With discuss relating to a possible ban on Russian vitality imports reignited within the EU, after the latest developments, it’s value looking on Russia’s crude oil export locations. In a latest report, shipbroker Banchero Costa famous that “2021 was total one other detrimental yr for international crude oil commerce. Whole loadings within the 12 months of 2021 had been down -2.3% y-o-y to 1,989 million tonnes, in keeping with vessels monitoring knowledge from Refinitiv. This adopted a -6.1% y-o-y decline in international shipments in 2020, a -1.2% y-o-y decline in 2019 and a -0.6% y-o-y decline in 2018. There was one thing of a rebound in Jan-Feb 2022, but it surely simply displays the depth of the contraction seen right now final yr, on the peak of the Covid lockdowns”.
In keeping with the shipbroker, “in Jan-Feb 2022, international crude loading reached 345.4 mln tonnes, +10.5% yo-y from 312.6 mln tonnes in Jan-Feb 2021, however nonetheless nicely under the 356.7 mln tonnes loaded in Jan-Feb 2020. Russia is the second largest seaborne exporter of crude oil on the planet after Saudi Arabia, accounting for 10.7% of worldwide shipments in 2021. Within the 12 months of 2019, Russian seaborne crude oil exports reached a peak of 225.1 mln tonnes (excluding home cabotage). In 2020, nonetheless, restricted international demand because of the pandemic affected shipments. Within the 12 months of 2020, Russia managed to ship simply 195.9 mln tonnes of crude oil (excluding home cabotage), down -15.1% year-on-year. This was a worse efficiency than most of its rivals. Saudi Arabia’s exports declined by simply -3.2% y-o-y in 2020, these from the remainder of the Arabian Gulf by -9.2%. The principle motive for this discrepancy is the totally different mixture of shoppers”.
Banchero Costa added that “Russia may be very dependant on the West European market, which was significantly hit by the pandemic. Again in 2019, the European Union was the vacation spot for 61% of Russia’s seaborne crude exports, with only one third going to Asia. For Saudi Arabia, then again, 80% of exports go to Asia, whist simply 6% or 7% go to the EU, both instantly or not directly. Issues circled in 2021. Within the 12 months of 2021, seaborne crude oil exports from Russia elevated by +3.8% y-o-y from 2020, at 198.2 mln tonnes (excluding home cabotage). This nonetheless was nonetheless nicely under the volumes seen earlier than 2020. About 78% of crude oil shipped from Russian ports in 2021 was loaded in Aframaxes, and 21% in Suezmaxes. The explanation for that is that the majority shipments are fairly brief haul. In 2021, about 77.6 mln tonnes (about 39%) had been shipped from Russia’s Black Sea ports”.
“Primarily all of it was from the port of Novorossiysk. Locations from Novorossiysk had been primarily the European Union (48.2 mln tonnes), Turkey (8.8 mln tonnes), Israel (2.2 mln tonnes), but additionally China (4.7 mln tonnes), South Korea (4.2 mln tonnes), India (4.0 mln tonnes). In 2021, about 59.7 mln tonnes (about 30%) had been shipped from Russia’s Baltic Sea ports. Of those, 35.7 mln tonnes from Primorsk, 23.5 mln tonnes from UstLuga. Locations from Russia’s Baltic Sea had been primarily the European Union (56.0 mln tonnes), but additionally Turkey (1.3 mln tonnes). In 2021, about 13.9 mln tonnes (about 7%) had been shipped from Russia’s Arctic coast ports. Of those, 5.8 mln tonnes from Murmansk Port, and seven.7 mln tonnes from the Umba FSO. Locations from Russia’s Arctic coast had been primarily the European Union (9.9 mln tonnes), but additionally the UK (2.5 mln tonnes) and the USA (1.3 mln tonnes). In 2021, about 46.9 mln tonnes (about 24%) had been shipped from Russia’s Far East ports. Of those, 32.4 mln tonnes from Kozmino, 10.5 mln tonnes from De Kastri, 3.9 mln tonnes from Prigorodnoye. Locations from Russia’s Far East had been primarily China (26.3 mln tonnes), South Korea (13.3 mln tonnes), Japan (3.9 mln tonnes)”, Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Delivery Information Worldwide