A voyage by a Trafigura-controlled tanker into South America could signal a potential new market for Russian oil as the US struggles to export enough fuel to its usual markets.
The Trafigura-chartered 50,000-dwt Marlin Aventurine (built 2016) was reportedly booked to carry 262,000 barrels of diesel from Russia for Petroecuador in Ecuador in the run-up to the European Union ban on 5 December, sources told Bloomberg.
Norwegian shipbroker Lorentzen & Co’s chief shipping analyst Nicolai Hansteen said that normally the US would also be able to service Europe and South America with product exports, but because of “dire” gasoil inventories falling to 24% below five-year average levels for this time of the year, those shipments have just about come to a complete stop.
“Albeit a single trade, which may not account for much as per now, that long-haul shipment of diesel from Russia to Latin America defies the traditional trade routes of the US servicing its neighbouring countries south of the border with gasoil,” he added.
The chief importers from the US include Mexico, Brazil, Chile and Argentina.
“But because of the US shortages in gasoil, and its own ban on Russian supplies, the MR fixture may herald an age of Russia finding new trade partners now that Europe also is about to shun imports,” Hansteen said.
The Marlin Aventurine reportedly loaded in the Russian port of Taman and arrived in Ecuador last week.
AIS data shows the ship heading from South America to South Korea currently.
A Trafigura spokesperson told TradeWinds: “We do not comment on individual shipments. Trafigura continues to comply in full with EU sanctions.”
Petroecuador said the country has a deficit in the supply of oil products and “our number one priority is to make up for that deficit”.
But the company warned it could not supply letters of credit, even from the Central Bank, for Russian oil and added: “The trader must assume that risk.”
Ecuador does not restrict the purchase of hydrocarbons of Russian origin.
Rates from US at low level
The Baltic Exchange’s MR Pacific rate basket was higher on 26 August at $46,092 per day, while the MR Atlantic basket fell to $18,979 per day.
But ships heading to Europe from the US are now earning just $2,097.
The Marlin Aventurine is owned by China Development Bank Financial Leasing.
The MR is listed by VesselsValue as being chartered for four years and 10 months to Trafigura in February this year.
In June, Trafigura revealed further pullbacks in Russian trades as it logged record first-half earnings.
In its interim results statement, the group said it had ceased all dealings in crude oil with sanctioned Russian organisations in advance of European Union and Swiss sanctions that took effect on 15 May.
The group has also been “substantially” reducing the volume of oil products acquired from sanctioned Russian companies.
It now solely supplies essential fuels required by European customers, it added at the time.
But the trader is also thought to be regularly engaging with Western governments that support the need to maintain a supply of petroleum products, including to South America.
