Russia finds the ships to access new product markets
Refining runs and questions over blending—not vessel availability—are likely to determine Russian product export volumes
The EU’s ban on imports of Russian products came into force on 5 February, prompting the latest phase in the global reshuffling of hydrocarbon trade since the invasion of Ukraine. Some in the market have questioned whether there would be enough tankers willing and able to transport Russian products, but so far access to ships does not seem to be a constraint on the pariah state’s exports. The shift since the start of the product import ban has been “stark”, says shipbrokers EA Gibson, with Russia “relatively successful" in finding new markets for more than 1mn bl/d of clean products. And this Russian trade is profitable for shipowners, says Ioannis Papadimitriou, senior freight analyst at an
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised