According to the May issue of the Russian Shadow Fleet Tracker by the KSE Institute, in April crude oil was transported by 137 unique tankers, 75% of which were shadow fleet vessels; oil products were transported by 213 tankers, 41% of them shadow fleet vessels. Among shadow tankers carrying crude oil 92% were over 15 years old, as were the same share of those carrying oil products.
Crude oil was shipped mainly through Pacific ports (45%, about 1.3 mb/d) and the Baltic Sea (35%, about 1 mb/d). For oil products, the Black Sea remained the key route (41%, 245 kb/d), followed by the Baltic Sea (31%, 187 kb/d).
China and India remained the key destinations for shadow fleet crude — 35% and 32%, respectively. For oil products, China and Türkiye led with 14% and 9%. A significant share of shipments stayed opaque: the destination was unknown for 23% of crude oil volumes and 46% of oil product volumes. Among individual buyers in February–April 2026, the largest crude purchasers were India’s IOC, China’s Shandong Yulong, and China’s Bingang Liquefied Chemicals, with a combined 27%; for oil products, the Syrian Government and India’s RIL accounted for 6%.
Entities from China, Russia, and the UAE dominate the shadow fleet ecosystem, accounting for 62% of ship/commercial management, 62% of registered ownership, and 72% of ISM management. The top three flag states for shadow tankers were Cameroon, Russia, and Panama, together accounting for 61%. The share of the Russian flag rose from 3% in May 2025 to 23% of the total volume of oil transported by shadow tankers in April 2026.
At least 30 shadow tankers operated under coverage from three Russian insurers — AlfaStrakhovanie (17 vessels), Sogaz (10), and Balance Insurance JSC (3). Of these, 23 (77%) are subject to sanctions by at least one jurisdiction and 20 sail under the Russian flag.
