US sanctions relief could lift tanker rates in Russia, inject capacity to Gulf shuttles: analysts

US sanctions relief on shadow-fleet tankers could redirect ships from Russian oil trades toward the Middle East, potentially raising Russian freight costs while easing some of the tanker shortages around the Strait of Hormuz, shipping analysts said.

In recent public remarks, Energy Secretary Chris Wright said the US will allow legitimate businesses to acquire sanctioned tankers for non-sanctioned trades to reduce shipping costs, though Washington has yet to announce a detailed relief proposal.

The number of oil and LPG tankers sanctioned by Western authorities amounted to 1,226 as of the end of August, with the US having been particularly targeting VLCCs, according to S&P Global Energy Horizons research.

But BRS Shipbrokers estimated only 148 tankers in deepsea trades, equivalent to 2.5% of the global total by vessel count, were sanctioned solely by the US Office of Foreign Assets Control as of Oct. 19. Of those, only 14 appeared to have been idle for more than three months based on location signals.

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