One month on
The price cap on refined products has been in effect for just over a month at this point, and the changes in trade patterns are obvious. Although many longer-haul voyages are still in progress, this merely serves to highlight a clear pattern in which Russia is being compelled to reroute cargoes to far-off destinations in order to sustain export quantities.
Europe had been Russia’s biggest export destination for refined goods up until February, but this has changed significantly in the past month. Predictably, exports to Europe have virtually ceased, with Russia’s top customers now being non-EU/exempt countries in the Mediterranean and Africa and the East of Suez (i.e. Turkey). Remarkably, less cargo than anticipated is headed for Latin America, and a sizable chunk is still missing, indicating that these volumes are on their way to longer-distance markets.
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Source: Xinde Marine