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Time of India
23-07-2025
- Business
- Time of India
Russia oil trouble hits: Shipowners and oil traders avoiding Russia-backed Nayara Energy in India; impact after EU sanctions
Shipbrokers, vessel operators have become hesitant to engage with Nayara this week. (AI image) European Union's latest round of sanctions on Russian oil have already begun to hit a refinery in India. Oil companies and vessel operators are distancing themselves from India's Nayara Energy Ltd. , following the European Union's recent sanctions that specifically targeted the company. According to shipbrokers, vessel operators have become hesitant to engage with Nayara this week, whether for exporting refined products or importing crude oil. The Indian refinery has Rosneft PJSC as a significant shareholder, holding a 49.13% stake. Ship-tracking information from Bloomberg revealed that a vessel called the Talara reversed course and departed from Vadinar port on Sunday. According to shipbrokers, the vessel was scheduled to collect a fuel shipment, presumably diesel, from Nayara. However, the scheduled collection was cancelled in response to Friday's sanctions, leaving the cargo unloaded. Tracking data and charter arrangements indicate that another vessel, the Chang Hang Xing Yun, stopped off India's southwestern coast whilst en route to Vadinar this week. Also Read | Russia oil squeeze: Trump's 100% tariff threat - should India panic? The vessel has now redirected towards the Arabian Gulf to collect shipments destined for southern Africa, after its planned loading at Vadinar was cancelled yesterday, as reported by shipbrokers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo Impact of EU Sanctions on Russia Shipping companies from Greece and Norway dominate the international maritime fleet, and these organisations are expected to comply with EU regulations. Since the conflict in Ukraine began in 2022, Greek vessel operators have been instrumental in facilitating Russian oil transportation, particularly for shipments priced below the cap. Market analysts are observing the global oil sector to determine if vessel operators' reluctance extends to trading partners and financial institutions. In recent days, refineries in India have requested additional clarification from the European Union regarding various issues, including Nayara's sanctions and restrictions on diesel produced from Russian oil. Also Read | Trump, NATO tariff threat on Russia's crude oil: India not worried about sanctions, says Hardeep Puri; 'if something happens, we'll…' The redirection of Talara has heightened apprehensions about Nayara, following its requirement for upfront payments or letters of credit prior to fuel loadings. Industry sources indicate this requirement might reflect worries about payment complications post-loading, amongst other financial issues. This stipulation has created uncertainty among market participants regarding future participation in the refiner's tenders, as the standard industry practice involves payments occurring 15-30 days after cargo loading. Nayara has indicated it is investigating legal and alternative measures to safeguard its interests, whilst Rosneft has described the EU sanctions as "unjustified and illegal." Also Read | Russia oil sanctions: EU moves on crude, oil price cap may hit Reliance, Nayara; enforcing may be difficult, India may still benefit Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
23-07-2025
- Business
- Economic Times
Oil shippers, traders avoid EU-sanctioned Nayara Energy
Shipowners and oil traders are staying away from Russia-backed Nayara Energy Ltd. as part of the fallout faced by the Indian refiner, after it was singled out in the latest round of European Union sanctions. At least one oil tanker, the Talara, u-turned and sailed away from Vadinar port on Sunday, according to Bloomberg ship-tracking data. The vessel was meant to pick up a cargo of fuel — likely diesel — from Nayara, shipbrokers said. The booking was cancelled following Friday's sanction, they said, and the cargo was not loaded. Another tanker, the Chang Hang Xing Yun, that was on its way to Vadinar this week, halted off the southwestern coast of India, ballasting, ship-tracking data and chartering fixtures show. The ship is now heading to the Arabian Gulf to pick up cargoes bound for southern Africa, after its previous plans to load products from Vadinar were cancelled yesterday, shipbrokers said. Shipbrokers added owners have become wary of dealings with Nayara this week, be it fuel exports or crude imports. Rosneft PJSC holds a 49.13% stake in the Indian processor. Global oil market observers are waiting to see if the hesitation among shipowners will spread beyond logistics to trading counterparties and even financiers. Indian refiners have been seeking more clarity from the EU in the past days on a variety of matters including Nayara's blacklist and a ban on the diesel supplies made from Russian crude. Owners from Greece to Norway control a significant portion of the world's shipping fleet, with companies likely to adhere to EU restrictions to some extent. Since the Ukraine war in 2022, however, Greek owners have played a crucial role in the Russian oil trade, particularly when barrels were below the price cap. Talara's diversion adds to the concerns surrounding Nayara, after it sought advance payment or letters of credit even before its fuel shipments are loaded. Traders said that the move could be indicative of concerns around payment difficulties after loading, among other possible financial complications. The request left market participants wondering how they could take part in future tenders from the refiner, as payments made 15-30 days after cargo loadings remain the industry norm. Nayara has said it is exploring legal and other options to protect its interests, while Rosneft has called the EU sanctions 'unjustified and illegal.'
Time of India
23-07-2025
- Business
- Time of India
Oil shippers, traders avoid EU-sanctioned Nayara Energy
Shipowners and oil traders are staying away from Russia-backed Nayara Energy Ltd. as part of the fallout faced by the Indian refiner, after it was singled out in the latest round of European Union sanctions. At least one oil tanker , the Talara, u-turned and sailed away from Vadinar port on Sunday, according to Bloomberg ship-tracking data. The vessel was meant to pick up a cargo of fuel — likely diesel — from Nayara, shipbrokers said. The booking was cancelled following Friday's sanction, they said, and the cargo was not loaded. Another tanker, the Chang Hang Xing Yun, that was on its way to Vadinar this week, halted off the southwestern coast of India, ballasting, ship-tracking data and chartering fixtures show. The ship is now heading to the Arabian Gulf to pick up cargoes bound for southern Africa, after its previous plans to load products from Vadinar were cancelled yesterday, shipbrokers said. Shipbrokers added owners have become wary of dealings with Nayara this week, be it fuel exports or crude imports. Rosneft PJSC holds a 49.13% stake in the Indian processor. Global oil market observers are waiting to see if the hesitation among shipowners will spread beyond logistics to trading counterparties and even financiers. Indian refiners have been seeking more clarity from the EU in the past days on a variety of matters including Nayara's blacklist and a ban on the diesel supplies made from Russian crude. Owners from Greece to Norway control a significant portion of the world's shipping fleet, with companies likely to adhere to EU restrictions to some extent. Since the Ukraine war in 2022, however, Greek owners have played a crucial role in the Russian oil trade , particularly when barrels were below the price cap. Talara's diversion adds to the concerns surrounding Nayara, after it sought advance payment or letters of credit even before its fuel shipments are loaded. Traders said that the move could be indicative of concerns around payment difficulties after loading, among other possible financial complications. The request left market participants wondering how they could take part in future tenders from the refiner, as payments made 15-30 days after cargo loadings remain the industry norm. Nayara has said it is exploring legal and other options to protect its interests, while Rosneft has called the EU sanctions 'unjustified and illegal.'
Time of India
23-07-2025
- Business
- Time of India
Oil shippers, traders avoid EU-sanctioned Nayara Energy
Shipowners and oil traders are staying away from Russia-backed Nayara Energy Ltd. as part of the fallout faced by the Indian refiner, after it was singled out in the latest round of European Union sanctions. At least one oil tanker , the Talara, u-turned and sailed away from Vadinar port on Sunday, according to Bloomberg ship-tracking data. The vessel was meant to pick up a cargo of fuel — likely diesel — from Nayara, shipbrokers said. The booking was cancelled following Friday's sanction, they said, and the cargo was not loaded. Explore courses from Top Institutes in Please select course: Select a Course Category Another tanker, the Chang Hang Xing Yun, that was on its way to Vadinar this week, halted off the southwestern coast of India, ballasting, ship-tracking data and chartering fixtures show. The ship is now heading to the Arabian Gulf to pick up cargoes bound for southern Africa, after its previous plans to load products from Vadinar were cancelled yesterday, shipbrokers said. Shipbrokers added owners have become wary of dealings with Nayara this week, be it fuel exports or crude imports. Rosneft PJSC holds a 49.13% stake in the Indian processor. Global oil market observers are waiting to see if the hesitation among shipowners will spread beyond logistics to trading counterparties and even financiers. Indian refiners have been seeking more clarity from the EU in the past days on a variety of matters including Nayara's blacklist and a ban on the diesel supplies made from Russian crude. Live Events MORE STORIES FOR YOU ✕ EU hits Russia with sweeping new sanctions; including curbs on a Russian-owned oil refinery in India BP-chartered tanker leaves port of Nayara Energy without loading diesel, sources say « Back to recommendation stories I don't want to see these stories because They are not relevant to me They disrupt the reading flow Others SUBMIT Owners from Greece to Norway control a significant portion of the world's shipping fleet, with companies likely to adhere to EU restrictions to some extent. Since the Ukraine war in 2022, however, Greek owners have played a crucial role in the Russian oil trade , particularly when barrels were below the price cap. Talara's diversion adds to the concerns surrounding Nayara, after it sought advance payment or letters of credit even before its fuel shipments are loaded. Traders said that the move could be indicative of concerns around payment difficulties after loading, among other possible financial complications. The request left market participants wondering how they could take part in future tenders from the refiner, as payments made 15-30 days after cargo loadings remain the industry norm. Nayara has said it is exploring legal and other options to protect its interests, while Rosneft has called the EU sanctions 'unjustified and illegal.'
