ON a sunny day off the southern coast of Greece last week, two aging tankers nestled next to each other while one pumped oil to the other. As far as global satellite tracking systems could tell, it never happened. The deviation between real and electronic locations—measured in this case at over four miles—wasn’t a glitch, but
ON a sunny day off the southern coast of Greece last week, two aging tankers nestled next to each other while one pumped oil to the other. As far as global satellite tracking systems could tell, it never happened.
Back in May, the Turba drew regulatory ire due to its age, poor inspections record, mysterious ownership details and for flying the flag of Cameroon, a nation blacklisted by an international organization promoting safe shipping. The G-7 granted exemptions for handling Russian oil and fuel traded at or below fixed levels—$60 a barrel for crude and $100 for premium refined fuels like gasoline and diesel. However, soaring prices have pushed much of the nation’s petroleum above those thresholds, meaning that companies currently engaging in the service would raise questions about sanctions violations.
Attempts to reach the owners of the Turba and the Simba were unsuccessful. Three international shipping databases offer no means of contacting the owners or operators, and four brokers contacted by Bloomberg also didn’t have details.
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