Pacific Ocean ports remain the primary origin of shadow fleet-transported crude oil, accounting for 44% of volumes at 1.3 mb/d in March 2026, according to the April edition of the Russian Shadow Fleet Tracker by KSE Institute.  

Baltic Sea ports ranked second with a 33% share at 1.0 mb/d. For oil products, Baltic Sea ports accounted for 50% of shadow fleet shipments (298 kb/d), while Black Sea ports contributed 31% (185 kb/d). Monthly shadow-fleet oil product volumes stabilized at around 600 kb/d during February-March 2026.

In March, 129 unique tankers were used to export crude oil, of which 80% belonged to the shadow fleet; 219 unique tankers carried oil products, with 42% being shadow fleet vessels. For Baltic Sea ports, the corresponding figures were 55 tankers (71% shadow fleet) for crude oil and 108 (31%) for oil products. Vessels older than 15 years accounted for 93% of shadow crude oil tankers and 91% of oil product tankers.

China and India were the key destinations for shadow fleet-transported crude oil, with shares of 45% and 29%, respectively. For oil products, China and Singapore accounted for 17% and 14%. The final destination remained unknown for 22% of crude oil volumes and 31% of oil product volumes. For Baltic Sea exports, India was the top destination for crude oil (55%) and Singapore for oil products (21%).

Entities from China, Russia, and the UAE dominate the shadow fleet ecosystem, accounting for 60% of ship/commercial management, 60% of registered ownership, and 64% of ISM management. For voyages from Baltic Sea ports, the Seychelles, China, and the UAE play a key role in ship/commercial management and ownership, while Azerbaijan, Russia, and China lead in ISM management.

The top three flag states for shadow tankers were Cameroon, Russia, and Sierra Leone, together accounting for 73% of volumes. The share of the Russian flag continued to rise – from 3% in May 2025 to 24% in March 2026. At the same time, the Panama flag has been losing ground rapidly, falling from 36% in April 2025 to 8% in March 2026. For Baltic Sea ports, the Russian flag share rose from 1% in July 2025 to 18% in March 2026.

In January–March 2026, the key crude oil buyers were Shandong Yulong (China), IOC and Nayara Energy (India), with a combined share of 26%; for oil products, Novus Energy (UAE) and Sudapet (Sudan) accounted for 8%. From Baltic Sea ports, key crude buyers were Nayara Energy, IOC, and RIL (all India), with a combined share of 34%.