Two supertankers loaded with Russian oil are en route to a storage facility in South Africa.
The Searacer and Elandra Denali, each carrying about 2.1 million barrels of oil, are headed to the Port of Saldanha, a hub for crude oil storage, according to Argus. American Shipper has verified the destinations through MarineTraffic.
Andy Lipow of Lipow Energy Associates tells American Shipper the only reason for vessels to berth in Saldanha is to store oil.
“This shows you the sanctions are having a real effect on Russia’s ability to sell their crude oil, and we are now seeing Russian crude oil go into storage,” Lipow said. “The only reason for an oil tanker to go to Saldanha Bay is to unload the oil into storage.”
Lipow said the oil markets are keeping an eye on other “out of the ordinary” tanker voyages, such as from the Netherlands or Gibraltar to the Caribbean.
“There are numerous storage locations in the Caribbean,” Lipow said. “St. Croix, Bonaire, St. Lucia, St. Eustatius and Curacao are important oil storage hubs for producers and traders.”
The Caribbean served as a safe haven during the 2009 crude price collapse and the 2015 crude crash.
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post • Chicago, IL Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now