Freight rates for shipping Urals crude oil from Russia’s western ports to India have continued to rise through late September and early October, reflecting higher export volumes and growing tanker demand. Despite ongoing geopolitical pressures and trade restrictions, Indian refiners remain active buyers of Russian crude. This upward trend follows a surge in crude loadings from major ports such as Primorsk, Ust-Luga, and Novorossiisk, as reported by Reuters.
Increasing Freight Rates Reflect Strong Russian Oil Exports to India
In September, crude exports from Russia’s western ports increased by around 500,000 barrels per day compared to August, reaching a record 2.5 million bpd, largely due to refinery maintenance activities. This rise in shipments has driven up tanker charter costs, with Aframax freight rates from the Baltic ports of Primorsk and Ust-Luga to India climbing to nearly $7 million for late October loadings, compared to $6–6.5 million earlier. Similarly, Suezmax rates from Novorossiisk in the Black Sea rose to about $6.2–6.5 million. Both Greek shipowners and “shadow fleet” vessels continue to transport Urals crude, underscoring sustained demand despite regulatory scrutiny. The elevated rates remain significantly higher than early 2025 levels, when voyages from Baltic ports to India averaged under $5 million per trip.
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Source: Reuters
