In July, Russia’s seaborne exports of oil products to Asia via the Cape of Good Hope surged to a record high of 1.1 million metric tons, nearly doubling from the previous month. This increase is attributed to more vessels opting for the longer route around Africa to avoid the Suez Canal, according to LSEG shipping data.
The majority of these exports consisted of naphtha, totaling approximately 0.83 million tons. Other products included fuel oil cargoes from Russian Baltic ports such as Ust-Luga and Vysotsk, as well as low-sulphur diesel from Primorsk port. The primary destinations for these oil products were Singapore, Taiwan, India, and China.
Since December, traders have been redirecting Russian oil product shipments around Africa due to heightened risks of attacks by Yemen’s Iran-aligned Houthi group in the Red Sea. In 2024, at least three vessels carrying Russian oil products were targeted by the Houthis, raising concerns about maritime safety.
Despite the shift in routing, many vessels still prefer the shorter Suez Canal passage. In March, assurances were given by the Houthis to both China and Russia regarding the safe passage of their vessels through the Red Sea. Some ships have begun signaling their “Russian crew onboard” or “Russian origin cargo onboard” to mitigate risks.
In total, oil products loadings from Russian western and southern ports reached around 9 million tons in July, indicating a robust export activity amid ongoing geopolitical tensions and market dynamics.