Greek-Managed Tankers Divert Around Africa to Avoid Red Sea Attacks

Several Greek-managed tankers transporting Russian oil to Asia are increasingly avoiding the Red Sea, opting instead for the longer route around Africa, due to escalating security threats from Houthi attacks, three oil traders and LSEG shipping data show.

The rerouting follows a deadly drone and speedboat assault earlier this month on a Liberian-flagged, Greek-operated bulk carrier off Yemen, which killed four seafarers. The Iran-backed Houthi group also sank another vessel in July, ending a brief period of calm in the region.

The Red Sea, a vital artery for global oil and commodity trade, has seen traffic plummet since Houthi attacks began in November 2023. The group claims the assaults are in solidarity with Palestinians amid the Gaza conflict.

While most Western shipowners abandoned the Suez Canal route last year, Russian oil shipments had largely continued through the region, benefiting from Moscow's close ties with Iran, which backs the Houthis.

Greek shipping companies have recently become active in Russia's Urals oil market as the price of the grade dropped below the Western price cap of $60 per barrel, allowing them to provide transport and insurance services while complying with sanctions under the Group of Seven price cap terms.

LSEG data shows