Shipping expenses for Russian crude oil departing from the Black Sea have surged to unprecedented levels, with tanker rates for Aframax vessels climbing consistently over a seven-week period. According to data cited by Russian media outlets, the cost to transport crude from the port of Novorossiysk to India reached $23.20 per barrel in the week ending September 6, while shipments to China cost $25.70 per barrel. These figures represent the highest export freight costs for Russian Black Sea oil destined for Asian markets on record.
Market analysts attribute the sustained increase in shipping costs to multiple converging factors. Elevated security risks associated with maritime threats have resulted in higher insurance premiums, while a reduced number of available vessels for routes originating from Novorossiysk has further constrained supply. Additionally, many tankers have been deployed to longer-distance journeys in the Middle East or are engaged in operations elsewhere, exacerbating the shortage of capacity on Black Sea routes. Similar vessel availability challenges have also developed in the Baltic Sea for Russia’s northwestern ports.
Despite the elevated transportation costs, industry observers note that exporters continue to achieve profitability amid a broader rally in global crude oil prices. The pressure on shipping infrastructure comes as Ukraine has conducted multiple military operations targeting Russian oil export facilities at Novorossiysk and the nearby Caspian Pipeline Consortium terminal. These attacks have periodically disrupted loading operations and complicated export logistics for both Russian crude and Kazakh oil transiting through Black Sea facilities.
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