KSE Institute introduces a new monthly analytical product — Russian Shadow Fleet Tracker — tracking Russian oil shipments carried by the shadow fleet, tracking Russian oil shipments carried by the shadow fleet, including cargo destinations, vessel ownership, and changes in fleet composition.

Pacific Ocean ports were the primary origin of shadow fleet-transported crude oil in February 2026, accounting for 52% of volumes at 1.2 mb/d, according to the March edition of Status of the Shadow Fleet by KSE Institute. Baltic Sea ports ranked second with a 32% share at 0.7 mb/d. For oil products, Baltic Sea ports accounted for 52% of shadow fleet shipments (313 kb/d), while Black Sea ports contributed 22% (134 kb/d).

In February, 109 unique tankers were used to export crude oil, of which 72% belonged to the shadow fleet; 174 unique tankers carried oil products, with 37% being shadow fleet vessels. For Baltic Sea ports, the corresponding figures were 47 tankers (60% shadow fleet) for crude oil and 86 (27%) for oil products. The fleet remains predominantly old: vessels older than 15 years accounted for 96% of shadow crude oil tankers and 92% of oil product tankers.

China and India were the key destinations for shadow fleet-transported crude oil, with shares of 58% and 20%, respectively. For oil products, China and Brazil accounted for 27% and 9%. A significant share of shipments remains opaque — the final destination was unknown for 17% of crude oil volumes and 36% of oil product volumes. For Baltic Sea exports, India was the top destination for crude oil (39%) and Brazil for oil products (16%), with unknown destinations accounting for 24% and 37%, respectively.

Entities from China, Russia, and the UAE dominate the shadow fleet ecosystem, accounting for 62% of ship/commercial management, 61% of registered ownership, and 65% of ISM management. For voyages from Baltic Sea ports, China and the Seychelles play a key role in ship/commercial management and ownership, while China and Azerbaijan lead in ISM management.

The top three flag states for shadow tankers were Cameroon, Russia, and Sierra Leone, together accounting for 65% of volumes. The share of the Russian flag rose sharply from 3% in May 2025 to 21% in February 2026. For Baltic Sea ports, the trend was similar — from 1% in July 2025 to 14% in February 2026.

At least 33 shadow fleet tankers operated under coverage from one of five Russian insurers — Sogaz, Balance Insurance JSC, AlfaStrakhovanie, ASTK, and AMT Insurance Ltd. Of these, 26 (79%) are subject to sanctions by at least one jurisdiction, including the EU, US, UK, Canada, Australia, and New Zealand.