EMEA News
Yanbu Crude Exports Surge as Just 13 Tankers Transited Hormuz Last Week
Saudi Arabia's crude exports from Yanbu have risen sharply to around 5 million bpd from about 1 million bpd, as tanker flows through the Strait of Hormuz remain constrained, according to Clarksons Research.
Just 13 tankers transited the strait over the past week, up from 10 the week before but still far below typical levels of around 250 vessels, Steve Gordon, Global Head of Clarksons Research, said in an email update on Monday.
The ships carried about 14 million bbls, compared with roughly 300 million bbls in a normal week.
With Hormuz traffic still about 95% below pre-conflict levels, alternative routes have taken on greater importance.
The increase in Yanbu exports reflects full utilisation of pipeline capacity to bypass the Gulf, while US crude exports could also reach around 5 million bpd amid strong arbitrage.
Iranian exports remain broadly stable at over 1.5 million bpd.
Despite the drop in volumes, tanker earnings have surged, with Suezmax rates at $330,000 per day and Aframax at $285,000 per day, supported by tight vessel supply and longer voyages.
Freight costs have risen sharply, while bunker prices in Singapore have eased but remain well above start-of-year levels.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 834.00 | 4.50 | 1728.50 | 55.00 |
| Rotterdam | 746.00 | 9.00 | 1285.50 | 45.50 |
| Houston | 868.00 | 36.50 | 1275.00 | 37.00 |
| Fujairah | 866.00 | 5.50 | 1710.00 | 89.00 |
| EMEA Average | 900.00 | 8.50 | 1464.00 | 30.50 |
| Global 20 Ports Average | 940.50 | 1.00 | 1601.00 | 20.50 |
| Global 4 Ports Average | 828.50 | 11.50 | 1500.00 | 12.00 |
| Global Average Bunker Price | 951.50 | 8.00 | 1507.00 | 25.50 |
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