EU restrictions
The weekly shipment figures can swing depending on the timing of when tankers depart, which is also heavily influenced by the weather at ports — as has been the case for the past several weeks. Moscow’s revenue from export duty rose in line with higher flows. At current rates of crude oil export duty, the week’s shipments will have earned the Kremlin about $171 million; that’s $7 million more than the previous week and the highest weekly figure in three weeks.
The volume of crude on ships loading from the Baltic terminals at Primorsk and Ust-Luga fell further in the week to May 27, dropping to the lowest level since mid-March. The volumes on tankers showing destinations in Asia and the Mediterranean also both fell, with shipments to Asia slipping to a four-week low. Flows to traditional buyers in northwest Europe shrank to equal their lowest level so far this year.
Two ships loaded from Gazprom Neft’s Umba floating storage facility at Murmansk, both heading for Rotterdam. Another vessel took a cargo from the Kola storage tanker used by Lukoil and is heading to the company’s ISAB refinery on the Italian island of Sicily. China is emerging as virtually the only buyer of Russia’s Pacific crude grades, taking all but two of the cargoes loaded in the last four weeks. The two vessels that loaded in the week to May 27 currently showing no clear destination are heading to Yeosu in South Korea, where they are expected to complete ship-to-ship transfers to the Chinese supertanker Yuan Yue Hu, anchored off the port. Small tankers owned by China’s Cosco Shipping Holdings Co.
There were two observed ship-to-ship transfers of crude from Russia’s western export terminals in the week to May 27. A cargo of about 100,000 tons of Urals crude was transferred from the Aframax tanker Stemnitsa to the VLCC Nave Universe off Fujairah. Both vessels were chartered by Vitol, according to ship-tracking data.
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