapore
• Scan Global Logistics case study
• Unmanned technology blog post