YUAN QIU HU

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Ship-to-Ship transfers keep oil moving from Russia to China

The tankers 'Yang Li Hu' and 'Yang Mei Hu' -- both LR-2 tankers -- loaded ESPO between May 16 and 18, 2022 before traveling toward Yeosu to transfer oil to the 'Yuan Qiu Hu', which was only three-quarters full when it headed for China. The vessels are owned by China’s Cosco Shipping Holdings Co., while Unipec chartered the tankers. The logistically risky and costly transfer of crude between tankers at sea highlights the steps at least one Chinese buyer is willing to take to ensure the smooth flow of oil from eastern Russia to Asia. Buyers are using creative ways to maintain flows as more shipowners shun Russian oil due to the potential fallout from financial sanctions, according to shipbrokers. Small vessels are being used to shuttle between Russia’s Kozmino port and the waters off Yeosu in South Korea, where cargoes undergo ship-to-ship transfer to supertankers for the next leg of the journey to China. The number of shipowners and insurers willing to handle Russian crude is dwindling, said shipbrokers, created a logistical challenge for producers and buyers working with fewer tankers. This process is unusual for ESPO crude, a type of Russian oil that’s typically loaded onto smaller tankers for a direct, five-day journey to China. While it adds to overall sailing time and costs, the practice is becoming more common as shipowners and buyers prioritize a ready supply of small vessels to ferry oil out of Kozmino in short runs. Willing buyers of Russian crude are set to benefit from steep discounts relative to global benchmark prices as others avoid deals with Moscow due to its war in Ukraine. Cheap oil has made it attractive for top consumers such as China and India to keep importing from the OPEC+ producer, despite facing international condemnation and mounting logistical and financial hurdles. China is set to take almost all of the ESPO loadings in May, a grade that often flows to other countries such as South Korea and Japan due to the close proximity and simple logistics. Cargoes are typically transported directly from loading to receiving ports on aframax and Long Range-2 tankers.

Tanker pursued in Gulf of Guinea

On May 9, 2020, the 'Yuan Qiu Hu' was pursued by a fast-moving motor boat in the Gulf of Guinea. The ship slowed down and alerted the authorities. A Cameroon warship happened to be nearby and came to the rescue. When the attackers spotted the approaching warship, they fled.