Russian oil exports transportation costs rose with total costs from Novorossiysk going up 3 times to almost 900 000 USD per day. At the same time prices for Ural oil dropped 17,55-21,45 USD per barrel and export volumes by 17,5-20,3%.
The cost to rent tankers to transport oil from the Russian ports of Novorossiysk and Primorsk in the week of October 12–16 increased by 0,99–2,79 USD per barrel. This is the highest the freight rates have been since June 2023. The cost of transporting oil from Novorossiysk is rising due to rising freight prices in the world and high risks in the Black Sea where as the rates from the Baltic are affected by the limited supply of tankers and high prices for bunker fuel. Renting a vessel that is capable of transporting 80 000 tons of oil from Novorossiysk to the West Coast of India now costs 40,84 USD per barrel. For a ship that is capable of carrying 140 000 tons of oil the price is 27,31 USD per barrel. The costs for the same vessels to make the trip to Northeastern China is 47,79 and 30,29 USD per barrel. For Primorsk for a tanker carrying 100 000 tons the rates are 30,68 USD per barrel for a trip to India and 34,86 USD per barrel for a trip to China. Bazed on preliminary data for October 1st to 16th the shipments of Urals, Kazakh Kebco and Siberian Light oil from Novorossiysk decreased by 17,5% compared to the same period in September 2026 to 477 000 barrels per day. Shipments from Novorossiysk and South Ozereevka remained limited due to the danger declared by the Russian MoD for navigation in certain areas of the Black Sea. Shipments of Ural and Kazakh Kebco oil from the Baltic ports decreased by 20,3% to 1,37 million bpd. Freight rates from the Black Sea rose to historical highs in mid Autumn to 3-4 times what they were in 2025. There are two main reasons the increased insurance premiums in the pool and the general conditions of the global freight market. For example the cost to ship a VLCC tanker with 270 000 tons of oil from the US to China in Autumn reached a peak of 41 USD per barrel vs 4,5 USD per barrel at the same time in 2025. Due to the shortage of ships some Asian refineries have switched to using 100 000 ton ships. Shipowners that are offering ships for the Black Sea are asking for higher risk premiums. Costs to ship from Novorossiysk to Vadinar are up 200% vs September at 879 760 USD per day. On the Ust-Luga—Sikka route prices are up 100% to 227 950 USD per day. With the increase in shipping prices and the drop in demand for oil in Asia the discounts on Russian oil have grown. The discount in the Baltic ports rose to 25,3 USD per barrel vs Dated Brent which is the highest since June 2026. In Novorossiysk it's the highest since March 2026 at 28,85 USD per barrel. The price of Russian Ural oil in the Baltic and Novorossiysk decreased over the week by 21,45 and 17,55 USD to 90,79 and 87,24 USD per barrel. Source: kommersant.ru
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