Tanker fleet of Greece: strategy development in the conditions of sanctions against Russia – through a practice lens

Abstract

The focus of this article is on the reorientation of the economic policy of Greece in the field of its tanker fleet development, influenced by geopolitical shifts resulting from the Russian-Ukrainian war. These shifts have led to changes in global demand for tanker fleet services due to sanctions imposed on Russia’s oil exports. The primary objective of this research was to compare the Greek tanker and LNG fleets with fleets of comparable size in the United States and Singapore. The study relied on secondary data collected from articles in journals, books and official websites, and the Clarksons Research database. The findings reveal that significant portions of deadweight tonnage of the Greek oil tankers were absorbed by Asia, Africa, and the Mediterranean and Black Sea zones during the period from 2001 to 2023. Furthermore, the deadweight tonnage of Greek LNG fleet has found significant usage in Asia, America and Africa zones between 2013 and 2023.The data also demonstrate a notable increase in the volumes of Russian crude oil transported by Greek tankers over the past year, despite EU sanctions on Russia’s oil exports. Greek tankers have increasingly employed «ship-to-ship» transfers as a means to circumvent these EU sanctions. We argue that further EU sanctions may limit these transfers, but their ultimate effects remain uncertain, as Greek tankers may continue to transport Russian oil to alternative markets, thus ensuring their profits.