Greek Tankers Remain Consistent in Russian CPP Movements

Greek tankers have lifted lower Russian crude volumes since May due to lower volumes leaving Russia as well as price cap constraints according to Vortexa.

• Meanwhile, Russian clean petroleum products lifted by Greek tankers have remained consistent at about 30% every month since May (see chart).
• If prices continue to increase, Greek-operated tonnage which has previously satisfied demand to transport Russian products will find it significantly more difficult to do so while being price cap compliant.
• Russian products prices have been on the rise, particularly for diesel and naphtha, which have been trading above the respective price caps of $100/bl and $45/bl according to Argus Media assessments.
• Significant Greek tonnage in the crude market is being sold to unknown or newly created entities keeping tonnage available for Russian trade, this trend has not emerged in the clean market according to Vortexa.
• Russian clean product sales are more complicated logistically because of a more diverse set of buyers compared to crude which is primarily heading for China and India.

source: Vortexa