Türkiye and ship-to-ship (STS) loadings proceed to be the first vacation spot for Russian diesel exports in Might. Nevertheless, complete shipments within the mentioned month are set to fall due to seasonal refinery upkeep and rising home demand, merchants mentioned and Refinitiv Eikon information confirmed.
Russia’s offline major oil refining capability is predicted to rise by 1.9 million tons this month from April to 4.4 million tons.
Because the full EU embargo on Russian oil merchandise went into impact on Feb. 5, merchants have diverted diesel export provides from Russian ports to international locations in Africa, Asia and the Center East as an alternative of Europe, which was beforehand the principle purchaser.
In Might up to now, Russia has despatched about 0.5 million tons of diesel to Türkiye versus 1.2 million tons within the earlier month, Refinitiv information reveals.
About 300,000 tons of which might be nonetheless in transit with the port of discharge not but confirmed.
A number of the diesel cargoes heading to Türkiye from Russian ports might be discharged as STS and their final vacation spot will not be confirmed, market sources mentioned.
One other 400,000 tons of diesel from Russia are destined for STS loadings close to the Greek port of Kalamata and in addition close to Malta, Refinitiv information reveals.
“Mediterranean ship-to-ship loadings assist to save lots of on lengthy and expensive routes to Asia,” one dealer mentioned.
The ultimate locations for these cargoes stay largely unknown.
About 220,000 tons of diesel from Russian ports are heading to Brazil in contrast with 480,000 tons in April, based mostly on Refinitiv information.
About 250,000 tons of Russian diesel have headed to Africa because the begin of Might, Refinitiv information reveals. The exports have been primarily to Libya, Morocco, Tunisia and Nigeria amongst others.
In April, diesel loadings from Russian ports to Africa totaled about 0.9 million tons, Reuters calculations based mostly on Refinitiv information confirmed.
All of the delivery information above was by cargo departure. About 260,000 tons of diesel loaded in Russian ports this month don’t but have a confirmed vacation spot.