The cost of buying oil tankers capable of navigating icy waters has soared ahead of the European Union’s imminent imposition of formal sanctions on Russia’s seaborne exports of crude oil at the end of the month. Some ice-class Aframax tankers were recently sold for between $31 million and $34 million, double the level of a year ago, some shipbrokers said. Bids for tankers have been intense and most buyers prefer to keep their identities secret, they added.

From December 5, the European Union will ban the import of Russian crude oil to member states by sea and restrict EU companies from providing transport infrastructure, insurance and financing for the transport, which may affect the Russian side’s acquisition of large tankers held by Greek owners team.

Aframax-sized smaller tankers are the most popular because they can call at the Russian port of Primorsk, where most of the flagship Urals Russian crude is shipped. About 15 ice-class Aframax and Long Range-2 tankers have been sold since the start of the year, with most of the vessels going to undisclosed buyers anonymously, shipbroker Braemar wrote in a report last month. Buy.

According to shipbrokers, there are nearly 130 ice-class Aframax tankers worldwide, about 18 percent of which are owned by Russian owner Sovcomflot. The remaining stakes are held by shipowners from other countries, including Greek companies, although their willingness to deal with Russian crude remains uncertain after the EU announced sanctions.

Ice-class ships are reinforced with thick hulls and can break through ice in the Arctic in winter. Analysts said that from December, most of Russia’s exports from the Baltic Sea will require such tankers for at least three months. These ice-class ships will often be used to transport crude oil from export terminals to safe ports in Europe, where it can be transferred to other vessels that can take cargo to different destinations.

Anoop Singh, head of tanker research, said: “Assuming this is a normal winter, the severe shortage of ice-class ships available this winter could result in Russian crude oil shipments from the Baltic Sea being stranded by around 500,000 to 750,000 barrels per day.”