The average age of ships being acquired to move sanctioned Russian oil to buyers around the globe is declining, according to VesselsValue data cited by Bloomberg. Following Russia’s invasion of Ukraine last year, hundreds of older vessels were purchased by shadowy entities to sidestep sanctions placed on Russian energy exports. The recent purchases of newer vessels display a shift away from a months-long trend that had favored older and more precarious vessels, Bloomberg said.

Driving the trend: A crackdown on older vessels in Asia is likely driving the trend, according to two industry executives cited by Bloomberg. Recent months have seen an uptick in the numbers of ships detained for safety reasons at Asian ports and China has started to impose long wait times for older tankers. Aside from more stringent requirements on seaworthiness, shipowners are also beginning to see the trade in restricted oil as “here to stay,” and are accordingly willing to invest in newer tankers, global head of shipping research at Oil Brokerage Anoop Singh told Bloomberg.

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