Complete Maritime Profile & Reviews of Monte-1

In a significant development, three tankers loaded with Russian oil have been anchored for an extended period on either side of the Suez Canal and within the Persian Gulf. Among them, the 'Monte 1' and the 'Sikar' (IMO: 9419137) are currently seeking a viable destination for their cargo. Meanwhile, the third vessel, the 'Dignity' (IMO: 9283241), remains detained by Sphinx Shipping in Port Said due to unresolved financial obligations. Compounding the situation, the 22 crew members aboard have initiated legal action against the vessel's owner, Argo Tankers, through the Russian Seamen's Union SUR, demanding their overdue wages. The crew, having previously filed a lawsuit in August, is also calling for essential provisions, as they face severe shortages of food, water, and fuel—the tanks nearing critical levels. Earlier in 2025, the Argo was added to the US list of sanctioned vessels, with similar sanctions instituted later by the UK and EU. Anchored since late October, the 'Sikar' is positioned on the canal's northern flank while the 'Monte 1' rests to the south, both flagged to Gambia after loading oil at the Russian port of Primorsk. Combined, the two ships hold approximately 1.5 million barrels of oil, now subject to both US and EU sanctions. Their prolonged stasis underscores the tangible effects of the intensified sanctions and reveals difficulties faced by Moscow in swiftly offloading its oil. Recently, the US has enforced stricter regulations against companies buying from major Russian oil firms Rosneft and Lukoil. Consequently, significant purchasers in India and China have opted to halt their Russian oil acquisitions temporarily, which led to an $8 drop in oil prices per barrel, diminishing the combined value of the oil on these tankers by $12 million.

Saudi Aramco, officially known as Saudi Arabian Oil Co., is actively transporting fuel oil from Rotterdam in Northwest Europe to the Red Sea to address the increased domestic demand in Saudi Arabia during the summer months. This strategic move capitalizes on recent favorable arbitrage conditions. The first shipment of the year, which is believed to have been procured from Litasco, is aboard the 100,000-deadweight-ton vessel, Montego, and is expected to arrive at the Yanbu port in the Red Sea this week. Additionally, sources indicate that Aramco is seeking a second shipment from Europe, although no agreements have been completed yet, according to several traders. "They are simply taking advantage of the price differential, finding it cheaper to bring in fuel from Rotterdam than to use their own Middle East resources," noted a senior fuel oil trader based in Europe.