Russia Diverts Diesel Exports Post EU Embargo

Russia has diverted its diesel export supplies to Africa and Asia, as well for ship-to-ship loadings in February, following the EU’s embargo on 5 Feb, according to traders and Refinitiv data.

• The main bulk of low-sulphur diesel and gasoil cargoes from the Russian Black Sea ports Tuapse and Novorossiisk are heading towards Turkey, Oman, Togo and Tunisia, refinitiv shipping data show.
• Russian Black Sea ports enjoyed Turkey’s market proximity for diesel supplies even before, while exporters from Baltic port Primorsk and Vysotsk had to replace European destinations with much longer trips, boosting the freight cost.
• Since the start of February Russia diverts low-sulphur diesel volumes from its Baltic ports to Morocco, Algeria, Ghana, Tunisia, Saudi Arabia and Brazil.
• Some cargoes were destined with “Gibraltar on order”, “Ceuta on order” or even just “on order”, according to Refinitiv shipping data. Traders consider such nominations either having no buyer or booked for discharging to another ship.