According to The Wall Street Journal, Turkish companies such as Beks Ship Management have recently become key players in the global transportation of Russian oil.


Beks Ship Management stands out in particular, having acquired 37 vessels, including old oil tankers, for a total of more than half a billion dollars, increasing the value of its fleet tenfold. The role of these Turkish companies is becoming important in Russia's attempts to extend oil supplies around the world and to secure funding for its invasion.


Beks Ship Management, founded by Turkish textile tycoon Ali Bezmekci, was a small company in its early days, but in two and a half years it has rapidly expanded its fleet, buying 17 ships since 2022. According to the consulting company Veson Nautical, Beks Ship Management currently owns 41 vessels with a total value of $782.61 million. To finance these acquisitions, the company used banks in France, China, Japan, Taiwan, and Australia, avoiding raising funds from Russia.


Despite Beks Ship Management's claims that it has carried out the necessary sanctions checks by English lawyers, its vessels are not registered in the P&I database. Instead, the company uses insurance from Lloyd's and European markets. However, experts emphasize that this type of insurance is usually suitable for less risky vessels, and the question remains whether it will be enough for old oil tankers.


Despite warnings from the U.S. Treasury Department and major shipping companies about exceeding price limits, Beks Ship Management and other Turkish shippers continue to transport oil from Russia's Pacific coast. This gave Russia the opportunity to expand its presence in the world's major oil markets, including China and India, and changed the dynamics of global energy supply.