The shadow fleet of tankers hauling Russian oil is likely to stagnate at around 400 ships while European owners continue carrying price-capped barrels, according to data analyst Kpler.

Senior crude analyst Homayoun Falakshahi said there is no obvious need for the fleet to grow — even as Russian oil production and exports hit some of their highest levels since the start of the war in Ukraine.

“For now, there’s no need to expand that fleet,” he told a webinar.