Using VesselsValue data, Rebecca Galanopoulos Jones, Senior Content Analyst, analyses Russian crude exports and alternative trade flows, two months on from the initial sanctions on Russian crude. This article looks at the impacts that these restrictions have had on the Tanker markets.
“In the run up to the December 5th sanctions, we saw Tanker markets skyrocket for all sectors, with Aframax TCEs hitting record highs of 125,700 USD/Day. February signalled new restrictions to clean exports from Russia, but to date, the clean market has not reacted in the same way as crude. Instead, MR rates plummeted to an 11 month low, falling to 10,319 USD/Day, compared to the peak of almost 75,000 USD/Day on 5th December 2022…” Read more.
“In comparison to January 2021, in December, Russian chemical exports were down by c.28% from 4.75 million MT to 3.41 million MT. Clean exports were down by c.36% from 3.58 million MT to 2.30 million MT, while dirty Tanker shipments were down by c.34% from 8.59 million MT to 5.65 million MT…” Read more.
“[Our Trade Data] indicates that trade flows have changed, moving away from the European market which was previously the most significant destination for Baltic and Arctic shipments. Instead, shipments are travelling further afield to countries such as India, China, Türkiye, and the UAE, countries that have seen significant increases in imports of Russian oil cargoes since 2021…” Read more.
