London, 14 August, 2023
Global energy and commodity price reporting agency Argus has launched clean tanker freight assessments for exports of Russian petroleum products from the Black and the Baltic Seas on key international routes.
The EU’s ban on seaborne imports of Russian petroleum products and the accompanying G7-led $100/bl price cap for gasoline and gasoil and $45/bl for naphtha and fuel oil has resulted in significant changes in trade flows. Since the ban came into effect on 5 February, Russian refined products have moved much further afield, to a different group of buyers, many of whom are at a considerable distance from the previously core European market.
Argus’ new assessments bring transparency to these often opaque trade flows with the publication of freight rates on the following routes:
- Russian Black Sea to west Africa
- Russian Black Sea to Mediterranean
- Russian Black Sea to Mideast Gulf
- Russian Baltic to west Africa
- Russian Baltic to Mediterranean
- Russian Baltic to Brazil
- Russian Baltic to Mideast Gulf
- Russian Baltic to Singapore
- Russian Baltic to west coast India
The weekly assessments are underpinned by Argus’ market survey methodology, which relies on deals, bids, offers and other information collected from the market. They reflect shipping rates for both mainstream and so-called “shadow” fleets.
Argus Media chairman and chief executive Adrian Binks said: “Our new Russian-origin clean tanker freight assessments provide the market with important information, which enables companies to track and analyse the pricing and competitiveness of Russian refined oil products in the international market.”
The launch of Russian oil product freight prices follows Argus’ launch of freight assessments for Russian crude oil exported from the Black, Baltic and Barents Sea regions in April. These rates show the costs of delivering Russian crude to India and China and highlight the “sanctions premium” for this trade.