According to the October edition of the Russian Shadow Fleet Tracker by KSE Institute, Russian seaborne exports of crude oil and oil products stood at around 4.9 mb/d in September 2026 — down 2.9% m-o-m and 16.1% y-o-y. Russia used 235 tankers, including 137, or 58%, shadow fleet vessels. Shadow fleet exports decreased to around 3.1 mb/d, down 1.7% m-o-m and 3.8% y-o-y. Tankers older than 15 years accounted for 94% of the shadow fleet. At the same time, the Russian flag’s share of shadow fleet shipments reached a record 46%, up from 9% a year earlier.
Shadow tankers transported the largest oil volumes from Baltic Sea ports (39%) and Pacific Ocean ports (38%). Total exports from Baltic ports stood at around 2.6 mb/d, down 0.9% m-o-m and 10.3% y-o-y. Shadow fleet shipments from the region fell 2.8% m-o-m and 1.9% y-o-y, to around 1.2 mb/d. Russia used 54 shadow tankers on this route, 98% of which were over 15 years old.
China and India remained the main destinations for oil transported by the shadow fleet, accounting for 42% and 18%, respectively. For 37% of shadow fleet shipments, the destination was unknown. From Baltic Sea ports, India and Singapore accounted for 39% and 4% of shadow fleet shipments, while 54% had an unknown destination. From July to September 2026, Rusexport (Russia) was the largest seller of crude oil carried by the shadow fleet (18%), followed by Redwood Global Supply (UAE) at 17%. Rosneft was the leading seller of oil products transported by the shadow fleet (19%).
Chinese and Russian ship managers jointly handled 64% of shadow fleet exports — 37% and 27%, respectively. The share managed by Russian companies rose from 6% in September 2025 to 27% in September 2026, while the top 10 ship managers handled 31% of shipments. Russia and Sierra Leone were the leading flag states for shadow fleet exports, accounting for 46% and 18% of volumes, respectively. In September, 53 shadow tankers (39%) had Russian insurance: Soglasie (19), Balance Ins (15), AlfaStrakhovanie (14) and ASTK (5). Of these, 48 (91%) were sanctioned by at least one jurisdiction and 28 (53%) sailed under the Russian flag. From August 2024 to September 2026, 451 of 625 EU-designated tankers loaded at Russian ports after designation, carrying 1.274 billion barrels — 29% of Russia’s seaborne oil exports over the period.
