Russian oil tanker finds refuge in China amid U.S. sanctions
After a long search for a port to receive Russian oil, a ship subject to American sanctions was finally accepted in China. Current events illustrate how supply chains are being modified in response to U.S. sanctions, notes Bloomberg.
According to ship tracking data provided by Bloomberg and Kpler, an Aframax-class ship named Huihai Pacific finally unloaded almost 770,000 barrels of ESPO oil in China.
Independent Chinese refineries, known as teapots, concentrated in Shandong province, have so far been enthusiastic recipients of ESPO and Sokol oil from the Russian Far East due to favorable discounts and short transport times, reports Bloomberg.
However, in the current situation, they may be forced to cover significantly higher transportation costs to continue purchases.
Initially, Huihai Pacific was supposed to reach Dongjiakou, a port in Shandong. However, it spent almost four weeks at sea, significantly exceeding the usual travel time from Kozmino to China, which is less than a week.
Current events illustrate how supply chains are being modified in response to U.S. sanctions, notes Bloomberg.
