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After many months of pain, crude tanker owners will finally see an increase in the volume of Russian export cargos in the coming weeks. Loading schedules indicate rising shipments of Urals and CPC blend crude. Reuters estimates that Urals crude loading in Baltic ports such as Primorsk, Ust Luga and Vysotsk will increase to 6m tonnes in October from 5m tonnes in September. This represents an increase of approximately 20% MoM on total Baltic Ural loadings for October. Similarly North Sea production is up 10% MoM for October, while overall OPEC+ production is set to increase by another 400 kbd. All of which shows rising production across the board.
The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
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