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(Bloomberg) — Four tankers have completed loadings at a Black Sea port that’s crucial to Kazakhstan’s crude exports in recent days, after a run of attacks disrupted shipping in the area.
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Two out of the four vessels, loaded since Friday, have left the waters of the Caspian Pipeline Consortium terminal on Russia’s coast, according to ship-tracking data compiled by Bloomberg. At least three more tankers were waiting to load nearby, but it was unclear if they had already done so, the data show.
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Ongoing tanker loadings from the CPC system, which ships crude from Kazakh joint ventures with oil majors such as Chevron Corp., ExxonMobil Holdings Corp. and Shell Plc, would bring some relief to a global market that’s already struggling with turmoil in the Middle East. CPC accounts for almost 2% of global volumes in normal times, and Kazakhstan is the second-largest source of European imports.
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Shipments have come under threat from attacks on oil tankers in and around the CPC terminal, making some vessel owners reticent to load there. Tanker earnings have since surged, potentially incentivizing some shipowners to resume transits.
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Kazakhstan said over the weekend that producers were continuing to send barrels to the terminal, though they were flowing at a lower rate than normal. The marine terminal is ready and capable of loading crude at pre-attack volumes, but the pace of exports depends on availability of tankers and weather conditions, people familiar with the matter said, asking not to be identified because the information isn’t public.
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Nine vessels loading oil at the terminal or sailing close to it were hit last month. Nobody has claimed responsibility for the incidents. Ukraine has attacked tankers in Russia’s Black Sea waters in the past.
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The cost of booking a ship to load at the terminal ended last week at $338,000 a day, almost double the level a month earlier, according to data from the Baltic Exchange in London.
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Kazakhstan’s Energy Ministry said on Saturday it was shipping about 100,000 tons a day to the terminal from Aug. 1. That equates to about 730,000 barrels a day. Further increases in intake volumes will depend “on the timely provision of tankers for loading at the marine terminal,” the ministry said.
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