A logistically risky and costly transfer of crude between tankers at sea highlights the steps at least one Chinese buyer is willing to take to ensure the smooth flow of oil from eastern Russia to Asia. Buyers are using creative ways to maintain flows as more shipowners shun Russian oil due to the potential fallout from financial sanctions , according to shipbrokers. Small vessels are being used to shuttle between Russia’s Kozmino port and the waters off Yeosu in South Korea, where cargoes undergo ship-to-ship transfer to supertankers for the next leg of the journey to China. The number of shipowners and insurers willing to handle Russian crude is dwindling, said shipbrokers, created a logistical challenge for producers and buyers working with fewer tankers. The new approach isn’t to dodge sanctions but to more effectively deploy the available fleet, they added. This process is unusual for ESPO crude, a […]