Thursday, March 30, 2023
HomeHeadlinesRussia to boost diesel exports in Feb despite embargo, price cap


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Russia to boost diesel exports in Feb despite embargo, price cap

Russia plans to boost diesel exports in February in attempt to cope with a European Union embargo, price cap and lack of tankers, data from traders and Refinitiv showed.

A full embargo of Russian oil products imports to EU countries goes into effect on Sunday, and the Group of Seven (G7) is also imposing price caps on Russian fuel shipments.

Despite the expected restrictive measures, total exports of low-sulphur diesel and gas oil from the Russian Black Sea and Baltic ports are expected to grow in February by 5% to 10% month-on-month to 4.2 million to 4.3 million tonnes, data from traders and Reuters calculations showed.

Russia has already ramped up its diesel supplies to Turkey and Morocco, seeking to reroute the oil products ahead of an EU embargo.

However, the actual diesel loadings from Russian refineries could be lower than planned this month, market sources said.

“Apart from embargo, refined products shipments could be hit by stormy weather in Black Sea ports of Novorossiisk and Tuapse,” one of the traders said.

Storm delays and export limitations in ports may spark supply chain disruptions: rail congestion, storage overstocking and cuts in refinery runs.

The Russian refineries also could reduce fuel production depending on price cap levels which are yet to be determined, traders said.

“With margins turn negative, oil products output could be decreased fast and significantly”, one trader added.

The lack of available tankers is another limiting factor, Reuters sources added.

Source: Reuters

Related Posts


Finance & Economy
Shipping News

TORM announces secondary public offering of Class A common shares

TORM announced the commencement of a secondary public offering of 5,000,000 of the Company’s Class A common shares by OCM Njord Holdings S.à r.l.,...

Lomar Appoints Marius Bujor As Technical Director

Lomar Shipping, the shipping subsidiary of the Libra Group, has announced the appointment of Marius Bujor as its new Technical Director. Based in the...

EXMAR Reports Improved 2022 Results

During its meeting of 28 March 2023, the Board of Directors of EXMAR reviewed the results for the year ending 31 December 2022. HIGHLIGHTS 2022 ·...

Carnival Corp Posts Smaller-Than-Expected Quarterly Loss

Cruise operator Carnival Corp on Monday reported a smaller-than-expected quarterly loss and beat estimates for revenue, helped by resilient demand for leisure travel, higher...

Eva Birgitte Bisgaard steps down as chief commercial officer at Maersk Tankers

Eva Birgitte Bisgaard is stepping down from her role as chief commercial officer at Maersk Tankers. Christian M. Ingerslev, chief executive officer of Maersk Tankers,...

Wartsila sees role for ethanol in fragmented bunker fuel landscape

Wartsila is seeing a potential role for ethanol in the shipping industry’s multi-fuel future,...

Baltic index ticks up on firm demand for larger vessels

The Baltic Exchange’s main sea freight index edged up on Wednesday on higher rates...

Baltic index drops to a near 3-week low on lower vessel demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index falls on lower vessel demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Global Goods Trade Softening from 2022’s Record Level

International commerce soared to a record of $32 trillion in 2022, but goods trade...

APM Terminals to double capacity in Rotterdam port

APM Terminals, a subsidiary of Danish shipping company Maersk MAERSKb.CO, plans to double its capacity at Rotterdam Port, a spokesperson for the company said...

APM Terminals announces strategic partnership in Vietnam

APM Terminals engages in a strategic partnership with Vietnamese HATECO group for a project to develop two new deep-water berths at Lach Huyen port...

Russia-Bound Containers Stuck At Antwerp Port For Over A Year

Five Russia-bound containers from India’s Jindal Stainless Ltd (JSL) JIST.NS have been stuck at the Belgian port of Antwerp for around a year, unable...

Drewry: Port Throughput Index Down 4.5% Year-on-Year

The Drewry Container Port Throughput Indices are a series of calendar adjusted volume growth/decline indices based on monthly throughput data for a sample of...

Port of Los Angeles moves 487,846 container units in February

The Port of Los Angeles processed 487,846 Twenty-Foot Equivalent Units (TEUs) in February, a 43% decrease from the previous February’s all-time record. “February declines were...