According to the shipbroker, “exports from the Arabian Gulf were down by -2.3% y-o-y to 216.5 mln t in Jan-Mar 2024, and accounted for 39.1% of global seaborne trade. Exports from Russian ports also declined by -0.2% y-o-y to 58.8 mln tonnes, or 10.6% of global trade. From the USA, exports surged by +9.9% y-o-y to 51.2 mln tonnes in JanMar 2024. From South America, exports surged by +15.9% y-o-y to 43.6 mln t. From West Africa, exports declined by -0.4% y-o-y to 43.2 mln t. From ASEAN exports surged by +33.9% y-o-y to 35.2 mln t in Jan-Mar 2024”.
“In terms of demand, the top seaborne importer of crude oil in Jan-Mar 2024 was Mainland China, accounting for 23.0% of global trade. Volumes into China surged by +3.9% yo-y to 126.1 mln t in Jan-Mar 2024, from 121.4 mln t in Jan-Mar 2023, and were almost at par with the record 126.2 mln t in Jan-Mar 2021. Imports to the EU27 increased by +1.9% y-o-y to 121.3 mln t, accounting for 22.1% of global trade. To ASEAN, imports increased by +9.7% y-o-y to 63.8 mln t. To India, volumes declined by -1.9% yo-y to 59.3 mln t in Jan-Mar 2024. To S. Korea, imports declined by -5.5% y-o-y to 36.0 mln t. To Japan, imports declined by -6.5% yo-y to 29.5 mln t in Jan-Mar 2024”, Banchero Costa said.
The shipbroker added that “Saudi Arabia is the single largest seaborne exporter of crude oil in the world, ahead of Russia, Iraq and the USA. In 2023 it accounted for 16.6% of global seaborne crude oil exports. In the 12 months of 2023, Saudi seaborne crude oil exports declined by -7.5% to 336.4 mln tonnes, excluding cabotage, after surging by +17.2% y-oy to 363.6 mln tonnes in 2022, the highest annual volume since 2013. About 92% of volumes loaded in Saudi Arabia in 2023 were carried in VLCCs, 6% were carried in Suezmaxes, and 3% in Aframaxes. These proportions increased in favour of the largest tankers, as Suezmaxes and Aframaxes were diverted to carry more Russian cargoes. The main crude oil export terminals in Saudi Arabia are: Ras Tanura (297.4 mln tonnes in 2023), Yanbu (28.2 mln t), Ras al Khafji (10.7 mln t)”.
“In terms of destinations for crude oil shipments from Saudi Arabia, the focus in recent years has clearly shifted to Asia. In 2023, the top destination was Mainland China, accounting for 23.7% of the 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 USA now account for just 4.5% of Saudi exports, and direct shipments to the European Union for just 1.7%. Another 9.0% of Saudi crude exports are shipped to the Ain Sukhna Terminal in Egypt to feed the Sumed pipeline, and will eventually mostly end up in Europe. In the full 12 months of 2023, Saudi Arabia shipped 79.6 mln tonnes of crude to Mainland China, which represents a +0.9% y-o-y increase from 78.9 mln tonnes in Jan-Dec 2022. Saudi Arabia also shipped 54.7 mln tonnes last year to Japan, which is a drop of -7.3% y-o-y from 54.7 mln t. The third top destination was South Korea, with 47.0 mln t, down -2.7% yo-y from 48.3 mln t in Jan-Dec 2022. Shipments from Saudi to ASEAN declined by -5.7% y-o-y to in 2023 to 39.9 mln tonnes. Volumes to India declined by -15.1% yo-y in 2023 to 33.9 mln t. Direct shipments to the EU declined by -44.5% y-o-y in 2023 to 5.8 mln t, after surging by +128.0% y-o-y in 2022. Shipments to Ain Sukhna in Egypt were up +5.9% y-o-y to 30.3 mln t in 2023”, Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
