Oil loadings from Russia’s Black Sea ports remained stable over the weekend despite rising tensions in the area, three trading sources familiar with the ports’ operations told Reuters on Monday.
Black Sea Novorossiisk port and the nearby CPC terminal in Yuzhnaya Ozereyevka are two main oil export outlets located in the south of Russian loading some 2 million barrels per day.
Russia and Ukraine said late last week that all ships crossing the areas in the Black Sea may be considered targets after the grain deal expiry.
The Crimean Bridge was damaged after an attack last week.
The bridge linking Russia to the Crimean Peninsula, which Moscow annexed from Ukraine in 2014 is approximately 100 kilometres from Novorosiisk and Yuzhnaya Ozereevka and just 15 kilometres from the terminal in Taman – the oil products export outlet.
Meanwhile, loadings from Black Sea ports continued over the weekend in line with the schedule, according to the sources.
“Ports are operating normally,” one of the traders said.
An 80,000-tonne cargo of Urals oil loaded and sailed from Novorossiisk on tanker Flavin on July 22. Another vessel Pagos loaded 140,000 of Urals oil on July 23 and sailed on Monday.
On the CPC terminal, two vessels Sea Voyager and Valfoglia loaded 100,000 and 93,000 tonnes of CPC blend respectively on July 22-23.
Freight rates were broadly stable, sources said, claiming that market participants didn’t believe Russia or Ukraine may actually sabotage loadings from their ports as southern outlets are critical for trade between both countries.
One of the sources said there was a possibility shipping companies may ask for a higher premium due to the rising risks of operating in the Black Sea, but it has yet to be discussed.
Source: Hellenic Shipping News
