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OIL: Chinese Buyers Adapting to Sanctioned Cargoes

OIL
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Chinese buyers have been adapting to the latest Washington sanctions measures rolled out against Russian and Iranian oil cargoes in recent months, which is helping flows to recover Vortexa data shows. 

  • To circumvent the restrictions, Chinese independent oil terminals at key ports outside Shandong—(including Dalian, Shanghai, Zhoushan, and Huizhou) —began accepting sanctioned oil, including cargoes delivered by sanctioned tankers.
  • In late January, key terminals under Dongying Port—the main ESPO receiving hub in northern Shandong—exited the Shandong Port Group by transferring SPG’s stake to private entities.
  • Meanwhile, since late January, at least eight VLCCs with Iranian crude —either recently added to the dark fleet or idle since early 2024—have surfaced to facilitate Malaysia-to-China STS transfers. This has helped support Iran to China flows, rebounding to 1.3mn bpd Feb 1-20.
  • Russia has swiftly rebuilt a non-sanctioned fleet for its flagship Far East ESPO crude, enabling loadings at Kozmino Port to fully recover in February. At least 17 non-sanctioned Aframax/LR2 or Suezmax tankers entered the ESPO trade between January 11 and February 20
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Chinese buyers have been adapting to the latest Washington sanctions measures rolled out against Russian and Iranian oil cargoes in recent months, which is helping flows to recover Vortexa data shows. 

  • To circumvent the restrictions, Chinese independent oil terminals at key ports outside Shandong—(including Dalian, Shanghai, Zhoushan, and Huizhou) —began accepting sanctioned oil, including cargoes delivered by sanctioned tankers.
  • In late January, key terminals under Dongying Port—the main ESPO receiving hub in northern Shandong—exited the Shandong Port Group by transferring SPG’s stake to private entities.
  • Meanwhile, since late January, at least eight VLCCs with Iranian crude —either recently added to the dark fleet or idle since early 2024—have surfaced to facilitate Malaysia-to-China STS transfers. This has helped support Iran to China flows, rebounding to 1.3mn bpd Feb 1-20.
  • Russia has swiftly rebuilt a non-sanctioned fleet for its flagship Far East ESPO crude, enabling loadings at Kozmino Port to fully recover in February. At least 17 non-sanctioned Aframax/LR2 or Suezmax tankers entered the ESPO trade between January 11 and February 20