Since sanctions saw Europe cease to be a major importer of Russian oil in 2022, the Mediterranean Sea has emerged as the main transit point for Russia’s Black Sea flows to the international market. In particular, Ship-to-Ship (STS) transfers – which involve a ‘mother’ vessel transferring oil to one or more ‘daughter’ vessels while offshore – have proven the preferred method for circumventing the need (and documents required) to berth.
Prior to Russia’s invasion of Ukraine, the lightering zone offshore Malta was the only major transshipment area in the Mediterranean, accounting for around 75% of the region’s 460,000 b/d STS volumes in 2021, according to Kpler data. (CONTINUED - 1052 WORDS)
