Putin’s Largest “Shadow Fleet” Operator Became Unprofitable After Sanctions Against Tankers

“Sovcomflot”, Russia’s largest shipping company and the main operator of the national tanker fleet, ended 2025 with a loss. According to the financial statements published on Friday, “Sovcomflot” lost $648 million over the year, which exceeded all the net profit of the previous year ($424 million). The revenue of the company, which is state-owned and…