Russian Oil Product Cargoes Divert Red Sea: LSEG

Although vessel tracking firms have highlighted Russian oil product cargoes are still transiting the Red Sea despite the risks, Russia cargoes are also diverting around the Cape of Good Hope according to LSEG data.

• The situation has likely been exacerbated after the Martin Luanda, carrying Russian naphtha was hit last week. The Houthi’s however had referred to it as a “British” target meaning they were unlikely targeting its Russian cargo.
• LSEG data showed Russian fuel oil on Nissos Christiana and Alkinoos heading the long way around Africa. The Minerva Joe, loaded with Russian fuel oil also appears to have diverted it said.
• A Malaysia-bound tanker from the Russian Black Sea port of Taman with vacuum gasoil is heading towards Gibraltar.
• Sea Senor, loaded with naphtha at the Baltic port of Ust-Luga has already passed the Cape of Good Hope on its way to Singapore.
• The fears to transit the route may be more linked with the vessel carrying the cargo rather than the cargo itself. Western vessels can still move Russian cargoes as long as they abide by the G7 price cap.