Russian Fuel Oil Cargoes Avoid Red Sea Passage: Lloyds List

At least three fuel oil tankers carrying Russian fuel on Greek vessels have diverted away from Red Sea passage despite assurances that it’s vessels would not be targeted according to Lloyds List reports.

• The risk to vessels outwith Israel/US and UK targets highlights the growing escalations that have occurred in the region that hold large scale and long-term implications for global shipping.
• The Alkinoos, Minerva Zoe and Nissos Christiana are all now sailing around Africa according to Kpler data having previously signalled passage via the Suez/Red Sea.
• Houthi rebels have assured Russian and Chinese vessels safe passage but questions have emerged about the accuracy of strikes and intelligence being used when selecting vessels to attack.
• Suez transits have become increasingly more important for Russia as its western facing ports have transitioned to long term eastern trade post G7 sanctions, a move that has hugely impacted global commodity flows in recent years.
• The diversions may be because of the Greek vessel connection rather than the Russian cargo. The Houthi distinction over safe transit categories is unclear at present and many vessel owners are unwilling to take the risk as insurance premiums soar.