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Huge tanker with Russian ESPO oil waits near China as demand sags

Huge tanker with Russian ESPO oil waits near China as demand sags

Reuters30-05-2025
MOSCOW, May 30 (Reuters) - The Big Star, a huge tanker with 2.1 million barrels of Russia's ESPO Blend oil onboard, has been waiting near China in a potential sign of weaker demand for the crude in the region, LSEG data showed and two traders said on Friday.
Many state oil companies in China are wary of potential secondary sanctions from the United States if they buy the sanctions-hit Russian oil, traders said.
China's seaborne oil imports from Russia dropped to the lowest in 26 months in February, with commodity analysts Kpler assessing arrivals at 970,000 barrels per day.
Since then, they have recovered as demand from private "teapot" refiners picked up. But obstacles to Russia's oil trade remain.
The Big Star - a so-called very large crude carrier (VLCC) - loaded a total of 2.1 million barrels of ESPO blend from three smaller Aframax tankers, Leftkada, Kai Fu and Centurion I, between May 12 and May 17 near Russia's Far East port of Zarubino, LSEG and Kpler data showed, and headed towards Jieyang in China's southern Guangdong province before stopping.
One of the traders suggested the three cargoes were placed too late for sale and failed to attract buyers. Oil in Asian markets normally sells one and a half months prior to loading.
The three cargoes loaded from Kozmino port in late April and early in May, prior to the ship-to-ship transfer to the Big Star, LSEG data showed.
It is not common for ESPO tankers to be involved in ship-to-ship transfers given the proximity of Russia's Kozmino port to China, and it is also rare for the grade to be held in floating storage, the traders said.
After May 23, the vessel briefly lost a ship-tracking signal and then emerged near the Senkaku Islands, not far from Taiwan, on May 25, but has remained anchored since, according to LSEG data.
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