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Red Sea Update: Global LR fleet most affected, while Russia-origin oil continues to transit

LRs and the outsized impact from Red Sea attacks

Clean tanker transits via the Bab-el-Mandeb have continued to decline since Red Sea attacks on non-Israeli vessels began mid-December. Southbound transits have largely stopped, hovering at slightly over one transit per day on a moving average basis. CPP volumes still going through are almost all Russian-origin heading East. Northbound CPP tanker transits slightly recovered going into the New Year but declined precipitously following the US/UK-led strikes on 12 January. Some tankers were initially adopting a ‘wait and see’ approach in the Arabian Sea, but virtually all have now made the decision to divert around the Cape of Good Hope (COGH).

A report from Vortexa posted on February 02, 2024.


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