Russian Tankers Continue Red Sea Voyages

Russian oil tankers sailing through the Red Sea have only fallen slightly amid ongoing Houthi rebel attacks, while traffic last week was still around 20% higher than the 2023 average, Vortexa data showed, cited by Reuters.

• In contrast, refined products shipments from the Middle East to Europe nearly came to halt in the days following the first round of US led retaliatory strikes on Yemen on 11 January, Vortexa data showed.
• "Most Russian crude and fuel is transported by the shadow fleet, so its unlikely going to be in the crosshairs of Houthi attacks," said veteran oil trader Adi Imsirovic.
• Vortexa analyst Mary Melton said last week’s attack on the tanker carrying Russian fuel is unlikely to impact wider Russian trade flows as the vessel was targeted due to its link to British and American companies.
• A Houthi attack late last week on a tanker carrying fuel which originally loaded in Russia was unlikely to impact wider Russian trade flows as that specific vessel was targeted because it had ties to British and American companies, Vortexa's Melton said.
• Four tankers carrying Russian Urals crude passed through the Bab-el-Mandab strait with another three heading south through the Red Sea since the attack on the Trafigura vessel on 26 January, Kpler data showed.
• Some Russian tankers, however, decide to divert around the Cape of Good Hope, LSEG data showed. 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.