U.S. Sanctions Push Russian Tanker Giant into Losses

News

U.S. Sanctions Push Russian Tanker Giant into Losses

19.08.2025 News

Russian state-owned shipping company Sovcomflot reported a net loss of $435 million for the first half of 2025, compared to a profit of $324 million a year earlier, The Moscow Times reports.

Over six months, the company lost half of its vessel operating income (down to $306 million) and 39% of its revenue (down to $618 million). EBITDA dropped 55% to $263 million.

Sovcomflot’s performance has deteriorated significantly, with the primary reason being the tightening of sanctions from the U.S. and EU, according to an analyst at Freedom Finance Global. New sanctions packages and the inclusion of the company’s tankers on “blacklists” led to idled vessels, lower freight rates, and operational disruptions.

In January 2025, the U.S. revoked Sovcomflot’s fleet management license and imposed blocking sanctions on dozens of its tankers, resulting in a 29.8 billion ruble asset write-down. The EU further banned the company’s ships from entering European ports.

As of June 1, 426 tankers of Russia’s “shadow fleet” were under U.S., EU, and UK sanctions. Some of these vessels remain idle, while part of their transport activity has been taken over by Greek companies.

Analysts warn that lowering the price cap on Russian oil from $60 to $47 per barrel could further hit Russian oil producers and the state budget, as many shippers may refuse to work with Russia, while replacing them with sufficient vessels will be difficult.

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