Russia's Oil Exports Surge, Driving Suezmax Freight Rates to Record Highs
In the final week of September, Russia's marine oil exports saw a significant shift in destinations and an increase in demand, driving up mortgage rates for Suezmax tankers. China, Turkey, India, and Syria received the bulk of these exports, with China taking 35% and Turkey 25%.
Russia's oil supplies from marine ports surged by 24% to 466,000 tons per day during the week of 22-28 September. Turkey, in particular, boosted its imports by 59% to 115,000 tons per day. This increase has led to a rise in demand for Suezmax tankers, which can carry 135,000 tons, as Russian exporters seek to minimize risks.
Experts anticipate that current mortgage rates for these tankers will continue to climb in October. Indeed, rates have already increased by more than 10% in the last week of September, with rates for transporting Russian oil to North China and West India reaching record highs of $10.2 and $7.7 per barrel, respectively. The partial reorientation of supplies to the ports of the Azov-Black Sea basin is further driving this demand.
The shift in Russian oil exports and increased demand have led to a surge in interest rates for Suezmax tankers. With experts predicting further increases in October, the market for these vessels remains dynamic and closely watched.
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