S&P Global reports that after a Ukrainian drone strike on November 14, Novorossiisk — a key Black Sea port — has restored its normal loading operations for crude and refined oil products.
According to market observers and ship-tracking data, the period between November 14 and 16 saw sharply reduced activity: only five cargoes and a single crude tanker departed the port during that window, roughly half the throughput compared to the prior week.
On November 17, however, loading recovered as nine oil tankers left Novorossiisk. The cargoes included Urals crude, Siberian Light, as well as naphtha, gasoil, and vacuum gasoil, according to CAS data.
Three market sources, who asked to remain anonymous, confirmed that loading operations had “mostly returned to normal.”
Officials said the drone attack caused damage to several installations at the port, including a berth and tank owned by Chernomortransneft, the NUTEP container terminal, and an oil depot at the Sheskharis transshipment complex that handles both Russian and Kazakh crude.
In addition to Russian loadings, five cargoes of Kazakh CPC Blend crude — shipped via an offshore terminal roughly 15 km from Novorossiisk — have departed since the strike. According to CAS data, these shipments continued within a day of the attack, suggesting that transshipment operations were less impacted.
Market reaction to the disruption was notable: the ICE Low Sulfur Gasoil (LSGO) distillate benchmark spiked, reflecting concerns over short-term supply tightness.
Analysts cited by S&P Global note the strategic importance of Novorossiisk for Russian diesel exports. According to a Morgan Stanley analysis, the port accounts for 27% of Russia’s diesel outbound flow, second only to the Primorsk terminal.
Even as volumes recovered, the incident has reignited market anxiety. Observers continue to watch the risk that further drone attacks on major export infrastructure could disrupt flows, especially given the repeated targeting of other ports and refineries.
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Source: Lloyd’s List
