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The tankers of Seychelles operating abroad are doing well. The conflict between Russia and Ukraine does not seem to have any impact on their work, according to the Seychelles Petroleum Company (SEYPEC). Tankers are actually doing well because since they are more frequently operating between many Russian ports
The tankers of Seychelles operating abroad are doing well. The conflict between Russia and Ukraine does not seem to have any impact on their work, according to the Seychelles Petroleum Company (SEYPEC). Tankers are actually doing well because they are more frequently operating between many Russian ports.
Seychelles has five tankers now – Seychelles Pioneer, Seychelles Progress, Seychelles Prelude, Seychelles Patriot, and Seychelles Paradise. Apart from Seychelles Paradise, which is also known as a green tanker, operating between the various islands of the archipelago, the rest are operating in international waters.
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The four tankers are currently going between Primorsk, the largest Russian oil-loading port in the Baltic Sea, and Espluga in Spain. A high premium is charged in operating in those waters because of the risk factor. The revenue collected by these ships is higher.
SEYPEC has paid off all the loans taken to acquire the tankers. With the conflict between Russia and Ukraine war in Russia, everything has gone up including the charter rates. More than 50 percent of the crew are Seychellois in these tankers. However, the tanker operators are concerned about the likely sanctions, which will be imposed on the tankers as the western countries are doing now for conducting business with Russia.
SEYPEC said that the shipping management company, German Tanker Shipping, which is overseeing the work being carried out, is ensuring the tankers are safe. They are not going to the Black Sea, where the conflict between Russia and Ukraine is taking place. They are operating in the Baltic Sea. The tankers made a profit of SCR 3.7 million ($257,311) in 2020. It is expected to make a higher profit in 2022 taking advantage of the higher rate for cargo that it is hauling.
