Greek shippers come to Hurd’s Bank bearing Russian oil

Greek shippers remain major traders and transporters of Russian oil with many of them using Malta as a base for their paper operations and registrations. Greek shippers may also be using Hurd’s Bank as a selling point for Russian oil.

The Greek owned King Philippos (IMO: 9601194) is currently anchored at Hurd’s Bank after having loaded oil from the Russian port of Ust-Luga. King Philippos is owned by the Greek shipping company Breakers Holdings.

Illegal and unusual activity in relation to Russian oil trading in Hurd’s Bank has increased in the past few months after the oil-supply shock emanating from the Persian Gulf has increased oil supply pressures across the world sending oil prices higher. Russian oil is sold at a steep discount enabling oil traders to arbitrage the difference. Many oil traders also hide the provenance of Russian oil with false papers.

The return of illegal activity in Hurd’s Bank goes contrary to the Maltese government’s positions to keep the Russian shadow fleet and and other high-risk vessels away from our shores.

Mark Camilleri

Website Editor
Historian and Publisher