Both ships were loaded in March at the port of Primorsk in the Baltic region of Russia and had gone nearly halfway to Brazil before the buyer of the shipment was changed. This move took place as oil traders took advantage of a strong global price increase due to the Iran conflict.
The terms of the initial contract or subsequent contract have not been clarified. Changing buyers after the ship has left the departure port is quite rare.
According to maritime data, the Flora 1, flying the Cameroon flag, carrying approximately 37,000 tons of diesel from the port of Primorsk on March 31, is currently moving towards the Suez Canal.
Another ship, Aurora, flying the Sao Tome & Principe flag, capsized in the middle of the Atlantic last week. The ship was carrying 37,000 tons of diesel from Primorsk on March 22, initially scheduled to reach Brazil but is currently heading towards the Strait of Gibraltar, while the final destination is still unknown.
Along with Flora 1 and Aurora, 2 other oil tankers, receiving a total of 106,000 tons of diesel from Primorsk in April, also stalled and are drifting in uncertain direction on their way to Brazil, according to data from the London Stock Exchange LSEG. The reason for the ship's stop is currently unknown.
Traders said that changing direction between routes may reflect increasing price differences between regions, as sellers look for spot orders with higher profit margins.
Brazil is a major diesel producer, but still depends on imports to meet domestic demand. Diesel accounts for about 20-30% of the country's total fuel consumption. Russian diesel exports to Brazil are currently not banned under current sanctions.
Last month, a leader of the Brazilian state-owned oil and gas group Petrobras said that 6 of the company's 11 domestic refineries are operating beyond designed capacity to increase domestic fuel production, amid sharp price increases due to the Iran conflict.
Russia has emerged as the largest diesel supplier to Brazil since March 2023, quickly replacing supplies from the US after the European Union's ban on Russian oil products took effect.
LSEG data shows that the amount of diesel transported from Russian ports to Brazil in April may exceed 800,000 tons.
Before the sanctions changed the global trade flow, Europe was the main destination for Russian diesel oil.
