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OIL: Oil Flows Through Kozmino Port Remain Robust

OIL
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Oil flows from Russia’s Kozmino port remain robust as traders work around recent batch of US sanctions.

  • Between Jan. 30 and Feb. 16, none of the sixteen tankers that loaded ESPO crude from the eastern Kozmino port were on the US sanctions list, Bloomberg reports.
  • Half of the vessels were new to handling the local ESPO grade.
  • Many of the vessels are sailing under flags of convenience, including Panama, the Cook Islands, Sierra Leone and Djibouti.
  • All but one of the ESPO cargoes were bound for China, with popular destinations including Dongying, Huizhou and Dongjiakou, Bloomberg reports.
  • Most of the vessels are owned by companies registered in Shanghai, Hong Kong and Seychelles, according to Bloomberg, citing data from Equasis.
  • Freight rates for the Kozmino-to-Asia route spiked after the Jan. 10 sanctions. At present the fee is about $5m for the three- to five-day voyage to China, up from $1.5m before Jan.10 but down from its peak of around $7m, according to shipbrokers and a Chinese private refiner cited by Bloomberg. 
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Oil flows from Russia’s Kozmino port remain robust as traders work around recent batch of US sanctions.

  • Between Jan. 30 and Feb. 16, none of the sixteen tankers that loaded ESPO crude from the eastern Kozmino port were on the US sanctions list, Bloomberg reports.
  • Half of the vessels were new to handling the local ESPO grade.
  • Many of the vessels are sailing under flags of convenience, including Panama, the Cook Islands, Sierra Leone and Djibouti.
  • All but one of the ESPO cargoes were bound for China, with popular destinations including Dongying, Huizhou and Dongjiakou, Bloomberg reports.
  • Most of the vessels are owned by companies registered in Shanghai, Hong Kong and Seychelles, according to Bloomberg, citing data from Equasis.
  • Freight rates for the Kozmino-to-Asia route spiked after the Jan. 10 sanctions. At present the fee is about $5m for the three- to five-day voyage to China, up from $1.5m before Jan.10 but down from its peak of around $7m, according to shipbrokers and a Chinese private refiner cited by Bloomberg.