- Tankers carrying Russian oil have settled at ports near Malaysia and Singapore ahead of the next round of EU sanctions.
- Roughly 1.1 million tons of high-sulfur fuel oil was sitting on vessels for the week ending October 24.
- New European Union sanctions will ban insurance on tankers holding Russian oil starting December 5.
Tankers carrying Russian oil have settled at ports near Malaysia and Singapore, as large volumes of the Kremlin's crude head to Asia ahead of the latest slate of European Union sanctions.
Data from Vortexa cited by Bloomberg showed roughly 1.1 million tons of high-sulfur fuel oil was sitting on vessels for the week ending October 24. The volume of crude is below previous record highs but is still double the level of the same time last year.
About 65% of all Russian fuel oil flows that were headed for Singapore ended up in floating storage tankers around the Malaysian port of Tanjung Pelepas over the last three months, according to Vortexa.
High-sulfur oil is considered quite dirty and is largely used to fuel ships with pollution-reduction equipment or in power generation. Most tankers have moved away from relying on it as the broader industry implemented measures in 2020 to lower emissions.
But with new EU sanctions looming, Russia is likely to lean harder on Asia as an export market, analysts say. The next round kicks in December 5 and includes a ban on insurance for tankers carrying Russian oil, even for destinations outside the EU.
Singapore is a vital refueling and export hub for crude as well as a jumping off point for ship-to-ship transfers. Traders have increasingly employed the tactic since Moscow's invasion of Ukraine to hide Russian crude for export.
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October 27, 2022 at 04:47PM
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