TThe global seaborne crude oil market grew during the first quarter of 2024, but this was not the case in the Persian Gulf. In its latest weekly report, shipbroker Banchero Costa said that “2023 was another positive period for crude oil trading, despite high oil prices and risks of economic recession. Between January and December 2023, global crude oil loadings increased by +4.7% year-on-year to 2,186.8 million tonnes, excluding all cabotage trade, according to Refinitiv ship tracking data. The positive trend continued in January 2024, when global loadings increased by +1.2% year-on-year to 553.6 million tonnes, compared to 547.1 million tonnes in the same period of 2023 “.
Source: Banchero Costa
According to the shipbroker, “Persian Gulf exports decreased by -2.3% year-on-year to 216.5 million tonnes between January and March 2024 and accounted for 39.1% of global maritime trade. Exports from Russian ports also decreased by -0.2% year-on-year, to 58.8 million tonnes, or 10.6% of global trade. From the United States, exports jumped +9.9% year-on-year to 51.2 million tonnes in January 2024. From South America, exports jumped +15.9% year-on-year year-on-year to 43.6 million tonnes. In West Africa, exports decreased by -0.4% year-on-year to 43.2 million tonnes. ASEAN exports jumped +33.9% year-on-year to 35.2 million tonnes in January-March 2024.”
“In terms of demand, the top maritime importer of crude oil between January and March 2024 was mainland China, accounting for 23.0% of global trade. Volumes to China jumped +3.9% year-on-year to 126.1 million tonnes in January-March 2024, compared to 121.4 million tonnes in January-March 2023, and were almost at record level from 126.2 million tonnes in January-March 2021. EU27 increased by +1.9% year-on-year to 121.3 million tonnes, representing 22.1% of global trade. To ASEAN, imports increased by +9.7% year-on-year to 63.8 million tonnes. To India, volumes decreased -1.9% y-o-y to 59.3 million tonnes in January-March 2024. To South Korea, imports decreased -5.5% y-o-y at 36.0 million tonnes. To Japan, imports decreased by -6.5% year-on-year to 29.5 million tonnes in January-March 2024,” said Banchero Costa.
The shipbroker added that “Saudi Arabia is the world’s largest maritime exporter of crude oil, ahead of Russia, Iraq and the United States. In 2023, it represented 16.6% of global crude oil exports by sea. In the 12 months of 2023, Saudi maritime exports of crude oil decreased -7.5% to 336.4 million tonnes, excluding cabotage, after jumping +17.2% year-on-year to 363.6 million tonnes in 2022, the highest annual volume since 2013. Around 92% of the volumes loaded in Saudi Arabia in 2023 were transported by VLCC, 6% were transported by Suezmax and 3% by Aframax. These proportions have increased in favor of larger tankers, as Suezmaxes and Aframaxes have been diverted to carry more Russian cargo. The main crude oil export terminals in Saudi Arabia are: Ras Tanura (297.4 million tonnes in 2023), Yanbu (28.2 million tonnes), Ras al Khafji (10.7 million tonnes).”
Source: Banchero Costa
“In terms of destinations for crude oil shipments from Saudi Arabia, the focus has clearly shifted in recent years to Asia. In 2023, the main destination was mainland China, accounting for 23.7% of total Saudi crude exports, followed by Japan with 16.3%, South Korea with 14.0%, ASEAN with 11 .8%, India with 10.1% and Taiwan with 4%. Direct shipments to the United States now represent only 4.5% of Saudi exports, and direct shipments to the European Union only 1.7%. A further 9.0% of Saudi crude exports are shipped to the Ain Sukhna terminal in Egypt to feed the Sumed pipeline and will largely end up in Europe. In the full 12 months of 2023, Saudi Arabia shipped 79.6 million tonnes of crude to mainland China, representing a +0.9% year-on-year increase from 78.9 million tonnes. tonnes from January to December 2022. Saudi Arabia also shipped 54.7 million tonnes last year to Japan, representing a -7.3% year-on-year decline from 54.7 million tonnes . The third main destination was South Korea, with 47.0 million tonnes, down -2.7% year-on-year from 48.3 million tonnes in January-December 2022. Saudi shipments Saudi Arabia to ASEAN decreased by -5.7% year-on-year to 39.9 million tonnes. Volumes to India decreased by -15.1% year-on-year in 2023 to 33.9 million tonnes. Direct shipments to the EU decreased -44.5% y-o-y in 2023 to 5.8 million tonnes, after jumping +128.0% y-o-y in 2022. Shipments to Ain Sukhna in Egypt increased by +5.9% year-on-year to reach 30.3 million tonnes in 2023,” Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
