Shadow fleet shipments from Baltic Sea ports rose 10.1% as Russia’s overall seaborne oil exports fell

According to the August edition of the Russian Shadow Fleet Tracker by KSE Institute, in July 2026 Russian seaborne exports of crude oil and oil products stood at around 5.3 mb/d, down 10.7% m-o-m and 6.4% y-o-y. Russia used 268 unique tankers to export oil, including 150, or 56%, shadow fleet tankers. Shadow fleet exports decreased by 6.1% m-o-m but increased by 1.1% y-o-y. Tankers older than 15 years accounted for 93% of shadow fleet tankers used in July.

Shadow tankers transported the largest oil volumes from Pacific Ocean ports, which accounted for 41% of shipments, and Baltic Sea ports, with 35%. Russian oil exports from Baltic Sea ports stood at around 2.4 mb/d, up 2.1% m-o-m but down 5.4% y-o-y. Shadow fleet exports from Baltic Sea ports increased by 10.1% m-o-m and by 21.2% y-o-y.

China and India remained the main destinations for oil transported by the shadow fleet, accounting for 37% and 22%, respectively. Shipments with an unknown destination accounted for 33% of shadow fleet volumes. From Baltic Sea ports, India and Turkey were the most important recipients of oil transported by the shadow fleet, accounting for 29% and 7%, respectively, while shipments with an unknown destination accounted for 59%. During May–July, the top identified buyer for crude oil from shadow fleet vessels was Indian Oil Corporation, while Bingang Liquefied Chemicals —  for oil products.

Chinese and Russian ship managers jointly handled 56% of shadow fleet exports, with Chinese companies handling 35% and Russian companies 21%. The top 10 ship managers handled 31% of total volumes. Russia and Cameroon remained the leading flag states for the shadow fleet, jointly accounting for 49% of exports, with 31% under the Russian flag and 18% under the Cameroonian flag. In July, 41 shadow fleet tankers, or 27% of the total, operated under Russian insurance: AlfaStrakhovanie (19), Balance Ins (15), Sogaz (6), and AMT Insurance (1). Of these 41 tankers, 36, or 88%, were sanctioned by at least one jurisdiction, including the EU, US, UK, Canada, Australia, and New Zealand, while 17, or 41%,  sailed under the Russian flag.