Wednesday, June 7, 2023
HomeHeadlinesShipping Traffic Near Russian Ports Drops


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Shipping Traffic Near Russian Ports Drops

Shipping traffic near Russian ports has fallen by a third since the country’s invasion of Ukraine, a sign of how sanctions and global companies’ withdrawal from Russia are hitting the country’s economy.

Vessel volumes have decreased by 30% near Russian ports since Western sanctions were imposed last month, according to project44, which provides data on supply chains.

Moreover, the number of Russian-owned vessels seeking jobs on Monday was triple that on Feb. 28, according to separate data from Windward. The rise indicates how foreign businesses are increasingly unwilling to deal with Russian-owned companies, the maritime data provider said.

The drop in activity near ports and among Russian ships comes after the U.S. and its allies have hit Russian businesses, officials and oligarchs with sanctions, and many Western companies have pulled back from the country.

Several large shipping companies, including the world’s biggest container-ship operators—A.P. Moller-Maersk A/S and Mediterranean Shipping Co.—have temporarily suspended services to Russian ports. The U.K. and some other countries have also closed their ports to Russian ships.

Sanctions mean that maritime companies and ports have to tread carefully when dealing with Russian shipping companies, analysts say.

“Companies looking to protect themselves from financial and regulatory risk exposure will have to look not only at the vessel flag, but also at its ownership structure and recent owner changes,” Windward said.

Still, project44 data on vessel volumes is volatile and some analysts and company officials caution that it is too early to judge whether there will be a major impact on global supply chains from this conflict.

Source: WSJ

Related Posts


Finance & Economy
Shipping News

Globus Q1 results hit by weak dry bulk market

Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2023. Revenue $8.6 million...

BW LPG appoints new CFO

BW LPG announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years...

Frontline Posts Highest First Quarter Results Since 2008

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per...

Diana Shipping posts slightly lower Q1 profit; takes out $123m in loans

Diana Shipping reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023....

CMA CGM Profit Eases as Container Transport Demand Wanes

CMA CGM expects its profit to ease further for the rest of the year after a first-quarter decline, as an uncertain economy and influx...

Taiwan Shipping Firms Set to Hand Out Bumper Bonuses Again

Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global...

Baltic index hits over 3-month low amid lower coal imports

The Baltic exchange’s main sea freight index extended losses for the 15th session straight...

Baltic index falls for the month as vessel demand wanes

The Baltic exchange’s main sea freight index recorded its first monthly decline in four...

North Korea missile tests endanger shipping, UN maritime agency told

North Korean missile tests are endangering the safety of commercial shipping in busy sea...

Singapore Clamps Down on Tankers as Dark Fleet Grows

Singapore’s detentions of oil and chemicals tankers have surged since early last year, highlighting...

US West Coast port workers shut terminals in showdown over pay

The employers of more than 22,000 dock workers at U.S. West Coast seaports on Friday said the union representing those laborers “is staging concerted...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...

Alexandroupolis port gets 24 million euros of EU funding

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatisation agency HRADF...

Port Hedland Iron Ore Exports Down 5% in April

Pilbara Ports Authority (PPA) has delivered a total monthly throughput of 57.7 million tonnes (Mt) for April 2023. This throughput was a two per cent...