Iwona Trusewicz
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Sowkomfłot faces a sharp decline in its financial stability. According to mid-2025 reports, the company recorded a net loss of $435 million, contrasting with a $324 million profit during the same period the previous year, as stated by *The Moscow Times*, citing financial disclosures from the Moscow-listed entity.
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Prior to Putin’s invasion, Sowkomfłot operated the world’s largest fleet of Aframax tankers (popular vessels with capacities of 80-120 DWT). Over six months this year, the shipping firm saw a 50% reduction in vessel-related earnings (down to $306 million) and a 39% drop in revenue (falling to $618 million). EBITDA (earnings before interest, taxes, and depreciation) decreased by 55% to $263 million, while net losses approached half a billion dollars. Analyst Andrei Chernov from Freedom Finance Global highlights that Sowkomfłot’s poor performance stems from intensified sanctions by the U.S. and EU. New restrictions and the blacklisting of its tankers have caused operational halts, reduced freight rates, and logistical challenges. Numerous global ports and oil terminals now refuse entry or services to Russian vessels.
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Number of Tankers on Blacklists
As of June 1, 426 tankers in the Kremlin’s shadow fleet were under sanctions by the U.S., EU, and UK. Their combined deadweight capacity totaled 31.4 million tons, representing 55% of Russia’s entire shadow fleet tonnage, per experts at the Institute of Energy and Finance (IEF).
Lowering the price cap to $47 per barrel, proposed by the European Commission, could severely impact Russian oil firms and state finances, IEF analysts warn: “Foreign shipowners may again reject Russian crude, and replacing them with sufficient shadow fleet vessels might prove unfeasible” — emphasized by the Russian institute’s specialists.
