Freight rates for Russian crude from Baltic ports to India up in Aug.

Freight rates for Russian crude shipments from Baltic ports to India have risen in August, driven by fresh European Union sanctions and increased demand for tankers after higher loading volumes during the month. The cost of shipping Urals crude from Baltic ports such as Ust-Luga to India has climbed to about $6 million per one-way trip, up from $5.3 million to $5.5 million in July and early August. Rates for similar shipments from Russia’s Black Sea port of Novorossiisk by Suezmax tankers, which can hold 140,000 metric tons, have risen to around $5.5 million from $5.2 million a month earlier. Russia has revised up its August crude oil export plan from western ports by 200,000 barrels per day from the initial schedule after Ukrainian drone attacks disrupted refinery operations and freed up more crude for exports, as per a report.

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