Business Maverick: Rare ship-to-ship transfers keep oil moving from Russia to China

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Willing buyers of Russian crude are set to benefit from steep discounts relative to global benchmark prices as others avoid deals with Moscow due to its war in Ukraine. Cheap oil has made it attractive for top consumers such as China and India to keep ...

A logistically risky and costly transfer of crude between tankers at sea highlights the steps at least one Chinese buyer is willing to take to ensure the smooth flow of oil from eastern Russia to Asia.Buyers are using creative ways to maintain flows as more shipowners shun Russian oil due to the potential fallout from, according to shipbrokers.

Yang Li Hu and Yang Mei Hu – both LR-2 tankers – loaded ESPO between May 16 and May 18, before traveling toward Yeosu to transfer oil to supertanker Yuan Qiu Hu, according to ship-tracking data. The very-large crude carrier was only three-quarters full when it headed for China. A Covid-19 resurgence in China sapped some demand and crimped its long-haul crude imports, leading to an ample supply of VLCCs. The abundance of bigger ships means that the rare ESPO ship-to-ship transfer could be replicated more often as the smaller vessels make shorter trips.

 

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We should be benefiting from years of close ties with Moscow and membership of BRICS and jump on this

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