MNI: PBOC Net Drains CNY139 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1710 Weds; -1.55% Y/Y

MNI China Press Digest Feb 12: Consumers, Autos, FDI

MNI BRIEF: Fed's Powell - Neutral Rate Has Risen Meaningfully

MNI BRIEF: Fed Would Use QE Only When Rates At Zero - Powell

MNI BRIEF: Fed's Hammack Says Rate Hike Not In Base Case

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK Bond Supply Calendar: France Syndication "Near Future"

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Russian ESPO Blend Freight Rates Fall as Tanker Availability Rises

OIL
APACChinaCommoditiesCEEMEAEnergy BulletsRussiaBullet

Freight rates for ESPO blend crude shipped from the Russian port of Kozmino to China have fallen 50% from mid-Jan levels as a shortage of tankers following US sanctions on the fleet shipping Russian oil eased, traders told Reuters.

  • Lower rates mean Russian exporters will spend less on freight and earn more for their oil.
  • China is the largest consumer of ESPO.
  • Freight rates have been under pressure as more non-sanctioned tankers have joined the ESPO market. Helping rates come down to around $4m-$5m. Traders expect this to fall further in the coming weeks.
  • Prior to the latest sanctions, freight rates were around $1.5m.
100 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Freight rates for ESPO blend crude shipped from the Russian port of Kozmino to China have fallen 50% from mid-Jan levels as a shortage of tankers following US sanctions on the fleet shipping Russian oil eased, traders told Reuters.

  • Lower rates mean Russian exporters will spend less on freight and earn more for their oil.
  • China is the largest consumer of ESPO.
  • Freight rates have been under pressure as more non-sanctioned tankers have joined the ESPO market. Helping rates come down to around $4m-$5m. Traders expect this to fall further in the coming weeks.
  • Prior to the latest sanctions, freight rates were around $1.5m.