Russia has increased oil exports by using new tankers and engaging in ship-to-ship transfers. However, despite these efforts, deliveries to clients remain problematic, with loaded vessels forced to remain idle.

Source: Bloomberg

Details: At least five new tankers that entered the trade after sanctions were imposed helped boost shipments from the Pacific port of Kozmino last week. Another six vessels are anchored near the terminal, awaiting loading.

New tankers are also operating from Russian ports in the Baltic, and after a storm that disrupted logistics subsided, the four-week average oil export volume saw its fastest increase since April.

In the four weeks leading up to 16 February, crude exports rose by 7% compared to the previous week, reaching 3.03 million barrels per day.

Despite this increase, shipowners still face difficulties in offloading oil, leading to more frequent ship-to-ship transfers to free up specialised shuttle tankers.

Three shipments of Russian Sokol crude, exported from Sakhalin Island, were transferred onto the supertanker Daban near the Russian port of Nakhodka. The vessel is currently anchored near China’s Yantai port, but tracking data indicates that the cargo has not yet been unloaded.

A fourth shipment was transferred onto the Aframax-class tanker Urgane I. These transfers help free up shuttle tankers that currently support the export of Russian Sokol crude, but additional vessels will be needed in the coming weeks to maintain current export volumes.

The Sakhalin-2 project has introduced two new tankers – Galaxy and Voyager – to transport its cargo, as its usual fleet is unable to unload in China. However, the first of these vessels has already been sanctioned by the US.

Background:

• Russia faces the risk of reduced oil production due to US sanctions and Ukrainian drone strikes.
• US sanctions against Russia’s oil fleet threaten serious disruptions to the country’s exports.
• In January, oil revenues for Russia’s state budget were near their yearly low due to falling oil prices and higher payouts to state-owned refineries.

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