Chinese and Russian ship managers handled 56% of shadow fleet exports

According to the July edition of the Russian Shadow Fleet Tracker by KSE Institute, Russian seaborne exports of crude oil and oil products stood at around 6.0 mb/d in June 2026 — up 4.7% m-o-m and 8.7% y-o-y. Russia used 325 unique tankers, including 176 shadow fleet tankers, or 54% of the total. Shadow fleet exports remained broadly stable compared with May, declining by just 0.2% m-o-m, but increased by 24.9% y-o-y. Tankers older than 15 years accounted for 94% of the shadow fleet vessels used in June.

Shadow fleet cargoes were loaded mainly at Pacific Ocean ports — 42%, or around 1.4 mb/d — and Baltic Sea ports — 29%, or 938 kb/d. Arctic Ocean ports accounted for 15% of shipments, or 491 kb/d, while Black Sea ports accounted for 14%, or 457 kb/d.

China and India remained the main destinations for oil transported by the shadow fleet, accounting for 36% and 18%, respectively. A significant share of shipments remained opaque: 40% had an unknown destination. During April–June 2026, the largest identified crude oil buyers were India’s IOC, China’s Shandong Yulong, and a group of buyers linked to Mercuria and Qingdao Port, jointly accounting for 26%. For oil products, Brazil’s Atem Group and China’s Fuhaichuang Petrochemical accounted for a combined 6%, while other buyers accounted for 81% of volumes. 

Chinese and Russian ship managers jointly handled 56% of shadow fleet exports. Chinese companies accounted for 34% of shipments and Russian companies for 22%. The top 10 ship managers handled 29% of total volumes, while operators of the former Sovcomflot fleet accounted for 17%. Russia and Cameroon remained the leading flag states, jointly accounting for 53% of shadow fleet exports. The Russian flag accounted for 28% of volumes and the Cameroonian flag for 25%.

In June, 48 shadow fleet tankers, or 27% of all shadow fleet vessels used that month, operated under Russian insurance: Balance Ins (20 vessels), AlfaStrakhovanie (15), Sogaz (11), Amt Insurance (1), and ASTK (1). Of these, 42, or 88%, were sanctioned by at least one jurisdiction, including the EU, US, UK, Canada, Australia, and New Zealand, while 22, or 46%, sailed under the Russian flag.