Seaborne Crude Oil Loadings Proper Tanker Market to New Highs | Hellenic Shipping News Worldwide

According to Banchero Costa, “Russia is the second largest seaborne exporter of crude oil in the world after Saudi Arabia, accounting for 11.1% of global shipments so far this year. In the first 8 months of 2022, Russia managed to ship 148.4 mln tonnes of crude oil (excluding domestic cabotage), up +16.1% year-on-year.

The shipbroker added that “about 68% of crude oil shipped from Russian ports so far in 2022 was loaded in Aframaxes, 31% in Suezmaxes, and none on VLCCs. The reason for this is that most shipments are pretty short haul. However, the balance is shifting towards larger tonnage. In 2021, only 21% of shipments were loaded on Suezmaxes and 78% on Aframaxes. Most of the increase in exports this year has been from the Baltic Sea and Black Sea, whilst exports from Russia’s Far East ports actually shrunk. In Jan-Aug 2022, about 58.7 mln tonnes (about 40%) were shipped from Russia’s Black Sea ports, up from 50.3 mln t in the same period of 2021. Essentially all of it was from the port of Novorossiysk.

Destinations from Russia’s Baltic Sea were primarily the EU (29.5 mln t JanAug 2022), but also Turkey (4.9 mln t), China (3.5 mln t) and India (9.7 mln t). In Jan-Aug 2022, about 10.7 mln tonnes (about 7%) were shipped from Russia’s Arctic coast ports, up from 9.3 mln t in the same period of 2021. Of these, 3.9 mln tonnes from Murmansk Port, and 6.2 mln tonnes from the Umba FSO. Destinations from Russia’s Arctic coast were primarily the European Union (8.4 mln t), but also the UK (0.4 mln t) and India (1.2 mln t).

Seaborne Crude Oil Loadings Proper Tanker Market to New Highs | Hellenic Shipping News Worldwide