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28 June 2022 The on-line newspaper devoted to the world of transports 13:38 GMT+2

May 27, 2022

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An EU ban on the import of Russian oil and gas to third countries could have a decisive impact on Western shipowners

The ICS underlines it. As cross-traders, explained John Lyras (Paralos Maritime Corporation)-European shipowners, and Greek ones in particular, are more exposed to these exchanges.

Shipowners are ready to support the impact on their activities of the pre-announced ban on Russian oil imports into the European Union, but a major negative impact could be caused by the extension of such a prohibition. to the import of Russian oil and gas to third countries. The International Chamber of Shipping (ICS) said the effect on the shipping industry of the measures to be included in the sixth package of sanctions against Russia could be the effect on the shipping industry. on which the president of the European Commission, Ursula von der Leyen, is seeking the consent of the EU states, and that as known it will be mainly focused on the ban on the import of Russian oil into the European Union, with the gradual elimination of the import of crude oil over six months and of products refining oil within a year.

The ICS explained that in 2020, about 29% percent of the EU's crude oil imports came from Russia and that-in combination with the already announced elimination of imports of natural gas from Russia, which is the first of its kind-for the first time, the association said. account for 43% of all gas imported into the EU, the sanctions would have a dramatic impact on the European energy market and would result in significant changes in world oil and gas trade. The ICS noted that a further effect will be on the EU's need to increase the supply of oil and gas from alternative suppliers compared to Russia and, according to ICS, a similar impact will also warn of the shipowners extraEuropean to which it is not prohibited to trade with Russia as the latter seeks alternative markets for its oil and gas. "This is very likely to result in an increase in tonnes-miles for their transport and will therefore increase demand for tankers and ships," said John Lyras, an adviser to Greece's Paralos Maritime Corporation, who is also a senior member of the Greek Paralos Maritime Corporation. for liquefied natural gas. "

For some shipowners, it seems to be the subtext, the new sanctions could represent an opportunity more than a problem, including because a significant share of the oil and gas market between Russia and the EU passes through pipelines and pipelines, even if such a transport typology may not be included in the sanctions such as pretended by Hungary.

Lyras said the source of more concern for shipowners would be the possible ban on imports of Russian oil and gas in third countries, as cross-traders, as cross-traders, said. of Europe, and in particular Greek ones, are more exposed to these exchanges than direct trade between Russia and the EU. "A ban would result in the transportation of these cargoes by non-European and non-Western vessels that would replace European or European-owned ships," the company said in a statement. In addition, Lyras pointed out that such a change, in view of the high capacity percentage of tankers and methanieres that would be excluded from the trades, could have a major impact on transport costs and, consequently, on the prices of products.

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