In December 2022, six lesser-known firms based in Hong Kong and Dubai entered the first oil transport market connected to Russia. This development is reported by Bloomberg News.
Smaller companies from China and the United Arab Emirates moved a combined 1.4 million barrels of oil per day. Those volumes surpassed the daily totals of major trading houses like Trafigura Group and Vitol Group prior to the imposition of anti-Russian sanctions. It remains unclear how these smaller operators were able to finance monthly supplies approaching $2 billion.
The report identified Nord Axis, incorporated in Hong Kong in February 2022, as the largest supplier in December, with an average intake of roughly 521 thousand barrels per day. In second place was Tejarinaft, based in Dubai, handling about 244,000 barrels per day. The third position went to QR Trading, which bought around 199,000 barrels daily. These three firms together dominated the December market among the smaller players cited by Bloomberg.
Analysts noted that Western sanctions appear to have pushed Russia to broaden its shadow tanker fleet, which now numbers approximately 600 ships. This expansion correlates with efforts to maintain flow despite increased scrutiny from authorities and buyers around the globe.
Recent tracking data from Vortexa, Kpler and ship-tracking sources cited by Bloomberg show a tougher environment for Russian oil sellers to locate buyers amid stricter international measures, including a ban on sea transport of crude and a price ceiling on exports. As a result, tankers carrying resource cargoes have begun to cluster, waiting for opportunities to offload as buyers adjust to the evolving sanctions landscape.